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.

4.     Immediate registration of immovable properties is possible if you have filed your tax returns on time.

5.     Filing your return regularly is important if you are applying for a credit card with any bank.

6.     If you fail to file your returns, you will have to deal with certain consequences like business loss and capital loss (short term or long term), which are to be carried forward but you will not be eligible for it. Therefore, if you fall into a certain section of income and you are eligible to pay taxes, make sure that you file your tax returns as well because paying your taxes isn’t enough.

7.     Income tax department can facilitate faster Processing of Tax Refunds if your return is filed.

If you have any queries feel free to reach us on info@gjmco.in.

Thanks & Best regards,
Knowledge Base Team
GJM & Co.
Chartered Accountants
www.gjmco.in





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