Filing ITR will help you in your loan application; banks ask for a copy of Income Tax prior reviewing your application for a
, Personal Loan or Home Loan. For
, the State Bank of India asks twoor four-wheeler loan applicants for nts like the latest salary slip that all deductions, TDS certificate/Form 16, y of ITR for the last two financial years
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Filing of the ITR is important as you cannot recompense your expenses & losses in the previous financial year to the current financial year. As per the income-tax provisions, if tax returns are not filed on time, unadjusted losses (with some exceptions) cannot be carried forward to future years.
Foreign embassies, especially those of the US, UK, Canada or Europe, ask for your ITR receipts of the last couple of years at the time of the visa interview. Some may even ask for receipts of the last three years, while some others may ask for the most recent one. ITR receipts help them assess your income and indicate that you will be able to take care of the expenses on the trip.
Having an ITR receipt is important because form 16 is nothing less than an official document, entailing your income & tax charged there upon, along with revenue from other various sources.
ITR receipt is sent to your registered address, which acts as a residential proof for the taxpayer. Therefore there are multiple uses of ITR filing viz. address proof, income proof & proof of income tax filing.
There are various instances in a financial year in which there has been tax deducted at source (TDS) on investment. So in order to claim TDS refund, one will have to file the ITR to claim refund of the same,”
