Importance to file your Income Tax Returns on time
Importance to file your Income Tax Returns on time We have observed on and off that people are at times careless and ignorant about the importance to filing their Income Tax returns and that too on time. Hence, we thought it was imperative to list down some crucial reasons as to how filing income tax returns helps citizens: 1. Filing your tax return is one way of having a legitimate proof of your income. It also helps you establish a good record with the I-T Department. If you fail the Income Tax Department might issue notices to you. 2. If you are looking for Housing, Vehicle, Commercial, Personal or Education loans, etc. it is important that you provide your income tax return receipts that you have filed for the loan to be processed. Else, banks will not provide any loan if the return stays to be NIL for three years immediately preceding your date of loan application. 3. Filing returns are also important for VISA processing for foreign travel.