Filing an Income Tax Return (ITR) voluntarily, even if your income is below the taxable limit, comes with several benefits. Here's why you should consider it: Proof of Income: ITR serves as a recognized proof of your income, useful for various applications like loan approvals or VISA applications, where a formal income verification is required. Easier Loan Approval: Banks and financial institutions often require the last few years' ITRs to process loan applications. Voluntary filing makes this process smoother. Claim Refund: If you've had any tax deducted at source (TDS), filing an ITR is the only way to claim a refund on that tax if your income falls below the taxable limit. Carry Forward Losses: If you have incurred losses in a financial year, filing an ITR allows you to carry forward those losses to subsequent years to set off against future gains. Builds Financial Documentation: Regularly filing ITRs helps build a financial history, which can be beneficial for self-employed and freelance individuals in particular.