Benefits of Income Tax Return Filling

Benefits of Income Tax Return Filing

Apply for Easy Loan

Income and Address Proof

Avoid Penalty

Carry Foreword Your Losses

Refund Claim

Option to Aboard

Apply for Easy Loan

Filling the ITR will help individual, when they have to apply for a vehicle loan for 2 wheeler or 4 wheeler. House loan etc. All major banks will require for a copy returns.

Income and Address Proof

Income tax return can be used as a proof of your income and address.

Avoid Penalty

If you are required to file your income tax return but didn't. Then the tax officer impose a penalty for not return file and late return file.

Penalty Amount:-

A Penalty of Rs.5000/- will be levied if the return is filed after the due date but before December 31st of that year and 10000 post December 31st. However, as relief ot small taxpayers, if your income is not more than Rs. 5 lakh, the maximum penalty levied will be Rs. 1000/-.

Carry Foreword Your Losses

If you file return within due date, you will be carry forward losses to subsequent years. Which can be used to set off against income of subsequent years.

Refund Claim

If you filed a return within due date and if you insure your tax extra paid by you. Than you can claim refund.

Option to Aboard

Most embassies & consulates require you to furnish copies of your tax return for the past couple of years the time of the visa application. For this condition should be fulfillment your income tax return.