Benefits of filling ITR

While talking filling of ITR, its bit confusing that if you have income below 5lakh then what to do. As per many experts if your income is above basic exemption limit i.e. 2.5 lakh for individual then one will have to file an income tax return to claim the income tax benefit given by the government in either of the income tax regimes.

  • For income tax refundIf excess Tds has been deducted during the year, then with the help of filling return we can claim excess Tds and get refund.
  • For loan – If you are looking for a loan then you must provide 3years of ITR (loan like housing loan, business loan, personal loan etc.).
  • For credit card – For credit card approval we must provide ITR.
  • Carry forward of lossesWith the help of filling ITR (filling must be within due date) we can carry forward our losses for future years and it can be set off in future years.
  • Avoid Penalty – Filling of ITR must be in due date otherwise you have to suffer penalty.