What is importance of filing Income Tax return, question of all ages, so here we go.
We at Mads Money can help you filing income tax return online, with free tax planning. We have team of expert Chartered Accountants who can help you understand all tax documents.
Why you should file income tax return online?
- Filing of Income Tax Return is mandatory if your income exceeds certain specified limit. It’s a sign of responsible citizen if you file income tax return online before due date. Audit of accounts under Income Tax Act is required, if your profit is less than 8% of gross total turnover.
- You can claim refunds by filing tax return. Refund process through offline filing is scrapped by Income Tax Department long time ago. Now as soon as you file income tax return online, it processes the return and electronically transfers refund.
- It makes loan taking process easier. Every bank asks for 3 years income tax return for loan. So, get it done, right.
- You can claim deductions under different sections by filing income tax return. Claiming deductions bring down net taxable income and tax liability.
- You need to have your income tax return filed to obtain visa for western countries. As income tax return proves your net worth and earnings during recent years.
What is last date for filing?
- Last date for filing income tax return is 31st July. This date is applicable for all salaried individuals and non-audited businesses.
What, if I don’t get my Income Tax Return filed?
- There is penalty of up to Rs.10000/- if return is not filed before due date. There are major disadvantages of non-filing, as mentioned above.
We have also explained different personal expenses that can help you reduce income tax liability. Click here to know more.
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