Faster Loan Processing:
Your Loan will be approved faster, processed faster if you are Filing Income Tax return even if you are not liable. Most of the Public Banking or Financial Institutions will ask for Previous 3 years Income Tax Return for approval of Loans. So, if you are planning to apply for Housing loan/Overdraft/Personal Loan etc. it will be most beneficial to REGULAR Income Tax Return Filer as Income Tax Return (ITR) is considered as Valid proof of your Income. A regular Income Tax Return Filer has good credit rating score.
Valid Income Proof:
A Regular Income Tax Return Filer has valid proof of their Income which is shown in Income Tax Return (ITR). It has Legal validity in court of law or if any Legal dispute arises, to show it as valid proof of Income.
Faster VISA Approval Process:
Income Tax Return Filer gets faster VISA approval because they can show VISA Authority that they have Valid source of Income in India and they are Tax Compliant citizen of this country.
Claim Tax Deducted at Source (TDS) if your Income below that Tax rate:
If your Income is below the Tax rate at which Tax has been deducted by Payer (Deductor), then you can File your Income Tax Return (ITR) and easily get Refund of that TDS in your Bank Account.
Claim Losses:
If you have Losses from Business/Profession/House Property/Capital Gain, then you can File your Income Tax Return (ITR) and easily set-off the losses with Income available and carry forward as per provisions of Income Tax Act. So, In the year in which you have excess Income you can set-off Brought Forward losses from earlier year Provided you File your ITR before due date.