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Extra Advantages of Filing ITR Even if Income Below INR 2.5 Lakh

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Benefits for ITR Filing for Individuals

Are you the individual whose income is less than taxable income i.e. Rs 250000 and you are not required to file income tax return? Worth mentioning here that even if your income is fewer than Rs 2,50,000 and you file an ITR, you shall get many benefits that your peers might recognize after a few years.

The first benefit is the ease of taking a loan from the bank. Filing ITR is proof of income whatever it is and it increases your credibility. This makes it easy for you as an individual to take out a loan. Many banks ask for proof of return for the 2 years while taking a home loan or vehicle loan.

Visa Application Help Available

ITR  increases the probability of getting a Visa. if you have applied for it. It presents proof that you are a responsible citizen.

If Additional TDS is Deducted Refund is Processed

You shall get a refund in case of Tax Deducted at Source (TDS). For instance, if your income is Rs 1 lakh from interest on Fixed Deposit, the Bank shall cut TDS directly. However, if you file ITR you shall get a refund.

ITR Filing is Important

There are many instances in which it is necessary to file the ITR even if your income is not taxable. Here are a few instances:

  • If you have a deposit in the Bank of more than Rs 1 crore in the current account.
  • If you are paying electricity bill more than Rs 1 lakh during  a year 
  • You are spending more than Rs 2 lakhs on foreign travel 
  • And so on.

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