Saturday, May 28, 2022

Filing ITR Know that your salary is low even if you have filed ITR to avail this benefit.

Income tax return benefits: Every salaried person whose salary falls under the ambit of income tax, files his income tax return at the end of the financial year. It is mandatory to pay ITR for salary coming under income tax. However, there are many people whose salaries do not come under the ambit of income tax. In such cases, people are not required to file an ITR. In such a situation many people do not pay income tax. But, according to income tax experts, you should avoid doing so. Even if your salary does not fall within the scope of income tax, you are required to file an income tax return.

According to the income tax rules, people above the age of 60 get an additional tax exemption of Rs 3 lakh. Senior citizens above 80 years get additional tax relief up to Rs 5 lakh. If your salary is less than Rs. This can bring you many great benefits in the future. Come on then we will tell you the benefits of filing income tax return-

These benefits are available upon filing an ITR

Getting a loan is easy
Nowadays most people opt for a loan to buy a house, property, car etc. In that case, whenever you go to any bank or financial company for a loan, they lend you based on your income. Also, whether you have filed an income tax return or not. Most banks ask for ITR for 3 years before giving a loan. The amount of your loan is determined based on the income you show in the ITR.

ITR is required to get income tax return
If a portion of your salary has been deducted as TDS, then you can reclaim your deducted TDS by filing an income tax return. In addition, you can save tax on interest earned on many savings plans through ITR.

ITR is a valid document
ITR filing is very important for those who are self-employed or free-lancers. The company issues Form-16 to each employee. In this case, this document is proof of valid income. You can always show it as proof of your income.

Can claim during the visa process
You need a visa from that country to go anywhere abroad. In such cases, we need ITR for visa processing. ITR shows if you are eligible to go abroad. If you have ITR, you can easily get a visa.

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