Filing of Income Tax Return Advantage: 6 Astounding Benefits in India

Advantages of filing Income Tax return even income is below the exemption limit

The last date for filing the ITR (Income Tax Return) for the FY (Financial Year) 2018-19 is July 31, 2019. However, there is a category of people who need not file their returns compulsorily even though they have earned some type of income during the year.

These are people whose GTI (Gross Total Income) below the exempted limit of Rs.2.5 lakh. For the individuals above 60 years of age but less than 80 years age, this exemption limit is Rs. 3 lakhs and for the individuals above 80 years age, the exemption limit is Rs.5 lakhs.

1. VISA Processing
2. Proof of Income for self-employed
3. Carrying capital losses forward
4. Claiming Tax Refund
5. Getting Loans
6. Purchasing a high life cover