ITR Filing Benefits: The last date for filing ITR for the financial year 2021-2022 i.e. and assessment year 2022-2023 is approaching. You must complete this important task before 31st July 2022. Let me tell you that it is mandatory for those whose salary falls under taxable income to file ITR. On the other hand, those whose salary is less than the tax slab do not need to file it, but experts believe that it is necessary to file an ITR even if the salary is low.
If you do not know the benefits of filing an ITR, we will let you know. You should file an income tax return even if you are less vocal. We are going to tell you about 4 big benefits of filing ITR.
1. Ease of taking a loan remains
Whenever you go for a loan from any bank or financial institution, the first thing you will be asked for is an income tax return. After filing the ITR, your income is verified and the loan amount is determined according to your income.
2. Helps to trade
Whenever a government body does business with a company, in such a case it checks the ITR of the business. If you have ITR of last two years, it will help you in doing business.
3. Ease of buying and selling property
ITR is required nowadays for buying and selling any property. Such cases will not face the threat of income tax notice after filing ITR.
4. Ease of getting insurance remains
Companies often ask for ITR for taking any major insurance cover. Along with this, the company checks what your annual income is and then offers you insurance cover based on that.