Income tax query

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If your total income is below the taxable threshold of £2.5 lakh, filing an Income Tax Return (ITR) isn't legally mandatory. However, it's highly recommended, especially if you're applying for a home loan. Banks often require ITRs as proof of income to assess your repayment capacity, even if you're below the taxable limit.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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22 March 2021 A person wanted home loan from bank.a person below taxable income(2.5 lacs).
Question:
A person it return filed compulsory.(it return without filed home loan eligible)

Ganeshbabu K

Ganeshbabu K (Expert)
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22 March 2021 repayment capacity will be judged by Income, and banks trust IT returns as proof for income

CA. Aditya Goel

CA. Aditya Goel (Expert)
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23 March 2021 ITR is mandatory if GTI (Total Income without deductions) exceeds 2.5 lakhs.
but advisable to file ITR due to multiple benefits, one of which is Bank Loans.

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