Article
Who should file income tax returns?
Filing Income Tax Return is an important practice for any responsible citizen, having income in India. Here are a couple of things that you must know about Income Tax Return as a citizen of this country: -
Who should file Income Tax Return in India?
Income Tax Return is supposed to be filed by any individual, who earns a taxable income in India and deposits the same amount of tax to the Government of India.
Though, Filing Income Tax Return is an important process, many a times, it is considered as a tedious task, but it has several advantages associated to it. Here is a list of advantages that Income Tax Return brings with it for you: -
- Filing Income Tax Return makes you a responsible citizen of this country.
- E-filing of ITR enhances your chances of getting a home loan, if you wish to apply for the same in the near future.
- There are a couple of credit card companies, which would require you to submit the proof of your tax return before issuing the credit card.
- As the Income is recorded by the Income Tax Department, it is easier for the taxpayers to enter into smooth transaction without much hassle.
- If a taxpayer wants to claim adjustment against past losses, then the it is mandatory for them to file Income Tax Return.
- Moreover, filing Income Tax Return can be quite helpful when someone wants to revise their tax return. A taxpayer is not eligible to file revised return till he/ she files the original return
Even if you do not earn a taxable income, you can file Income Tax Return voluntarily. It helps in getting a home loan with any hassle. Moreover, it also useful when a taxpayer is planning to apply for Visa. Adding to this, there are a couple of states where registration of immovable property requires advancing as a proof of tax returns for the last three years.
