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Income tax query

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Quick Summary

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)

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)

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)

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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