Importance of Income Tax Return Filing

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Importance of Income Tax Return Filing

• File ITR in Just 5 Minutes By Tax Expertsonly
  at Rs. 799/-

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• Are you found the ITR a burden thinking about
  not filing the ITR? Dont even think so. Income
  Tax Return Filing Online is very important due to
  many reasons. Here, in this article we will
  discuss about the importance of filing the ITR.
  So, before reaching the decision of not filing
  the ITR, its better to learn understand about
  the importance of tax filing.

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Income Tax Return

• Income Tax Return is a form that has been used by
  the people for the declaration of their income
  including the information about the financial
  transactions of the taxpayers. Basically, ITR is
  a self-declaration made by the taxpayers about
  their earnings, assets, tax paid by them, and the
  refund to be claimed.

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Who Required to File Income Tax Return

• If your total income is more than the basic
  exemption limits of either 2.5 Lakhs, or 3 Lakhs,
  or 5 Lakhs depend on the taxable limit applicable
  to you, filing taxes online is must.
• If you pay the electricity bills of more than Rs.
  1 Lakh then you must have to file the ITR.
• If you have deposited an amount of over 1 Crore
  in your current bank accounts in a financial
  year, then tax filing is must for you.
• If an amount of more than Rs. 2 Lakhs has been
  spent by you for travelling internationally to
  foreign country in a financial year, then you are
  required to file the ITR.
• If you have assets in foreign countries or have a
  source of income from outside the country, or
  have signing authority for any account outside
  the country, then you must have to file an ITR.

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Importance of Income Tax Return Filing

• It is very important to file Income Tax
  Return, here given why-
• For Easy Loan Approval ITR is the important
  document needed for the easy approval of the
  loan. The banks are asked for the ITR of last 3
  years as your income proof while applying for the
  loan.
• To claim tax refund at TDS Sometimes, TDS has
  been deducted even if there will be no tax
  liability on you for a particular financial year.
  So, in that case tax filing is important so that
  you can claim the refund of the TDS.

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• To Avoid Penalty If you are needed to file ITR
  as per the Income Tax Act but fails to do so,
  then tax officers can impose the penalty of up to
  Rs. 5000/- on you.
• To Claim Refund of Excess Tax Payments If your
  total taxable income is less than the basic
  exemption limit and you have no tax liability for
  the financial year then, filing taxes online is
  must so you can claim the refund of excess tax
  payments.
• To Carry Forward Losses If you have been
  incurred the losses under the Capital Gains or
  Profits Gains from Business or Profession,
  and want to reduce your tax liability for the
  Financial Year, then tax filing is must.
• For the Growth of Nation The amount that has
  been collected by the government as the direct
  taxes will be used in the development of the
  country and for improving the countrys
  infrastructure.

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• For Quick Visa Processing If you plan to visit
  abroad then ITR is one amongst the important
  documents required by the most of the embassies
  for providing you the visa as they demand your
  income proof. So, filing taxes online is
  important.
• For Credit Card Application To apply for a
  credit card you are required to submit the proof
  of your income for which ITR plays a vital role.
  So, if you want to apply for the credit card then
  your ITR must be filed properly on time.
• Income proof Address Proof Government will
  accept your ITR as the address proof while
  applying for any government document including
  Aadhaar Card. Your ITR is also work as the proof
  of your income which is generally required to
  purchase the property.

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Key Points for Income Tax Return Filing

• Income Tax Return Filing is not only beneficial
  to you but it is also your duty as a responsible
  citizen.
• To avoid penalties you should file the income tax
  return on time.
• Tax filing is very helpful for availing various
  services including credit cards, bank loans, and
  visa applications.
• Income Tax Return Filing is must for you if you
  want to obtain the government tenders or want to
  raise funds for your startups.

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Final Words

• Sometimes people thought that there is no need of
  Income Tax Return Filing Online but no, thats
  not true. Every responsible citizen must have to
  file the ITR. It is not only profitable for the
  government but also for the taxpayers. Filing
  taxes online has a great importance as given in
  this blog. 
• If you want to file the ITR hassle-free, contact
  LegalPillers. We provide you the best CA for a
  proper tax return preparation and to file your
  ITR. Choose LegalPillers as your trusted partner
  for a stress-free filing of the Income Tax Return
  on time.