What exactly does filing of Income Tax Return mean

Posted on Posted in Income Tax, Income Tax Return, Incometaxefiling

Income Tax Return- benefits!

Intro- Income Tax returns:

The Income Tax Returns are filled by the Chartered accountants keeping them busy mostly in the months of July, August ad September in our country.  The Income Tax returns are to be filled in every year with proper statements and details with the timely advance Tax payments for the previous year in the month of March.  To narrate the topic in detail, the Income Tax Returns are those form of statements filled related to the earnings from different sources of income, tax liability and so. The CA records all the transactions of the tax paid and any other refunds transferred to the government in the form of tax. There is also a deadline to be fulfilled in a filing of these statements. The deadline is imposed after four months calculating from the end of the financial year allowing the taxpayers to get the ample of time to get the complete information and data of the entire year and report it in the form of statements precisely and accurately.

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Repercussions on the taxes if paid – no income tax filed:

People generally do not take the filing of the income Tax returns seriously. The Non-filling of the Income Tax returns leads to attracting the interest, penalty and their persecutions from the Department. Well, the people in India has the biggest fear of the being raid by the IT people if they choose to file the income Tax returns regularly nd this is why they do not take the step to file the returns. They are many benefits for the people to file the IT returns if they think ahead of the fear of the raid. In this article, I will list you out with few of the benefits. Read them all.

Benefits of Filling Income Tax returns:

  • Filling on It returns helps the people in claiming the accidental claims in the third-party Insurance. The ITR filed every year helps to claim any of the accidental death of any members during road accidents Insurance and the amount of the claim is handed over to the spouse or the guardian mentioned in the Insurance policy at the time of taking it. The ITR statements act the proof of evidence to claim the insurance in such cases.
  • The other benefit of filling the ITR is that the people looking for the loans will get the eligibility to apply for the loans from the banks. The IRT filed statements of the last 3 years are asked by the bankers to submit at the time of applying for the loan.
  • If anyone, in particular, is seeking to acquire the Visa outside India, the ITR statements give the befit to the applicants in getting the Visa in most of the cases on submission of the ITR statements. The High Commissions of different countries all across the country get the records of the fabricated documents and Visa applicants can totally rely on the ITR statements to get the Visa.

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