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Most people frequently consider filing income tax returns (ITR) to be a laborious task and complicate their finances, so they opt to postpone or ignore filing for taxes. However, it is necessary and a moral duty for working individuals, whether salaried or self-employed, to file for income tax if their income exceeds INR. 2.5 lakh in a fiscal year, which is the “exemption threshold.” 

For a number of reasons, it is nevertheless advised to file a tax return even if it falls below the exemption threshold of INR 2.5 lakhs per annum. You should always file a tax return if you receive any income during the fiscal year from whatever source. Why? It can have plenty of advantages. Let’s find them out in this article. 


Set Off Losses On The Stock Market And Income Via Other Sources Like Investments 

Did you know that if you maintain an ITR file, it can enable you to offset losses from mutual funds, stock market trading, or even real estate investments? The same applies to earning individuals having TDS from their recruiter or from any other payer. Having an ITR file in place would make it easier to get an ITR refund.


ITR Files Serve As A Legal Document And Simplify Several Legal Procedures.

Your income tax return serves as one of the most dependable legal documents besides the aadhaar card and voter card. The statement eliminates the difficulty of demonstrating your legitimacy because it has the approval of every official agency. It contains your identity and income verification, which makes it simpler to obtain a visa or loan and carries an accurate financial history. 

advantages of ITR


The Process of Traveling Abroad Is Made Smoother With An ITR File 

The submission of an ITR return is advantageous for the simple and efficient operation of the subsequent steps when applying for a visa. Furthermore, there are numerous additional background check requirements while travelling abroad. 

Your plans to travel overseas may be thwarted if you fail to file your ITR. ITR forms are one of the crucial pieces of paperwork that are needed to enter the nations you intend to go to.

The history of filing income tax returns is essential information about a traveller’s background that the embassy can use to assess their financial status in addition to increasing their chances of acquiring a visa.


Get Insurance With Higher Coverage And Faster Approval of Loans And Credit Cards 

Even for those who fall below the exemption threshold, loans, credit, and insurance are vital aspects of life for most people. Better recognition and clarity of your financial history, which lenders find more trustworthy than those who lack it, can be generated by the ITR file. Thus, it is an important and beneficial document to have. If you are looking to apply for a credit card or buy insurance above INR 50 lacs, most insurance companies or banks would require you to show an updated ITR File.  


ITR Filing Can Be Easier With MPVD Associates Tax Consultancy Services in Kolkata 

Did the benefits of filing your ITR this fiscal year persuade you to file for your ITR? ITRs for AY 2021–22 could no longer be submitted after July 31, 2022. Individuals who failed to file an income tax return by July 31 may now do so until December 31, 2022.

You can reduce your tax obligations and file your first ITR with MPVD & Associates‘ assistance. Before submitting, speak with one of our tax advisers so that we can simplify the process and provide you with detailed information regarding filing an ITR and receiving tax bills.

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