Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

6 benefits of ITR filing even if your income is not taxable Income Tax Returns
July, 15th 2021

A person has to file Income Tax Returns (ITR) if they have a gross total income exceeding the tax exemption limit. It is not mandatory for a person to file the ITR if the gross total income does not exceed the exemption limit. If a person's income is exempted from tax, filing income tax returns may still have many advantages. Here are five advantages.

Use as address proof: The Income Tax Assessment Order can be used as an address proof. It can even be used for Aadhaar Card. Check all the valid documents here.
 
Get loans from banks: Banks ask for a three-year ITR while processing a loan for its customers. ITR will be a very helpful document for you if you are planning to buy a car pr a house, or looking for a personal loan.
Get visa approval: For issuing visa to an individual, most countries demand ITR among the documents. It helps if an individual is a tax-compliant citizen of the country. It also gives insight to the visa processing officials about your current financial condition and income levels.
 
 
 
Claim tax refund: If an individual files an ITR, they can save taxes on the income from savings instruments like term deposits and also tax can be saved on dividend income. An individual can claim the tax outgo through ITR refunds as these instruments are liable for taxes. An individual can have tax refunds and get the money back that is deducted at the source if the total gross income from different sources is above Rs 250,000. You have made investments in a manner that your net income is below Rs 250,000 in a year.
 
Claim losses: To claim specified losses for an individual taxpayer, filing of tax return within the due date is mandatory. This loss can be in the form of capital gains, business or profession.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting