BENEFITS OF FILING INCOME TAX RETURN

INCOME TAX RETURN Where the taxpayer pays tax on his income details, deduction and exemption and taxable income.

The last date for filing INCOME TAX RETURN for FY 2018-19 is July 31, 2019. However, there is also a class which does not need to file its returns even after earning the total income during the year, because their income is less than direct income. Most people think that if their salary / income comes below taxable income, then they should not file INCOME tax return. However, this is not true. The government has to order that those who earn more than a guideline of annual income will have to file INCOME TAX RETURN within the prescribed date. Calculation Tax should be paid by the person. There is also a provision of Penalty from the income tax department if the non-payment of income tax is done. Those who earn less than the fixed level can also voluntarily return the returns. Filing returns is an indication that you are responsible. Not only this, it also makes it easier for individuals and businesses to enter later transactions.

Basic Exemtion Limit (where you do not need to file an INCOME TAX RETURN):

2,50,000 for 60 years of age

3,00,000 for more than 60 years but for people under the age of 80

5,00,000 for people above the age of 80

Apart from this, even if the income is below the original exemption limit, the person will need to file an ITR in India, if he holds any property outside India or is in any financial interest

THERE ARE SOME ADVANTAGES TO FILING INCOME TAX RETURNS, WHICH ARE DESCRIBED BELOW

For Loan:

The loan company may want to look at your INCOME TAX RETURN, if you plan to apply for any type of loan in the future, maintaining a stable record of filing returns is a good idea because the loan company has the most emphasis on it. Will give. Similarly, credit card companies can also insist on returning proof before issuing cards. Any financial institution can see your return in the past few years before dealing with you. While applying for a loan, the eligibility and quantum of loan depends on the income of anybody, which can be established through the INCOME TAX RETURN. Income tax return gives you detailed information about your total income earned during one year and taxes given on it. Filing your income TAX RETURN is a way of getting a valid proof of your income, and it helps you establish a good record with the Income Tax Department.

Visa Processing:

If you are traveling abroad or planning to travel in the near future, then proof of earnings is necessary. If you are the salaried then you can also get Form 16 in the form of a certificate, but if you are self-employed then you need to submit income details. In this case INCOME will work as TAX RETURN income proof. Foreign Consulates can ask you to present the INCOME TAX RETURN receipt for the last few years at Visa Interview. Some embassies may demand the INCOME TAX RETURN receipts for the last three years, while others may ask for a recent certificate. This is especially true if you plan to travel to the US, UK, Canada or EUROPE, then INCOME TAX RETURN shows that what is the source of your income in India, in this way your case will be strengthened, That you will not leave the country but will come back. While traveling overseas countries, experts recommend that you always keep income evidence such as pay slip, Form 16 and INCOME TAX RETURN The Consulate guides these requirements in most cases.

For Carry Forward of Losses:

Unless you file an INCOME TAX RETURN, you can not currently increase your expenses / losses in the last financial year. According to income tax provisions, if the tax return is not filed on time, the losses can not be further extended for future years. Therefore, to ensure that losses are made for future adjustments, tax returns will be required.

As Income Proof:

People with a freelancer or self-employed do not get proof of earnings like salary certificate and Form 16. This is the only document that they have to show that they have filed an ITR. Without it, they can face money related issues and transaction related problems. ITR serves as proof of income for self-employed.

For Life Cover

Buying a life cover of Rs 50 lakh or Rs 1 crore has become commonplace. However, these forms are made available to verify the annual income in view of your ITR documents. Life insurance companies, especially LIC, seeks ITR receipts these days, if you choose to purchase a policy with a sum insured of Rs.50 lakh or more. The sum insured that can be met with a term cover depends on many factors, one of which is the income of the insured.

Government Tenders:


If someone has a plan to start their own business and needs to fill a government bid, then they will need to show their tax return receipts for the last three to five years. It is again to show your financial status and you can support the payment obligation. However, this is not a strict rule. This can vary on the basis of internal rules of government department.


TDS Refund:


If TDS has been cut, then it will have to file an ITR for the same refund.


Filing ITR on time is beneficial in many ways keeping you taxable. The e-filing season has started for the financial year 2018-19 and the due date is 31st July, 2019. Become a responsible citizen and enter your taxes quickly to avoid last minute issues.

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