BENEFITS OF FILLING INCOME TAX RETURN


Hello Friends,

My this blog is related to tell you about the benefits of filling Income Tax Return (ITR). There are some situations in which we think there is no need to file ITR:

Examples:
  • Arun is a salaried person with his income of Rs. 3.5 Lac per year and having investment of Rs. 1.2 Lac so as per his calculation his income is below taxable limit (2.5 Lac). So he think there is no need to file return but it is not OK. He has to file the ITR.
  • Manoj is a retired government Employee with Pension income and Fixed Deposit at Bank and his Tax has been deducted. But he think there is no need to file ITR but it is not OK. He has to file the ITR.
  • Ravi is an Indian citizen and having income below taxable limit, but he has some asset outside India with a signing authority there. So he has to file ITR.  

These are some conditions where we think there is no need to file ITR but ITR helps you in many ways:
  • ITR receipt is an important document. It is a valid proof of your earnings.
  • It helps in easy bank loan processing. 
  • It helps in hassle free visa processing.
  • It helps you take the benefits of deduction u/s 80C.
  • It helps to set off the carry forward losses. 
  • It helps to buy an Insurance Policy with heavy life cover. 
  • It helps to take the refund of Tax deducted (if any) by banks.
I hope this will be helpful to you. 

Thanks and Regards

Kulvinder Kaur
B.Com(H), MBA(Finance)
9871580806, 8826566751
rightsteptoinvest@gmail.com


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