We often think and tell ourselves that the Government and IT department are the only ones who benefit from our taxes and they charge us for each and every thing. However, it's all for our benefit at the end and we get to use services that is only due to the taxes we pay. Keeping aside the social benefits, H&R explains how filing IT returns helps us and makes us a responsible citizen of our country.
We, at some point of time, plan an outing to foreign countries and this is not possible without having a VISA. While applying for a visa, we are often asked for our IT returns slip which enables us to get through the process even faster. It doesn't apply for those who don't fall in the IT bracket but if you earn income that's taxed, these documents are necessary.
For those who need to apply for a loan, or those want to trade in stocks and make investments, we need to file IT returns as that gives us a credibality and a good position in the financial instituition book. By us filing IT returns in time, the banks get to know that we can pay the loan interest as well in time and they sanction our loan faster. It is a reputation necessary for every citizen who falls in the IT bracket.
In case you have been taxed more than the liable amount, you can apply for a refund by filing an IT return. For example, many people are charged TDS when they get freelance income and some who don't fill the 15G form are also taxed yearly. To get a refund of that amount, you need to file a return and the amount will be credited to your bank account if you do so.
By filing IT return in time, you can avoid any penalties and that gives youa good tax credit score as well which matters a lot in your financial life. You don't need to worry about being taxed more than the required amount ever as you have already paid your dues in time.
You can now sit back and relax as you have don your duty towards your country by paying taxes.
Credit for the Images: https://www.hrblock.in/infographics/benefits-of-efiling.aspx
I’m taking the #TaxPledge to file IT returns with the easy Income Tax efiling option from H&R Block at BlogAdda.
No comments:
Post a Comment