Loans

When you are in contact with a bank for either a vehicle or house loan, most probably the bank asks for the copy of tax returns. Most of the major banks does the same, and some of the banks even asks for the latest monthly salary slips as well as form 16, which is a certificate issued by an employer to all his employees for a particular financial year reflecting the total salary paid and amount of tax deducted ('TDS') during the year. Thus a tax return copy will be a rescuer for anyone in such situation. 

To claim refund

If you are a fixed deposit investor, then a fixed amount of 10 percent tax is being deducted from your account every year. But in case your taxable income is less than of 2.50 lakhs then you are eligible for filing a tax refund. In such cases you will have to file tax returns, without which the refund from Income tax department will not be possible.

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