1. IT CAN SERVE AS RESIDENTIAL PROOF
If you file an Income Tax Return then the address mentioned in this is used to serve you with any communication from the Income Tax Department. Therefore, a copy of acknowledgement of income tax return can be used as residential proof.
2. HELPFUL TO GET A BANK FINANCE.
Banks mandatorily require Income tax return before sanctioning a loan to assess the loan repayment capacity and worth of the borrower.
3. NECESSARY TO AVOID INTEREST AND PENALTY.
4. If your income tax return is not filed, then you may have to bear the burden of penalty and interest. Therefore, in order to avoid penalty and interest payments, one must file an income tax return timely.
4. FILING IS MUST TO GET REFUND.
In case you seek a refund from the income tax department. For example, if your employer has deducted excess TDS from your salary or the Bank has deducted excess TDS from your interest income, then in order to claim your excess TDS deducted, you must file your income tax return.
5. ESSENTIAL FOR GETTING VISA.
For granting you VISA, there is a need to show your income evidence. Income tax returns are used as evidence of your income.
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I also heard, income tax filing gives first class in jail if court decided ..is it right?
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In case of accidental death, your wards will get three year’s average income as compensation from the Govt. This is over and above other insurance claims.