Hello!! Nowadays, after getting employed, youngsters assume about the insignificance of filing Income Tax Returns (ITR) supposing that their salaries plunge beneath the Taxable Bracket. This is false. You’ve to file Income Tax Returns at the dawn of your earning.
Here are some benedictions of filing Income Tax Returns (ITR):
No squabble for applying for Visa:
Planning to go abroad for higher studies/new employment opportunities? (or)
just for a vacation or to meet loved ones?
Then ensure that you pay all your taxes on time as the embassies of countries like US and Canada and many countries in Europe can sometimes insist upon seeing copies of past tax returns. No use cribbing later if you aren’t allowed because you didn’t pay taxes regularly.
Purchase high cover insurance policies:
If an insurance company suspects that you are a tax evader and they have a witness to support them, then they will refrain from providing you policies having more covers.
Processing of Credit Card:
If you apply for a credit card and it is discovered that you haven’t filed your ITR, that application of yours for credit card shall be declined
Relieved bank loan documentation:
A persistent income tax filer’s source of income can easily be accessed by the bank when he applies for loans. Otherwise, it will become complicated.
Forestalled extra interest:
Dodge paying extra interest that will add up to 1% every month for your remaining tax if you didn’t file ITR, by filing ITR.
Evidence of your address:
Your registered address will present itself as residence proof as the ITR is dispatched there.
A penalty from the Tax Department:
Non-filing of ITR will attract a fine of Rs 10,000 from Financial Year FY -2017-18.
Self-employed and freelancers can be relieved:
To dodge funding and transactional concerns, Having no Form 16, if they file ITR they can dodge transactional and funding concerns.
Refund causalities to the upcoming FY:
By filing your ITR, your loss of the bygone years will be recompensed to this year.
Income Tax Returns (ITR) a crucial document:
Being more detailed than Form 16, ITR will encompass your income, taxation, and revenue.
To get more clarifications about tax planning and income tax returns(ITR) filing visit moneymindz.com or Give Missed Call on 022 6211 6588.