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Why should we file ITR Income Tax Department urges taxpayers to file ITR – News18 Gujarati

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Why should we file ITR Income Tax Department urges taxpayers to file ITR – News18 Gujarati

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New Delhi: The Income Tax Department has informed that more than 2.38 crore taxpayers have filed their income tax returns for the financial year 2020-21 (assessment year 2021-22). Out of which more than 1.68 crore income tax returns have been processed. Refunds have been paid in over 64 lakh cases so far. The tax official has given information about this by tweeting.

The Income Tax Department says that taxpayers who have not filed their returns for the financial year 2020-21 can file their returns through the e-filing portal. The government has doubled the date for filing returns for the financial year 2021. The last date to file Income Tax Return is 31st December, 2021.

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Why file an income tax return?

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People who earn more than the income tax rebate are required to file an income tax return (ITR). You should file a return even if your tax liability becomes zero after deducting deduction from total income. Today we are going to tell you the benefits of filing IRT.

Vehicle and home loan

When you apply for a vehicle loan (two wheeler or four wheeler) the bank may ask you for a copy of the tax return. State Bank of India (SBI), the country’s largest government bank, is seeking salary slips, TDS Certificate / Form-16, IT returns for the last two years from applicants for vehicle loans. In addition, a copy of the ITR also comes in handy when the bank cancels your loan application and you do not get the loan amount you want.

Government tender

Experts say that if a person wants to start his own business and for that he wants to fill a government tender, he has to submit ITR of last five years. The government department estimates your financial status by looking at a copy of your IRT. At the same time it determines whether you will be able to meet the payment requirements.

Starting your own business

Businesses, consultations or partners of the firm do not get Form-16. For this, ITR is more important for them.

Getting a refund

If you want to get a refund from the Incometax Department, you have to file a return. You cannot claim a refund without filing a return.

Taking the loss to the next financial year

If you do not file a return, you will not be able to carry forward the capital loss (short term or long term) v.

Visa processing

If you are planning to go abroad, the Foreign Visa Consulate may ask you for a receipt for a certain amount of ITR during the interview. Some embassies may require IRT for the last three years. Some people may ask for a recent year certificate.

Also read: SBI YONO: Do this to get additional benefits along with filing ITR

Buying a high life cover

Nowadays it has become a common thing to buy a life cover of Rs 50 lakh to Rs 1 crore. However, you get this life cover based on your ITR documents. Which verifies your annual income. Experts say that a life insurance company like LIC may ask you for a three year ITR certificate. The company may ask you for a certificate on purchase of over 50 lakh turn insurance.

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News From:. News18 Gujarati
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