Here are some benefits of filing ITR:1. To claim refund: If you have a refund due from the Income Tax Department as Tax has been deducted at source , you will have to file returns, without which you will have to forgo the refund.2. For Loan Purpose: For appling for a vehicle loan (two-wheeler or four-wheeler) or Home Loan. All major banks can ask for a copy of tax returns.3. Visa processing: 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, not so stringent for South East Asia or Middle East. Producing ITR receipts show that one has some source of income in India thus, strengthening your case as someone who will not leave the country for good but will return. When traveling to foreign countries, whether on a business or leisure trip, experts suggest you always carry income-related proofs along --- salary slip, Form 16 and ITR receipts. Consulates specify these requirements in most cases.4. Buying a high life cover: 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, especially LIC, ask for ITR receipts these days if you opt to buy a term policy with sum insured of Rs 50 lakh or more. The sum insured one can get with a term cover depends on many factors one of which is the income of the insured.5. Government tender: For applying for a government tender or two as tax return receipts of the previous three to five years are necessary as they show the financial status of the applicant and whether the applicant can support the payment obligation or not. However, this is no strict rule. It may vary depending on the internal rules of the government department.6. Self-employed: ITR receipts are the only proof of income and tax payment for those who do not get Form No. 16. ( self-employed e.g businessmen, consultants and partners of). For all sorts of financial transactions.