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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00:00ITR-1, which is also commonly known as DAKHILKARNA, provides many benefits to individual creditors in India.
00:07First of all, it ensures compliance with the I-CURR rule of 1961, which can be prevented from criminal and legal consequences.
00:17Claiming more than the TDS on the SRODH is an important benefit, which provides personal relief.
00:25By entering ITR-1, creditors can take their loss to the years of the future, which reduces the debt of the future.
00:33It also makes rail acceptance easier, because the infrastructure is often built on the basis of the I-CURR.