Benefits of Income Tax ReturnAbhishek Kumar / 2020-01-29 03:58:30
A form which is filled with a taxing authority which includes taxpayer income, taxpayer expenses, etc. Of a registered tax payer is known as a Income tax return file. This file allows the taxpayer to claim excess tax paid
Filing of ITR Benefits
Loan Approval becomes easy
When an individual applies for a 2 wheeler or 4 wheeler vehicle loan or personal loan, income tax return file makes it easy and convenient because all major banks generally asks for ptoof of income.
Income & Address Proof in one file
The return file is very helpful since it can be used as an address and a Income proof.
Easy to claim Tax Refunds
In case if employer or other body deducted more tax then, taxable person deserves a refund from the tax department then he/she will have to file a return file for the same.
Visa Processing becomes quicker
A copy of the taxpayer's return file is required in most of the embassies for visa approval and processing. It also gives a proof of your Income.
Losses can be carry forwarded
Filling the return within the due date will allow the taxpayer to carry forward the incurred losses to the upcoming years which can help a businessman cope up with the losses.
Don’t pay penalties
Tax officer has the right to charge a penalty of up to Rs. 5000 to the taxpayer if he/she is unable to file a tax return.
If you need any help regarding Income Tax Return Filing or ITR Filling you can contact us hassle free our business advisor will guide you very clearly