ITR Filling: Whether you fall under the tax bracket or not, filing an ITR is always beneficial. It is not just a formality but an important part of your financial planning. Therefore, file ITR before time and take advantage of it.

ITR Filling: The process of filing an 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 ₹ 2.5 lakh, then they do not need to file an ITR. However, this is not the case, even if you do not fall under the tax bracket, there are many benefits of filing ITR.

ITR means Income Tax Return, which you give to the government. In this, you tell how much you earned in the whole year, how much tax is due, how much tax has already been deducted (like TDS) and how much tax you have to pay or get back from the government. This is a financial report. What are the benefits of filing ITR.

Big benefits of filing ITR

Helps in taking loan

When you want to take a loan from a bank or financial institution (like home loan, personal loan, business loan), they ask you for income proof. ITR is an official income proof. If you have filed ITR for the last few years, then the bank trusts your financial stability and the chances of loan approval increase.

Documents required for visa

If you are applying for visa for foreign travel or studies, then visa agencies of many countries ask you for 3 to 5 years' ITR. ITR shows what your financial condition is and whether you will be able to afford to live in that country or not. Without ITR, there may be problems in the visa process.

Necessary to 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.

Carrying forward the loss to the next year

If you have invested in the stock market or mutual funds and you have suffered a loss, then you can adjust that loss with the profit of the next year. But this is possible only if you file ITR on time. This can give you tax exemption in the future.

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