Uploaded on Jul 27, 2024
Do you Know? Non-compliance with ITR filing regulations can result in severe penalties and legal consequences. With this properly filed ITRs decrease the chances of being audited or investigated by tax authorities. Hence to protect you from all the hassles we are your reliable online platform for filing your income tax returns in India.
Importance of Income Tax Return Filing
IMPORTANCE OF
INCOME TAX
RETURN FILING
File ITR in Just 5 Minutes By Tax
Experts
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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.
If you want to file the ITR hassle-free, contact
LegalPillers. We provide you the best CA for a proper
tax return preparation and to file your ITR. Choose
LegalPillers as your trusted partner for a stress-free
filing of the Income Tax Return on time.
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