ITR Filing: The due date for filing Income Tax Return (ITR) for the financial year 2021-22 is 31 July 2022. Whereas if one’s annual income is high, it is advisable to file ITR on or before 31st July 2022. 2.5 lakhs, it is also appropriate for those who have less annual income 2.5 lakh in some circumstances. If an earner has suffered loss from stock market, mutual fund, property etc., in that case ITR filing will enable the earner to compensate the loss by way of income from other sources. Similarly, if the earning person has gone through TDS from his recruiter or any other payer, then in that case too, one has to claim ITR refund for filing ITR.
when speaking on matters ITR Filing Required even when one’s annual income is less 2.50 lakhs, Vineet Khandare, CEO and Founder, MyFundBazaar said, “After paying the electricity bill of one lakh or more, foreign travel expenses of Rs 2 lakh or more or multiple bank deposits of more than one crore scenarios will result in any Also individual has to file ITR. Taxpayer Mandatory. Required to set off loss through other sources of income, A Nil return must be filed to claim refund on tax deduction, and huge loss To carry forward the – being business/capital in nature undertaken on the sale of shares, mutual funds, assets, etc., encashment of the overall tax liability.”
In line with Vineet Khandare’s views, Abhijeet Shukla, CEO and Director, Tarality said, “Though filing of NIL ITR is not mandatory, doing so voluntarily has various benefits – be it loans, insurance cover or even to apply for a visa – easily. However, in some scenarios, filing of returns is mandatory, although the total income of the taxpayer may be below the actual exemption level. For example, if a common resident taxpayer has foreign assets or income, the filing of tax return disclosing the total assets and income becomes indispensable to him.”
On major benefits that an earner will get after filing ITR, even if his annual income is below the threshold limit 2.5 Lakh, Sujit Bangar, Founder of Taxbuddy.com listed the following 3 benefits:
1]A certified income record: There is no record of your income as authentic as your income tax return. Through the ITR acknowledgment, the Government of India (GoI) certifies that you have earned such income in the relevant financial year. This income proof document can be used on multiple occasions as required.
2]Ease of Visa Approval: If you want to travel abroad, you may need a visa and the visa issuing authorities ask for proof of income for the last few years to issue the visa and in such cases, income tax return The most authentic evidence filed. So, if an earning person is planning to move abroad in the near future, he/she is advised to file his/her ITR even if his annual income is less 2.50 lakhs.
3]Applying for loan: If you intend to apply for a loan, the lending bank or institution asks for the income tax return and submission of ITR gives the much needed confidence to the lender to sanction your loan. Hence, to apply for the loan even an earning person is advised to apply the ITR by the given due date and be assured about the smooth approval of his loan application.
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