Advantages of Filing ITR on time

(1) Proof of Income & financial document
ITR serves as a legal proof of your income and an useful financial document. It is an employment proof also.
(2) Avoid Penalties
Ensure that you file ITR every year before the due date to avoid unnecessary penalties.
(3) Getting Easy Loan Approval
Banks may ask your past ITRs at the time of giving loans or credit cards. It helps them evaluate your credit worthiness. Non-availability may reject the loan application.
(4) Higher Life Insurance Cover
ITR acts as a proof of income and proper compliance of tax laws, which helps you get a higher life insurance cover, whenever required.
(5) VISA Processing
If you are travelling out of country, income proof would be required. Most embassies & consulates require your tax returns for the past couple of years at the time of the visa application.
(6) Claim Tax Refund
ITR would help you claim the refunds of the excess TDS deducted on your income and investments. It is compulsory to file ITR to seek refunds.
(7) Set off & Carry Forward Losses
It is mandatory to file ITR, to carry forward the unadjusted past losses, and set them off with the income in the subsequent years.

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