New Delhi, Aug. 20 -- An Income Tax Return (ITR) serves as a key document for verifying a borrower's income. Banks, NBFCs and fintech lenders often place significant weight on ITRs, particularly when the loan amount exceeds a certain limit.

A consistent record of filing helps lenders assess a borrower's actual income, stability of earnings and financial discipline. With the 31 July deadline for filing income tax returns (ITRs) now over for salaried taxpayers, pensioners, students and others who do not have business income, they should keep an eye on their email and regularly check the Income Tax e-filing portal and compliance portal.

These channels can alert taxpayers to any communication from the Income Tax Department regarding discrep...