Benefits of filing Income tax return in India
Benefits of filing income tax return in India most of the people doesn’t know may be they feel it’s difficult process or any other. Filing an income tax return is not an obligation but but it’s your Right. Every Indian has to file an ITR (Income Tax Return) with the government so that it can help the government to maintain services in the country. According to a recent survey by The Wealth of Nations, India is one of the top 10 hardest working countries in the world, but tax filing is not a priority for most Indians. There are many reasons for filing taxes to be good for you and the country.
Below explained some points of benefit filing income tax return in India.
1. Tax benefits | Filing Income tax return in India
Filing income tax will help you qualify for tax benefits and help increase your refund. It will also help you get the high tax base you need to run a successful business.
For example, the government will provide 7 percent of your total deductions on first-year income tax returns filed during the fiscal year.
2. The government will support you: | Benefits of filing Income tax return in India
Tax filing helps the government support its own citizens because it gives them the opportunity to learn about their taxes, save money and pay taxes easily.
3. Make the government notice you:
If you do not know your taxes, the government may not know about the taxes you pay. However, if you file a tax return, your paperwork will be noted and recorded in their database. It helps them keep track of your taxes you pay and keeps a tab on how much is being paid each year.
This will help you to get instant loans from any financial institution or bank, as the bank or any favourite institution will check the credit history of anyone before giving a loan and if you fill out the ITR (Income Tax Return) every year, you can easily check the financial services. . These loans can be done on anything like housing loan, education loan, car loan, personal loan.
5. Helps you get a visa.
This will help you to get a visa while traveling abroad or any other country and it will create capital / wealth creation in the records.