Rs.1,100
Income tax is the statement of the taxpayers indicating the amount of money the taxpayer earned and also paid tax. This income tax statement is very important and you should file income tax returns every financial year. But you should also know that filing an income tax return in India is not an easy job because there are so many things that you have to keep in mind.
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Advantages
of Filing Income Tax Return
The receipt that you will receive once you file the income tax returns will be deemed as an important document. You can present that document to multiple places it will be deemed valid. It is a thing you need as a professional. Therefore, filing an income tax return will be beneficial for you.
In various places, you have to present something like address proof. Now, there are very few documents that can be deemed as address proof. The income tax return that you will file will also be deemed as an address proof which you can present at many places and will be deemed valid.
Getting a loan from banks and other financial institutions is a very difficult thing for most individuals. One of the things that can help you to get the loan approved from the banks will be your income tax return file. It will make the tiresome loan approval process smoother than you can ever imagine.
At many places, while availing of certain privileges, you will have to show your income proof. Also, while applying for a loan, you will have to present your income proof based upon which the financial institution will approve your loan. This income tax return file receipt will be deemed as valid income proof as well.
Getting visa approval after processing is really hectic work. You need to submit multiple documents to get your visa approved. However, with the help of the receipt that you will get after the income tax return filing, you will make the approval of the visa more likely and it will happen at a very fast speed.
No matter what, you have to avoid delaying your income tax return filing. One of the reasons for that is the Government will hence charge you with a tax penalty which will be a significant amount of money. Regular filing of income tax returns will ensure that you avoid such consequences of a tax penalty.
Do you know that filing income tax returns on a regular basis can also provide you with a rebate on your interest payment? There are many schemes run by the government through which if you take a loan, then the interest rates will go down significantly due to your consistency in filing the income tax returns.
If you are a professional or a freelancer, then you will not have to pay taxes that a business owner might have to pay. In this scenario, filing income tax returns give you a legitimate manifestation of the profession in which you are working. You will also have the other benefits by doing this as a professional.
The Process of Filing Income Tax Return in India
Mandatory Documents
for the Registration of Private Limited Company
FAQ
Frequently Ask Questions
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