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Top 5 Reasons to File Your Tax Returns Despite Tax-Exempt Income

Posted by: seo_erf Comments: 0

Anyone with a taxable income of Rs 2.5 lakh or more is required to file taxes. It is also necessary in the situations listed below.

  • If you have ever spent more than Rs. 2 lakh on trips overseas¬†
  • More than Rs. 1 lakh on power
  • Deposits in current account(s) or accounts totaling more than INR 1 crore.¬†

 

But there are numerous other advantages to filing tax returns that make sense.

 

1. Applying for a car, home, or other loan or financial product

Every time you apply for a car or home loan, tax returns from past years are a must because they serve as documentation for your source of income. When applying for certain credit cards, insurance plans, and more, tax returns may also be necessary.

 

2. Requesting Refunds

Tax deduction at source is becoming typical for many services, particularly if you operate as a freelancer, contract worker, receive bank interest income, etc. But frequently, you might not be in the taxed bracket. You can only get a refund if you file a tax return.

 

3. Requesting a visa

International business and travel will increase when the COVID situation returns to normal. Your prior tax returns are required by many nations’ immigration authorities so they can determine your income source. It is common knowledge that prior tax returns must be submitted in order to obtain a visa for the US, UK, Canada, or Schengen region.

 

4. Meets the criteria for income proof

Salary slips are sent to salaried employees as evidence of income. But those who work for themselves are not eligible for this. This shortfall can be filled by a tax return.

 

5. Recovering losses

Many people are investing in various types of assets, such as stocks, bitcoins, real estate, residences, etc. There are times when you have to sell an asset for less than you paid for it. Did you know that some losses can be carried over for a period of eight years? Only when the tax return is filed is this feasible.

Are you trying to take advantage of these perks but finding it difficult to file your own tax returns? By filing your tax return accurately and hassle-free using Easy Return Fillers, all of these issues are resolved, enabling you to receive the most tax refund possible. Hire us today to file your ITR!

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