Podcast
Questions and Answers
What does ITR stand for?
What does ITR stand for?
Income Tax Return
Your working income determines how much coverage you receive on an insurance policy?
Your working income determines how much coverage you receive on an insurance policy?
True (A)
Which of the following documents are often requested when applying for a loan? (Select all that apply)
Which of the following documents are often requested when applying for a loan? (Select all that apply)
- Aadhar Cards (correct)
- Photo Identification (correct)
- Tax Returns (correct)
- PAN Cards (correct)
- Licenses (correct)
An ITR can be used as proof of income when applying for a scholarship?
An ITR can be used as proof of income when applying for a scholarship?
Credit card companies also require an ITR when processing a new application?
Credit card companies also require an ITR when processing a new application?
What is one reason that banks request an ITR when you apply for a loan?
What is one reason that banks request an ITR when you apply for a loan?
Flashcards
What is an ITR?
What is an ITR?
A legal document that shows your earnings to the tax department.
How is ITR used for insurance?
How is ITR used for insurance?
Insurance companies use it to verify your income and determine your insurance coverage.
How is ITR used for loan applications?
How is ITR used for loan applications?
Banks and financial institutions often request ITR for loan applications to assess if you can make loan payments.
Do you need ITR for credit cards?
Do you need ITR for credit cards?
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What is the importance of ITR?
What is the importance of ITR?
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Can you use ITR for scholarships?
Can you use ITR for scholarships?
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How does ITR help in scholarship applications?
How does ITR help in scholarship applications?
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Study Notes
Loan Application Documents
- Banks require specific documents for loans, including Aadhar Cards, PAN Cards, licenses, and photo ID.
- Income proof, specifically the ITR (Income Tax Return) for the previous three years, is a crucial document.
- Banks use ITRs to assess a borrower's ability to repay a loan based on past and present financial circumstances.
- Credit card companies also request ITRs and prior earnings/tax returns to evaluate creditworthiness.
Scholarship Advantages
- ITRs are used to verify income for scholarships at various institutions (both government and private).
- Students can submit ITRs to prove their income eligibility for scholarships.
- Insurance companies also consider ITRs as acceptable income documentation.
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