There is often a belief in people’s mind regarding income tax return that it should be filed only by those people who come in the tax slab. If you think so too, then you are thinking wrong. Financial expert Shikha Chaturvedi says that whether you come in the tax slab or not, you must file ITR.
By filing ITR, you convey your total income and tax related information to the Income Tax Office. A certificate is received when the income tax return is filed. This is an official proof, which tells that you are a responsible citizen. Through this certificate, you can take many big benefits in future. Know here the benefits of filing ITR.
Easy to get loan
The biggest advantage of filing ITR is that you get the loan easily. In today’s time, every person needs a loan for land, business, house or vehicle etc. Meanwhile, the financial institution giving the loan asks for proof of income from you. If you are employed then you can give proof by giving salary slip, but if you are not employed, they can submit copy of income tax return of last 2 or 3 years. With this, they get loans easily.
ITR is necessary for Visa
America and some developed western countries ask for a copy of income tax return in the process of issuing visa. It is checked through ITR that what is the financial status of the person who is coming or wants to come to their country. That is, it is necessary to file ITR for visa also. For those who do not earn themselves, a copy of the ITR of their parents or guardian can be given.
Can take contract from government department
Many people do business by taking contracts from government departments. If you also want to take a contract from any department, then it is very important for you to file ITR. ITR of last 5 years is necessary for taking contract in any government department.
For a large sum insurance policy
When you buy any insurance policy of Rs 50 lakh, Rs 1 crore or more, then you need to show the ITR receipt for it. In LIC, especially on taking a term policy of 50 lakhs or more, you will be asked for ITR documents. From this it is decided whether you are eligible to get such a huge amount of insurance or not.
Helpful in compensation for accidental death
In case of third party insurance, in case of death of a person in an accident, the amount of insurance to help his family is determined according to the income of the deceased. During the court proceedings, the insurance company asks the family for proof of income of the deceased. A copy of ITR proves helpful in this situation. Due to this, the family of the deceased gets the insurance claim easily.
