About Us
Every citizen of India has to compensate tax on their income to the Government of India as per the Income tax obligations. Whether you are LLP, association or a firm, individual, Hindu undivided family, local authority or your income for every financial year is taxed in confirmation with Income Tax laws. Hence, filing your ITR on a yearly basis is must. You may select to file income tax return offline or online, as per your convenience. The income you earn can be from sources such as sale of house or property, dividend or capital gains, salary, profit in business, and interest received between others. If you have paid tax in excess during a year, the money is given back to you by the Income-tax Department.
Benefits Of Income TAX Return
Filing the income tax return will help individuals, when they have to apply for a vehicle loan (4-wheeler or 2-wheeler), loan on house etc. All major banks can ask for a photocopy of tax returns as a proof of income statement.
There can be instances when tax has been deducted (TDS) from your income even when your total taxable income is less than the basic exemption limit and you have nil tax liability for particular year. In that case, you will have to claim TDS refund for which you will have to file an Income Tax Return mandatory.
Income Tax Return can be used as proof of your Income and Address.
Most consultants & embassies require you to show copies of your tax returns for the past couple of years at the time of the visa application. These are among mandatorily required documents and hence it is always appropriate to file your ITR.