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Income Tax Return (ITR) is a form that is required to be submitted to the Income Tax Department of India. It comprises information on the individual's earnings and the taxes that must be paid on the earnings during the financial year. The information contained in an ITR must pertain to a certain fiscal year, beginning on 1st April and ending on 31st March of the following year.
Income comes in a variety of sources including wages, profits and gains from business and profession and inheritance. Earnings from residential property, capital gains income, dividends, interest on deposits, royalties, and winning the lottery, are various types of incomes.
The ITR receipt is a critical document.
You must carefully retain ITR receipts since they are critical documentation of your income and payment of taxes. It contains a great deal of information. It comprises information about your entire income as well as information about your revenue from other sources.
Avoid penalties by submitting an ITR
Individuals who do not file their income tax return face a penalty under section 234F. ITRs that are filed on time prevent unnecessary penalties. It is your responsibility as a law-abiding citizen to file your tax forms.
The ITR receipt is a valuable document that facilitates the processing of bank loans.
When you apply for high-value loans such as home or vehicle loans, the majority of banks and NBFCs want ITR receipts dating back three years. Lenders view the ITR as the most authentic proof of an individual's income. As a result, you should file income tax returns on a regular basis if you intend to take out home or car loans in the future.
Processing of visas
Embassies of wealthy nations such as the United States, the United Kingdom, Canada, and Australia require previous years' ITR receipts in order to process your visa application. They are extremely careful about your tax compliance, and hence need you to provide previous ITR receipts. This enables them to examine your income and verify that you will be able to cover your trip's expenses.