What is the primary purpose of filing an Income Tax Return (ITR)?

"To declare income and expenses for a financial year" "To claim tax deductions and refunds" "To avoid legal penalties" "To support visa applications"

What is the income tax exemption threshold for individuals under the age of 59 in India?

"₹1.5 lakh" "₹2.5 lakh" "₹3 lakh" "₹5 lakh"

Which of the following individuals is required to file an ITR?

"An individual with an annual income below ₹2.5 lakh" "A senior citizen with an annual income of ₹2 lakh" "A registered business with no profit for the year" "An individual who did not receive any income during the fiscal year"

How can filing an ITR benefit someone who has had TDS deducted from their income?

"It allows them to claim a refund of excess TDS deducted" "It exempts them from paying further income tax" "It reduces their tax liability for the following year" "It provides proof of income for loan applications"

Why is filing an ITR beneficial for visa applications?

"It demonstrates financial stability and responsibility" "It guarantees visa approval" "It exempts applicants from visa fees" "It provides proof of residency in India"

How does filing an ITR help individuals establish losses incurred in the stock market?

"It allows them to claim refunds for stock market losses" "It enables them to carry forward losses to offset future profits" "It exempts them from paying taxes on capital gains" "It provides proof of investment in the stock market"

Why is an ITR considered a reliable proof of address?

"It is issued by the government and contains verified address details" "It is accepted as address proof for obtaining Aadhaar cards and other documents" "It is more reliable than other forms of identification like ID cards" "It provides a comprehensive history of an individual's residential addresses"

How does filing an ITR benefit individuals applying for high-coverage insurance policies?

"It reduces insurance premiums" "It guarantees approval for high-coverage policies" "It provides proof of income to justify the coverage amount" "It exempts individuals from medical check-ups"

Why do banks often request ITRs from loan applicants?

"To verify the applicant's credit score" "To assess the applicant's repayment capacity based on past income" "To determine the applicant's eligibility for government subsidies" "To ensure the applicant has a stable employment history"

How can filing an ITR be advantageous for startup ventures seeking funding?

"It guarantees funding from venture capitalists" "It demonstrates the financial stability and profitability of the business" "It exempts startups from paying taxes for the first few years" "It provides proof of the startup's intellectual property rights"