INCOME TAX RETURN AND ITS BENEFIT
Hello Guys, Here I am to tell you everything about Income Tax Return and its benefit in very simple and easy language.
INCOME TAX RETURN
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assesses.
In easy language is intimation to the Income Tax Department regarding the Income Received and the taxes paid on such incomes during the financial year started from April 1st and ends at March 31st.
BENEFITS OF FILING INCOME TAX RETURNS
Filing of Income Tax Return helps in various manner but the main benefits are as follows:
- Contribution to the Development of the nation.
- Validates Credit Worthiness.
- Banks, financial Institutions do not entertain any person for Loan, Credit, and Overdraft without Income Tax Returns.
- Reduction of Black Money.
- For immigration profile obtaining visa outside India.
CS Ranjeet Gola
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