New Delhi, May 31 -- Most taxpayers view income tax return (ITR) filing as an annual compliance exercise that helps them meet their tax obligations and avoid penalties. However, the importance of filing an ITR often goes beyond simply reporting income and paying taxes to the government.

As the ITR filing season is underway, taxpayers should know that a filed ITR can serve as an important financial document that may prove useful in multiple situations such as loan approvals and visa application. Here are the top five key benefits of filing your return on time.

Capital losses on listed shares can be carried forward for up to eight assessment years, provided you file your ITR within the prescribed deadline or else you would lose the benefi...