Income Tax Return: The last date for filing Income Tax Return (ITR) is about to come. You are advised to file your ITR before the last date i.e. 31st July, because around 31st July many people will file ITR and it becomes slow due to increased load on the site.Â
So get this work done as soon as possible. Yes, apart from this, you also have many benefits of filing Income Tax Return. You will also be surprised to know these benefits.
Filing Income Tax Return is a profitable deal for you in many cases. Although some people play some trick to avoid tax, but we tell you why paying tax is beneficial for you? If you do not file ITR, then on some occasions it can become a big problem for you. Let us know about the benefits of filing income tax.
1. Any bank or financial institution helpful in taking loan from the bank sees your income before giving loan. The biggest proof of this is the ITR filed by you. This is how your income is estimated. There are many financial institutions that give loans only on the basis of the information entered in your ITR. Therefore, if you also want to take a loan, then ITR will prove to be helpful.
2. Beneficial in increasing business
If you already do business, then ITR will prove to be very helpful for you. Let us tell you that government departments or big companies prefer to buy any product from the same businessmen who have been filing ITR for the last three to four years. If you are filing ITR, then it will also help you in expanding your business in the coming time.
3. Ease of Investing in Property
Filing an income tax return helps you in buying and selling a house, depositing large sums of money in banks and investing in mutual funds. If the filers of ITR invest a large amount in mutual funds or deposit a large amount in the bank, then there is no danger of getting a notice from the Income Tax Department. Apart from this, you are not inquired even after buying the property.
4. Ease of taking a large insurance cover
Apart from taking a loan from the bank, if you take a big insurance cover for yourself and family, then ITR is also beneficial for you. The reason for this is that many insurance companies ask for ITR. The bigger your ITR, the bigger the cover you are likely to get. From this your income regularity is estimated.
