Only a few days are left to do ITR Verification, do this work soon, if you miss it, it will be very difficult

ITR Filling: Fill ITR even if the salary is less, many benefits will be easily available with the loan

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new Delhi. If you have not filed Income Tax Return (ITR) yet, then the last date for filing ITR for the financial year 2020-21 is approaching. March 31, 2022 is the last chance to file belated return with penalty. Any person who is less than 60 years of age and whose annual income is Rs 2.5 lakh, is exempted from ITR. Returns have to be filed if the total income exceeds the tax exemption limit.

Also, the tax exemption limit for senior citizens above 60 years and below 80 years is Rs 3 lakh, while the limit for senior citizens above 80 years is Rs 5 lakh. You must file ITR even if your salary is less than the income tax limit. It has many advantages.

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Increases borrowing capacity
If you are going to take a loan, then the bank checks your eligibility according to your earnings. How much loan the bank will give, depends on how much your earning is and it is mentioned in the ITR. ITR is one such document, which is used by all banks for easy processing of loans. Generally, banks ask their customers for ITR for up to three years during loan processing. It is also required if you want to take a home or car loan.

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Can claim tax exemption
If you file ITR, you can save tax on interest earned on savings schemes like term deposits. Tax can also be saved on dividend income. You can claim tax exemption through ITR refund. If your total income from multiple sources exceeds Rs 2.5 lakh, then you can claim the TDS deducted.

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Valid documents for proof of address and earnings
Income Tax Assessment Order can be used as a valid address proof. It can also be used to make Aadhar card. Form-16 is issued to the employees by the company, which tells the earnings. For self-employed or freelancers, ITR filing documents are proof of earnings.

Can claim loss
A taxpayer is required to file ITR within a stipulated date to claim any loss. This loss can be in the form of capital gains, business or profession. The Income Tax Act allows carry forward of capital gains losses to those individuals who file returns in the relevant assessment year.

Helpful for visa processing
ITR can also be used as a necessary document for visa processing. Most of the countries demand ITR if you are going abroad. This shows that the person pays the tax on time in his country and there is no liability on him. With this, the visa processing officers get information about your current financial situation and earnings. This makes it easier to get a visa.

Tags: income tax exemption, Income tax latest news, ITR, ITR filing, Taxpayer

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