5 Reasons to File Income Tax Returns

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5 Reasons to File Income Tax Returns

You may find that filing IT returns is a burdensome task. Not only it is the duty of all the responsible citizens of the country, but you get so many benefits when you regularly file your IT returns. As per the laws, it is mandatory for some to file IT returns and voluntary for others. Irrespective of the category you fall into, it is imperative for you to file it. With online income tax return filing facility in place, the process takes minutes to complete in most cases.

Here are 5 reasons you should not miss out on filing income tax returns:

1. It makes loan processing easier
When you apply for a home loan or any other loan (other than mortgage), a lender will ask for income proof before sanctioning a loan. You'll be asked to submit your income tax returns for the last two or three financial years.

2. It will help you with visa or credit card applications
When you apply for a credit card or planning a international trip, the issuer will demand income proof from you. You'll be required to submit your income tax returns for the last three years. Similarly, if you intend to visit countries like the USA, Canada, or any part of Europe, you must submit your ITRs during the verification process.

3. It helps you claim any carried forward losses
By filing your income tax return, you may carry forward any incurred losses under the heads “Capital Gains” or “Profits and Gains from Business or Profession” to the next financial year.

4. It allows you to claim TDS refunds
If your job or contractual agreement that invites TDS invites TDS, then by filing your income tax return for the year within the deadline, you can claim a deduction for the same. In such cases, the income tax department calculates your net tax liability after adjusting the TDS paid. If you are not required to pay tax, you can claim a refund by filing your ITR. You can track your refund by checking your income tax return status.

4. It contributes to nation-building
Any amount you pay as tax helps in building your nation. The government can use the amount for building infrastructure or for other developmental activities. It is one of the major contributors to the government’s cash inflow.

You may invest in certain insurance plans to reduce your tax liability. To better understand or if have any questions, then please call us at 9818510748 or leave your contact info over here: https://www.gcservices.co.in/contact-us.php

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