The RBI stated that growth in credit to the services sector slowed to 0.8% in September 2021 from 9.2% in September 2020, owing to a decrease or slowdown in loans to non-banking financial enterprises, commerce, and commercial real estate.
Use it as proof of income: Form 16 is issued by employers to their employees. ITR filing documents are considered authentic proof of income for self-employed people. It contains a detailed breakdown of an individual’s income and expenses over the course of the year.
In July this year, the I-T department issued refunds of Rs 43,991 crore to 21.03 lakh tax payers. Out of the total amount, personal income tax refunds tuned up to Rs 13,341 crore and was issued in over 19 lakh cases. Corporate tax refunds was at Rs 30,651 crore and was issued in 1,12,567 cases.
Claim losses: It is important for an individual taxpayer to file the ITR on time to claim specified losses. These losses can be in the form of capital gains, business, and profession.
Use as address proof: The Income Tax Assessment Order can be used as an address proof. It can even be used for Aadhaar Card.
