Income Tax Returns“ Why so imperative????????????”

Online tax return filing: Taxmantra.com

It is common perception among the people is that it’s illogical to disclose complete income details and pay taxes. But, its high time people need to change their perception in the panorama of the taxation environment as they are unaware of the benefits of filing income tax return. Here, is a genuine gesture to bring awareness among the people regarding the benefits of filing return which are as follows: 1. Standard Proof of Income -“ Return of Income” is usually considered as customary income evidence both within the country as well as abroad. It is also largely accepted as an income proof in connection with higher education or employment abroad. 2. Speeds the loan application process “ The fact that a person is filing ITR regularly may not extend the credit line to be sanctioned but it would for sure provide a speedier access to credit and at better terms. It provides the impression to the lending institution that the person is a law-abiding and vigil citizen and will surely repay the loan within stipulated time. 3. Claim for Tax Refund “ Filing ITR can prove to be a tax savior too. For instance, salaried employees whose TDS has been deducted more than the actual liability can easily claim refund. 4. Claim for Losses “ ITR filing within the due date is a must to claim carry forward losses like long term capital assets or from any other source of income. 5. Financial Standing “ Regular ITR Filing also provides a person financial standing on various day to day financial matters and strengthens his worth in the financial market year by year. 6. Avoiding Penalty and Prosecution “ Wilful or intentional evasion of tax may even invite penalty or may even prosecution. Thus “Better Late Than Never” is the policy which people follow by filing your return of income at the earliest with Taxmantra.com. 

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