Overview
- Two June 4 articles summarized tax experts’ guidance urging taxpayers to file returns regularly because returns now function as wider financial records used by banks, embassies and insurers.
- Lenders commonly request two to three years of past returns to verify income and repayment capacity before approving home, personal or business loans.
- Many foreign consulates accept past returns as proof of stable income, so a consistent filing history can reduce delays or rejections in visa applications.
- Excess tax deducted at source can be claimed only through the return process, and filing before statutory due dates is required to carry forward eligible business or capital losses for future tax relief.
- Insurers use past returns to verify declared income and set eligibility for high-cover life or term policies, so missing filings can block larger coverage or slow underwriting.