An Income Tax Return (ITR) is a form submitted to the Income Tax Department of India that reports your annual income, taxes paid, and any refunds due.
📌 Why File an ITR?
✅ It is mandatory for individuals whose income exceeds the taxable limit
🏦 Required for loan approvals and financial verifications
🛫 Needed when applying for a visa or passport renewal
🧾 Helps claim tax refunds if you paid more tax than required
📈 Builds your financial credibility and clean tax record
🛡️ Benefits of Filing ITR:
Legal proof of income
Easier to get business or personal loans
Can carry forward capital losses
Helps in buying high-value insurance policies
Increases chances of faster visa processing