Is Income Tax Filing nothing more than just paying taxes? Think twice. Several benefits are available on filing ITRs, which are not available otherwise.
Filing an ITR every year, keeps you away from various tensions.
ITR to financial health is as important as an apple to physical health.
Is Income Tax Filing nothing more than just paying taxes? Think twice….
Several benefits are available on filing ITRs, which are not available otherwise.
Creating Financial History
How can you prove that you are financially stable?
By showing Income Tax Returns.
Yes, every while time you file a ITR, it gets recorded with Income Tax Department.
Year by year, when you file your ITR, you create sound financial history and a Net Worth.
TDS deducted but no tax liability at the end of the year?
By filing Income Tax Returns.
If taxable income is below threshold limit, TDS deducted on salary or any other payment received, can be claimed as refund only if ITR is filed.
Going to foreign country for job or business purpose?
Show financial viability by filing Income Tax Returns.
Before issuing VISA, some foreign countries want to assess the financial capability of the person, for which they as ITR as a satisfactory proof.
Taking Huge Loans Easily
What is the best proof of income to show to bankers?
Income Tax Returns
Bankers need to see some income proof to grant loans and ITR is the best income proof, especially in case of business men and professionals.
Did you just think that it is your choice to file ITR?
No, sometimes, Income Tax Deptt. may compel you to file ITR. So, why not file it voluntarily to avoid penalties and prosecution.
Through PAN number, Income Tax Deptt. tracks all the incomes and payments.
Whenever a person deducts TDS against your PAN number, all information reaches to Income Tax Deptt.
If you earn income above taxable limit, but don’t file ITR, Income Tax Department may send you a notice to compulsorily file ITR.
Income Escaping Notice u/s Sec. 147
If you hide an income from IT Deptt. and IT Deptt. comes to know about it later, you have may to suffer prosecution, and heavy penalties.