Income Tax Return (ITR) is a concrete proof of income of any person. Whether you are earning from a job, business or any other source, filing an ITR provides accurate documentation of your income. This proof is useful in many places.
Income Tax Return (ITR) is a concrete proof of income of any person. Whether you are earning from a job, business or any other source, filing an ITR provides accurate documentation of your income. This proof is useful in many places.
If you want to take a home loan, personal loan or car loan, banks consider ITR as a reliable proof of your income. Even if you do not fall under the tax slab, filing ITR makes loan approval easier.
If you are applying for a visa to travel abroad, ITR filing is an important document. It shows what your financial status is. For those who are not earning themselves, a copy of the ITR of their parent or guardian can be given. It helps you in visa approval.
Filing ITR keeps your income records safe with the tax department. This can save you from any kind of legal dispute or investigation in the future.
If you work freelance, run a small business or earn money from irregular income sources, ITR filing validates your income. ITR is useful for renting a house, investing and other financial activities.
Many government schemes ask for proof of income while applying. Filing ITR makes it easier for you to avail the benefits of these schemes.
When you spend Rs. 50 lakhs or Rs. While buying any insurance policy worth Rs 1 crore or more, you need to show its ITR receipt. In LIC, especially if you have Rs. If taking a term policy of Rs 50 lakh or more, you will be asked for ITR documents. This determines whether you are eligible to be insured for such a large sum or not.
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