ITR Filing 2025: If you file income tax, there are not one but many benefits. You will be surprised to hear them. Home loan is easily available. Visa to go abroad is also easily made. It also becomes easy to raise funding for a startup.
ITR Filing 2025: The process of filing Income Tax Return (ITR) for the financial year 2024-25 (FY 2024-25) has started. This time the last date is 15 September 2025. Many people think that if their annual income is less than Rs 2.5 lakh, then they do not need to file ITR. However, this is not the case, even if you do not fall under the tax bracket, there are many benefits of filing ITR. Filing returns on time provides financial security and avoids any financial dispute in future. Let us know what kind of benefits you will get
Ease in getting bank loan
ITR is the proof of your income. All government and private institutions accept it as income proof. If you apply for a bank loan, then banks often ask for ITR. If you file ITR regularly, then you get a loan from the bank easily. Apart from this, you can easily avail other services besides loan from any financial institution.
Helps in visa processing
If you are going to another country, you may be asked for income tax returns when you apply for a visa. Visa authorities of many countries ask for 3 to 5 years’ ITR for visa. Through ITR, they check the financial status of the person who wants to come to their country.
You get tax refund
If tax has been deducted from your salary or investment and deposited with the government and your total income is less than the tax limit, then you may be entitled to a refund. But for this, you must file ITR. After filing ITR, the tax department evaluates it and if a refund is due, it is transferred directly to your bank account.
ITR is necessary for big insurance cover
Now even insurance companies have started asking for ITR receipts from those who have taken big term plans. In fact, they rely on ITR to know the source of income of the insured person and to check its regularity.
It protects from legal problems
If you do not file Income Tax Return (ITR) as per your determined income, then the Income Tax Department can take action against you. The government keeps an eye on all those people whose income comes under the purview of tax but they do not file it. By filing returns on time, you can avoid financial irregularities and legal problems.
Helpful in setting off loss
ITR is also very helpful for those who invest in shares or mutual funds. In case of loss in these, it is necessary to carry forward the loss to the next year and file income tax return. In case of capital gain next year, the loss will be adjusted with the profit and you will get the benefit of tax exemption.
Important for transactions of large amount
If you do any transaction of large amount then ITR proves to be helpful for you. Due to filing ITR on time, you do not have the risk of getting a notice from the Income Tax Department after buying or selling property, depositing a large amount in the bank, making a large investment in mutual funds.
Will help in starting your own business
If you want to start your own business then filing ITR is very important. Apart from this, if you want to get a contract for any department, then you will have to show ITR. To get a contract in any government department, one has to give ITR of the last 5 years.
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