Income Tax Return Filing Form
Benefits Income Tax Return Filing
Easy loans approvals
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 claim TDS refunds
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.
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.
Buying a high life cover
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.
VISA processing
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.
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.
Procedure For Income Tax Return Filing
1. Fill Up the Form
2. Make Online Payment
3. Experts Will Process your Form
