Advantages and Benefits of Filing Income Tax Return on time

1. Easy Loan Approval

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Filing the ITR will help individuals, when they have to apply fora vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns.

2. Claim Tax Refund

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If you have a refund due from the Income Tax Department, you will have to file an Income Tax Return to claim the refund.

3. Income & Address Proof

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Income Tax Return can be used as a proof of your Income and Address.

4. Quick Visa Processing

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Most embassies & consulates require you to furnish copies of your tax returns for the past couple of years at the time of the visa application.

5. Carry Forward Your Losses

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If you file return within due date, you will be able to carry forward losses to subsequent years, which can be used to set off against income of subsequent years.

6. Avoid Penalty

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If you are required to file your Tax returns but didn’t, then the tax officer deserves the right to impose a penalty of up to Rs.5,000.