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Benefits of filing taxes: #6 Buying a high life cover

Tuesday, April 18, 2017, 7:35 AM

Buying life cover of Rs 50 lakh or Rs 1 crore has become commonplace. However, these covers are available against your ITR documents to verify annual income. Life insurance companies ask for ITR receipts these days if you opt to buy a term policy with sum insured of Rs 50 lakh or more.
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Benefits of filing taxes: #5 Visa processing

Tuesday, April 18, 2017, 7:30 AM

If you are traveling overseas, foreign consulates ask you to furnish ITR receipt of the last couple of years at the time of the visa interview. Some embassies may ask for ITR receipts of previous three years, while some others may ask for the most recent certificate. This is especially true if you plan to travel to the US, UK, Canada or Europe.
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Benefits of filing taxes: #4 Easy loan processing

Tuesday, April 18, 2017, 6:28 AM

It is generally observed that various financial institutions/ banks insist on tax return copies filed while processing applications for housing loan, vehicle loan etc. Generally income tax returns of the last three years are required for taking any big loan. Further, banks/ financial institutions may also consider copies of tax returns as evidence while processing credit card applications.

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