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What if stopped filing ITR due to gross income below 2.5 lakhs ?

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109 Points Posted on 17 July 2022
This is for a senior citizen friend. He stopped filing ITR due to income below 2.5 lakhs and was exempted from filling ITR.

Recently he was adviced to file ITR so that he can get loan from bank.

What happens if he files ITR just for the sake of loan option ?

Please guide!
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On 17 July 2022 at 18:53 Report
Replies (3)
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online

SEO Sai Gr. Hosp.
211715 Points Posted on 17 July 2022

Neither any gain or loss, but he may not get loan at the age of 65, even after filing return.

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On 17 July 2022 at 19:06
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CFO- at NHTF
58280 Points Posted on 17 July 2022
ITR should not be filed as per your wish .

There should be proper evidence for reporting income in ITR .

You can not alter the income just for loan purposes.
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On 17 July 2022 at 20:02
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Chartered Accountant
86505 Points Posted on 17 July 2022
There is no issue you need to file ITR only if income is above 2.5 lakhs.

However for bank loan, you need last 3 years returns so you can file return even if income is below 2.5 lakhs
1 Reply
On 17 July 2022 at 22:10


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