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Think you don’t need to file your ITR because your income is below ₹2.5 lakh? Think again.
Many people believe income tax filing is only for those who cross the taxable threshold. However, filing your Income Tax Return (ITR) even when it’s not mandatory can offer several long-term benefits.
1. Claiming Tax Refunds
If tax has been deducted from your income (TDS), you’ll need to file ITR to claim a refund. Without filing, your money remains stuck with the government.
2. Loan & Visa Approvals
Banks and financial institutions often ask for the last 2–3 years’ ITR to process loans and credit cards. It’s also required during visa applications for countries like the US, UK, and Canada.
3. Income Proof for Freelancers & Self-Employed
Filing ITR provides official documentation of your income—helpful for self-employed individuals or freelancers with no formal salary slips.
4. Avoid Notices from IT Department
Even if your income is low, if you’ve made high-value transactions (like buying property, mutual funds, or expensive assets), the IT department may send you a notice. Filing ITR keeps you compliant and safe.
5. Carry Forward Losses
If you’ve incurred business or capital losses, you can only carry them forward and offset against future income if you’ve filed your return on time.
Let LakshyaTaxConsultancy Help You File Easily
Our team will handle everything from document collection to e-verification, ensuring your ITR is filed quickly and correctly. Don't miss out on your financial advantages—file today!
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