Ahead Of Last Date Of Filing ITR, Here Are 5 Financial Benefits You Must Know About

The last date to file your Income Tax Return (ITR) for the financial year 2022-23 is July 31, 2023. If you do not file ITR by this date, you are more likely to be penalised. It might seem like a task for you today, but it comes with multiple financial benefits. Yes, you heard it right, filing ITR is not just about disclosing your investments and income, but it is about availing of benefits in education, loan, and travel.

We connected with Himani Chowdhary, a finance influencer on Instagram and a NISM Research Analyst, to understand three crucial benefits of filing an ITR every year. She shared a reel as well in which she gave us detailed insight on the subject.

Get TDS Return From Your Salary And Investments By Filing ITR

Did you know that by filing ITR, you can get TDS return from your salary and investments? Tax Deducted at Source (TDS) collects tax from every source of income. If you made financial declarations at the start of the financial year and they were less than the investment proofs you have submitted, you can get the TDS refund. In simpler terms, if the TDS you have paid is more than what you owe to the government as a part of your income tax, you can file for a return.

Easy Approval Of Visa Application By Filing ITR

Chowdhary shared that if you are planning to visit abroad, you can get approval on your visa quickly if you submit ITRs for the past three years. She added that this year alone 97,000 requests for visas were rejected. If you have been filing ITR every year, it might increase your chances of approval.

Get Scholarships By Filing ITR

Did you know that ITR is proof of your income? Mandated by the government of India, ITR is the proof of your income, which can help you seal a scholarship. When applying for a scheme or program, you will also have to submit the ITR of your parents. It helps the authorities to verify which student needs a scholarship.

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Easy Access To Loans And Credit Cards By Filing ITR

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A post shared by Himani Chowdhary | Finance (@thehimanichaudhary)

Chowdhary said that if you file ITR every year, it can help you get approvals for loans and credit cards quickly. As mentioned above, an ITR (Claim Deducations Under ITR) is proof of your income which helps the bank identify if you are a genuine applicant. It becomes easier for authorities to access your education, auto, and personal loan applications.

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File ITR If You Have Suffered Stock Market Losses

The finance expert suggested people file ITR if they have suffered losses in the stock market and want to continue with the investment in the next year.

An ITR works as an identity, address, and income proof. Even if you earn less than ₹2.5 lakhs a year, as per the old tax regime, you can file nil tax returns. Don’t wait for the last and file the ITR now.

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