Income tax return filing benefits 2021
- by CA Kumar
Income tax return filing benefits 2021
What are the benefits of filing of income tax return ?
Who need to file income tax return ?
Section 139 (1) requires that every person
(a) being a company or a firm; or
(b) Being a person other than a company or a firm if his total income exceeded the maximum amount which is not chargeable to income tax or total income of any other person in recpect of which is assessable under the Income Tax Act. shall furnish a return of his income or the income of such other person. Income tax return must be furnished in
in sample word if income exceeded the maximum amount which is not chargeable to tax need to file income tax return.
Following are benefits to file income tax return
Any citizen who utilise national resources like, Oxygens ,water, food grian,live in peacefull environment . he has duty to file income tax return if his/her income exceed the maximum amount which is not chargeable to tax.
Filing the income tax return is a social status. Some time after Central governments later or sooner government give proity in some work to a citizen who file his/her retirn of income.
3. Easy loan approval:
Filing the income tax return time to time least two or three. ITR help to loan approval for, Home loan, vehicles loan ,business loan, personal loan etc.
4. Income Tax refund claim:
If any person excess deposit income tax or excess TDS deducted at source. Income return necessay to claim income refund if refund is due.
5.Quick visa processing:
If you want to travel abroad than visa require. Every embassis & visa consultant require income tax return copy.
6. Income and address proof:
If you file income tax return you can use it as income and address proof
7. Carry foward of losses if any:
If any person has loss under any head of income such person file his/her return of income on or before due date income tax department allow to carry foward such losses.
8. Avoid penalty:
If any person does not file return of income on or before due date liable to pay penalty Rs.10,000
What is the benefit if you file inomce tax return electronically ?
If any person file return of his income electronically
-Any time acess
– Avoid from fraud
– Save money like petrol, auto fare,or other mode fare to reach income tax department.
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