Generally, people avoid filing income tax returns, but for details, let us know that there are four major advantages of filing income tax returns.
1 Loan taking facility
If you file your income tax return every year you may be able to get a loan. ITR is proof of your income and most of the private sector banks accept it as proof. Generally banks are demanding it before giving a loan.
2 Refund is easy to get
If you are a job seeker, your employer deducts TDS from your salaries. However, if you have invested anywhere to save tax, it reduces your taxable income.
3 Refrain from fines
However, you are not immediately notified in the event of not filing a tax file, but eventually it is sent to you. You can file a return even after the fixed date has passed, but then you have to pay a penalty.
4 Visa also happens to be necessary
ITR filing is not only helpful in getting bank loans, but it is also important for getting a visa that means processing it. Visas Authorities of many countries ask for 3 to 5 years of ITR.