Benefits of Filing Income Tax Return this Season: Filing Income Tax returns these days has become pretty much simple with the changes made by the Income Tax department. Every Indian whose income exceeds certain limit must and should file their income tax returns via online. People think that they are spending more money so as to file their IT returns. In order to file income tax return, the taxpayers must ensure that they have essential documents for filing their returns. To be precise, there are actually copious benefits by filing income tax returns online this season. In this post, we have compiled a list of 16 benefits that aid the people by filing their Income tax returns.
Amazing Benefits of Filing Income Tax Returns
Here are some of the best advantages for the people who will file their income tax return online within the stipulated time.
- By filing your income tax returns before the due date, you need not have to pay the penalty of about Rs 5000 as per the section 234A.
- You can easily claim for the refunds from the Income Tax department.
- You don’t have to worry about raids, search and scrutiny notices from the Income Tax department.
- It is possible for the people to travel to some foreign countries via VISA by submitting any of your IT returns a copy.
- For acquiring educational, housing and other vehicle loans, you need to submit IT returns of last 3 years. This will smoothen the process of acquiring loans in a faster way.
- You can make the registration process of different properties across India in a simple way.
- The taxpayers can easily claim the LIC Premium income that you have paid so that you can get tax liability or the tax amount reduces to some extent.
- By filing income tax return, it will generate financial credibility for all the taxpayers so that they can make fund procurements in a simple way.
- By carrying all your losses on your income, you can enjoy the deducted taxable income in the upcoming years.
- An Income Tax return considered as a fundamental proof of income given to a person. The income tax department will maintain a record of all their tax filings in a detailed way.
- There is a possibility of filing Income Tax return even after the completion of the due date in the form of belated Income tax return.
- The amount that you have given as donations can include in the deductions of income tax as they are tax friendly. This will, in turn, lessens the amount of taxable income that you must file.
- The taxpayers can include the tuition fee of their kids as income tax deduction according to the section of the income tax act 1961.
These are some of the excellent benefits of filing income tax returns for the income tax department this season.
What are the Benefits of filing income tax return in India? : There are various benefits if you pay your income tax at the right time. Income tax is used by the government for the beneficiary purposes. If you pay the tax rightfully and at the right time, then the government is helped. So there are some benefits you shall get on filling the income tax return in time. Those benefits are:
- You would get the ITR or the standard-income-proof certificate. This is a certificate that is accredited as an authenticity of the person in India and abroad.
- The ITR makes you relied on the eyes of the banks. Thus the processes of the loans, if you borrow any from a bank are speeded up. As without ITR, you can not get any loan from banks.
- If you pay your Income Tax regularly, then you might get income tax refunds! This is truth. Say you are a salaried person and your TDS have been cut. At the need of the financial year, you might get a refund in case it is seen that your tax outgo is more than what you have paid.
There are many other amenities if the tax is paid. The government always takes those who pay their taxes in time in high esteem. You shall get facilities in making the Visa or the passport, in taking part in government auction and tenders etc…. thus pay your taxes and enjoy benefits unbound.