Benefits of Income Tax Return Filing-1 | ITR-1
Filing Income Tax Return (ITR-1) in India offers several benefits for individual taxpayers. From ensuring legal compliance and claiming tax refunds to facilitating loan approvals and enhancing financial credibility, learn about the essential advantages of timely and accurate ITR-1 filing. Explore why filing ITR-1 is crucial for financial planning, visa processing, and eligibility for government schemes, and how it simplifies carrying forward losses for future tax benefits.
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00:00Filing Income Tax Return, ITR 1, also known as SAHAJ, offers numerous benefits for individual
00:07taxpayers in India.
00:09Firstly, it ensures legal compliance with the Income Tax Act, 1961, helping avoid penalties
00:17and legal consequences.
00:19Claiming refunds for excess tax deducted at source, TDS, is a significant advantage, providing
00:26financial relief.
00:28Filing ITR 1 allows taxpayers to carry forward losses to future years, reducing future tax
00:35liabilities.
00:36It also simplifies loan approval.