Benefits of Filing Income Tax Returns

We have heard many a times that every individual whose total income exceeds the maximum exemption limit is obligated to furnish his/her Income Tax Return or ITR.

But what is the benefit of filing ITR?

Standard Income Proof: ITR is considered a customary income proof not only in India but also globally. If you are looking for higher education or employment abroad, ITR is the largely accepted income proof.

Speeds your loan application process: Apart from a good credit history (or past repayment track), the fact that you are filing your ITR regularly gives you  speedier access to credit and at better terms —although not necessarily a larger line of credit, but surely a better rate.

It also provides the impression to the financier that you are a law abiding citizen and will repay the loan within time.

Power of PAN: Permanent Account Number or PAN issued by the IT authority is not only a pre-requisite for filing ITR but is also now mandatory for all financial transactions  from opening a bank account or purchasing mutual funds to real estate for investment. So it makes sense to get yourself one.

 

 

 
 
 
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