Filing Income Tax Returns (ITR) is often seen as mandatory only for those with high income or large businesses. But did you know that even if you’re not liable to pay taxes, filing your ITR can have serious benefits?

✅ 1. Acts as Your Advisory Proof of Income

Your ITR serves as proof of income for visa applications, home loans, and government tenders. Banks often ask for your last 2–3 years’ ITR when approving a loan.

✅ 2. Carry Forward Losses

If you’ve incurred capital or business losses this year, filing your return on time allows you to carry them forward and set them off against future profits.

✅ 3. Claim Refunds

If excess TDS (tax deducted at source) has been cut from your income, you can only claim a refund by filing your ITR.

✅ 4. Avoid Penalties

Late filing attracts penalties ranging from ₹1,000 to ₹5,000 under Section 234F. Why pay more later?

✅ 5. Stay Compliant & Safe from Notices

Even if your income is below the threshold, you may receive a notice from the IT department for transactions or investments. A timely ITR shields you from such trouble.

Conclusion:
Filing your ITR isn’t just about tax—it’s about financial responsibility, legal proof, and future planning. At Ask To CA, we make it easy, accurate, and hassle-free.