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Budget 2021 update :It has been proposed to exempt the senior citizens from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been newly inserted to enforce the banks to deduct tax on senior citizens more than 75 years of age who have a pension and interest income from the bank.
Filing the ITR will help individuals, when they have to apply fora vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns
If you have a refund due from the Income Tax Department, you will have to file an Income Tax Return to claim the refund.
Income Tax Return can be used as a proof of your Income and Address.
Most embassies & consulates require you to furnish copies of your tax returns for the past couple of years at the time of the visa application.
If you file return within due date, you will be able to carry forward losses to subsequent years, which can be used to set off against income of subsequent years.
If you are required to file your Tax returns but didn't, then the tax officer deserves the right to impose a penalty of up to Rs.5,000.
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