Benefits of filing Income Tax Return

ఆదాయపు పన్ను రిటర్న్ దాఖలు చేయడం వల్ల కలిగే ప్రయోజనాలు

Benefits of filing Income Tax ReturnThere are many benefits of filing income tax returns before the due date:-

1) To avail Home, Business or Personal Loan

(ఇల్లు, వ్యాపారం లేదా వ్యక్తిగత రుణం పొందటానికి)

Majority of banks ask for a copy of income tax returns for at least three consecutive years to sanction a loan. So if you are planning to take a loan in the future, it can help you if you can furnish your I-T returns

To avail Home, Business or Personal Loan

2) For visa and immigration processing

(వీసా మరియు ఇమ్మిగ్రేషన్ ప్రాసెసింగ్ కోసం)

If you are traveling overseas, foreign consulates ask you to furnish ITR receipts of the last couple of years at the time of the visa interview. Some embassies may ask for ITR receipts of previous three years, while some others may ask for the most recent certificate

For visa and immigration processing

3) For claiming excess tax paid via refund

(అదనంగా చెల్లించిన పన్ను ను క్లెయిమ్ చేసుకొనుట కొరకు)

As an individual if someone has invested in fixed deposits the interest income is chargeable to TDS at the rate of 10% irrespective to the fact that the individual is liable to pay income tax or not. By filing income tax return you will get refund of TDS deducted if the income is below the taxable limit.

For claiming excess tax paid via refund

4) Applying for a higher insurance cover

 (అధిక మొత్తంలో ఇన్స్యూరెన్స్ కవరేజ్ కొరకు)

These days life insurance companies asks for ITR receipts if you opt to buy a term policy with sum insured of Rs.50 lakh or more. Government tender: If you plan to start a business and need to fill a government tender, you will need to show your tax returns of the previous years. This, again, is to show proof of your financial status and whether you can support the payment obligation or not

Applying for a higher insurance cover

5) Carry forward of losses

If anyone has suffered losses in a year, then by filing income tax return he can carry forward that loss for next eight subsequent years to set off the same by the future income. This can help reduce the burden of tax in future years.

6) It is an income proof or a net worth certificate

(ఇది ఆదాయ రుజువు లేదా నికర విలువ ధృవీకరణ పత్రం)

Salaried persons get Form 16 as their income proof but businessmen, consultants and partners of firms do not get Form 16. Hence, ITR receipts become an even more important document for them, provided their annual income exceeds the basic exemption limit of Rs 2.50 lakh. For all sorts of financial transactions, ITR receipts will be the only proof of income and tax payment for the self-employed

It is an income proof or a net worth certificate

7) Avoid interest on tax liability

If you don’t file ITR, the belated return could lead to extra interest on monthly basis for the remaining tax payable by you. Penalties and assessments: If any person liable to file tax returns does not file returns within the due date, then he is liable to pay penalty of up to Rs 10,000 for not filing the return within the due date in addition to the assessment findings

So what are you waiting for?

File your returns on time!

ఇంకా ఏంటి ఎదురు చూస్తున్నారు?

మీ యొక్క ట్యాక్స్ రిటర్న్స్ ను సమయానికి ఫైల్ చేసుకోండి !

File your returns on time

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May 2021