Hitesh Rattan
Easy loan approval
When applying for any loan the borrowers have to submit an ITR of at least three consecutive years. ITR helps the borrowers to comply with the prescribed obligations for applying for any loan.
Income Proof
ITR works as an excellent income proof as it is most widely accepted as an income proof.
Quick visa processing
To apply for a visa, one of the common documents asked to produce is the ITR. It enables the embassies to analyse the income and tax status.
Claim Tax Refund
Filling of an income tax return benefits in claiming the tax refunds. The applicant can file a tax return to claim the refund in case higher tax is paid than the actual tax liability.
Compensate for losses
Business owners can compensate for the loss by filling an ITR. This process allows the applicant to carry forward the losses to the next year.
Presumptive taxation scheme
One of the most lucrative benefits of filling an ITR is the presumptive Taxation Scheme. Self-employed individuals and professionals are required to maintain regular books of account and get the accounts audited.
Avoid Penalties
Filling an ITR before the dues date and helping the applicants to avoid the heavy penalties imposed due to late on non Tax payments.
Medical Insurance
Under Section 80D of the IT Act, taxpayers can claim a tax deduction of up to INR 25,000 in a financial year on premiums paid towards a Health Insurance plan.