Mumbai: The last date to file Income Tax Return (ITR) for the financial year 2024-25 is 15 September. That means you have less than 20 days left to do it.
Many people think that if their income is less than ₹2.5 lakh, they don’t need to file ITR. But this is not true. Even if your income is not taxable, filing ITR is useful. It can help you in many ways — especially while taking a loan or applying for a visa.
Here are 4 simple benefits of filing ITR
What is Income Tax Return (ITR)?
ITR is a document where you tell the government how much money you earned in the last year, how much tax you need to pay, and how much tax you already paid.
After checking your ITR, the government decides if you need to pay more tax or if they will give you a refund.
Easier to Get Loans
- ITR is a strong proof of your income.
- Banks and NBFCs ask for ITR when you apply for a loan.
- If you file ITR regularly, you get loans faster and easier.
- It also helps you get credit cards and other financial services.
Helpful for Visa Application
- Many countries ask for 3 to 5 years of ITR when you apply for a visa.
- This helps them check your financial status.
- Filing ITR increases your chances of getting a visa.
To Get Tax Refund
- Sometimes, tax is already cut from your income (like salary or FD interest).
- Even if your income is under Rs 2.5 lakh, you can get that tax back.
- But to claim the refund, you must file ITR.
- The refund is sent directly to your bank account.
Carry Forward Losses
- If you invest in shares or mutual funds and face a loss, you can carry it forward to the next year.
- That means in the next year, if you make profit, you can adjust the old loss.
- But for this, you must file your ITR on time.
Filing ITR is not just for people who pay tax - it is also helpful for your financial record, getting loans, refunds, and many other things. So, file your ITR before 15 September.
