Income Tax Return (ITR) filing in India is an annual responsibility which is mandatory for citizens earning more than Rs 25,000/- per year. The Government of India has introduced various tax slabs which refer to the percentage of income tax that an individual is liable to pay on the basis of the income earned annually.
Apart from Indian citizens who are under the purview of filing Income Tax Return in our country, it is also important to understand that Indian citizens who fall below this income tax bracket must also file their ITR. Because many benefits of filing ITR in India are available to tax payer Indian citizens. However, it doesn’t matter much whether you earn more or less money annually than the amount stipulated for income tax. In this article, we are discussing about the many benefits that non-tax paying Indians can get after filing ITR. Let’s read this article further:
This is a self explanatory document about your income
ITR acts as a comprehensive document listing all the possible sources of your income, past and present. This gives full assurance of your credibility to the parties with whom you wish to perform financial assistance or financial transactions.
easy loan process
Nowadays in our country India also, practically if you are planning to build a house, buy a car, scooter or motor-bike or else, invest money in a big budget, the first thing in your mind is a government bank, financial There is an option to take a loan from the institution or business. Now, ITR is used as one such important financial credibility document for availing loan which saves you from the tedious labor of getting stuck in lengthy documentation process to get loan sanctioned by banks.
Insurance policy can be obtained
A time bound and responsible taxpayer can easily buy an insurance policy that offers great cover. ITR is a clear proof that the person concerned is not a tax evader and maintains transparency in financial transactions.
hassle free visa process
Like India, taxes are also an important subject in most countries of the world. When you decide to move to other countries, embassies also do a very thorough investigation of your current financial history and take a rigorous approach. If you submit the pre-filled ITR, then your chances of getting visa approved increases significantly.
easy to get credit card
ITR proves to be a panacea to prove your financial position. If you want to apply for a credit card and at the time of applying for it, if you submit ITR, it is guaranteed that no bank will reject your credit card application.
No need to pay extra tax
Many people invest their extra savings in bank fixed deposits (FDs), mutual funds or other possible sources of investment. However, after a certain limit, the profit earned on these sources of investment is taxable. So, in our country if a person has filed ITR for the previous and current financial year, then one can completely avoid paying taxes.
*Disclaimer- All this information is presented in this article only to enhance your financial knowledge and understanding. It should not be taken as financial advice by any person.
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