Importance of Income Tax Return Filing
                     IMPORTANCE OF 
INCOME TAX 
RETURN FILING
File ITR in Just 5 Minutes By Tax 
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 Are you found the ITR a burden & thinking 
about not filing the ITR? Don’t even think so. 
Income Tax Return Filing Online is very 
important due to many reasons. Here, in 
this article we will discuss about the 
importance of filing the ITR. So, before 
reaching the decision of not filing the ITR, 
it’s better to learn & understand about the 
importance of tax filing.

INCOME TAX RETURN
 Income Tax Return is a form that has 
been used by the people for the 
declaration of their income including the 
information about the financial 
transactions of the taxpayers. Basically, 
ITR is a self-declaration made by the 
taxpayers about their earnings, assets, 
tax paid by them, and the refund to be 
claimed.
WHO REQUIRED TO FILE 
INCOME TAX RETURN
 If your total income is more than the basic exemption limits of 
either 2.5 Lakhs, or 3 Lakhs, or 5 Lakhs depend on the taxable 
limit applicable to you, filing taxes online is must.
 If you pay the electricity bills of more than Rs. 1 Lakh then you 
must have to file the ITR.
 If you have deposited an amount of over 1 Crore in your current 
bank accounts in a financial year, then tax filing is must for you.
 If an amount of more than Rs. 2 Lakhs has been spent by you for 
travelling internationally to foreign country in a financial year, 
then you are required to file the ITR.
 If you have assets in foreign countries or have a source of income 
from outside the country, or have signing authority for any 
account outside the country, then you must have to file an ITR.
IMPORTANCE OF INCOME TAX 
RETURN FILING
    It is very important to file Income Tax 
Return, here given why-
 For Easy Loan Approval: ITR is the important 
document needed for the easy approval of the loan. 
The banks are asked for the ITR of last 3 years as your 
income proof while applying for the loan.
 To claim tax refund at TDS: Sometimes, TDS has 
been deducted even if there will be no tax liability on 
you for a particular financial year. So, in that case tax 
filing is important so that you can claim the refund of 
the TDS.
 To Avoid Penalty: If you are needed to file ITR as per 
the Income Tax Act but fails to do so, then tax officers 
can impose the penalty of up to Rs. 5000/- on you.
 To Claim Refund of Excess Tax Payments: If your 
total taxable income is less than the basic exemption 
limit and you have no tax liability for the financial year 
then, filing taxes online is must so you can claim the 
refund of excess tax payments.
 To Carry Forward Losses: If you have been incurred 
the losses under the “Capital Gains” or “Profits & Gains 
from Business or Profession”, and want to reduce your 
tax liability for the Financial Year, then tax filing is must.
 For the Growth of Nation: The amount that has been 
collected by the government as the direct taxes will be 
used in the development of the country and for 
improving the country’s infrastructure.
 For Quick Visa Processing: If you plan to visit 
abroad then ITR is one amongst the important 
documents required by the most of the embassies for 
providing you the visa as they demand your income 
proof. So, filing taxes online is important.
 For Credit Card Application: To apply for a credit 
card you are required to submit the proof of your 
income for which ITR plays a vital role. So, if you want 
to apply for the credit card then your ITR must be filed 
properly & on time.
 Income proof & Address Proof: Government will 
accept your ITR as the address proof while applying for 
any government document including Aadhaar Card. 
Your ITR is also work as the proof of your income which 
is generally required to purchase the property.
KEY POINTS FOR INCOME TAX 
RETURN FILING
 Income Tax Return Filing is not only beneficial to you 
but it is also your duty as a responsible citizen.
 To avoid penalties you should file the income tax 
return on time.
 Tax filing is very helpful for availing various services 
including credit cards, bank loans, and visa 
applications.
 Income Tax Return Filing is must for you if you want 
to obtain the government tenders or want to raise 
funds for your startups.
FINAL WORDS
 Sometimes people thought that there is no need of 
Income Tax Return Filing Online but no, that’s not 
true. Every responsible citizen must have to file the 
ITR. It is not only profitable for the government but 
also for the taxpayers. Filing taxes online has a great 
importance as given in this blog. 
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