Benefits of Income Tax Return (ITR) Filing Income Tax Return (ITR) filing is a form in which you declare your income details, taxes payable on other income, deductions & exemptions for a particular financial year. As per the tax laws, individuals with taxable income or income above the basic exemption limit have to mandatorily file an ITR every year before the due date. Under Section 234F of the IT Act, not filing ITR before the due date can attract a penalty of up to INR 5,000 and result in other severe consequences. Filing an ITR helps you to claim for tax deductions, thus reducing your tax outgo & growing your savings. But apart from this, there are additional income tax return filing benefits. Take a look- Benefits of ITR 1. Easy Loan Approval The income stability of the borrowers is critical for the lenders. This is why borrowers must submit an ITR of at least three consecutive years when applying for loan products such as Home Loan...
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