Benefits of filing Income Tax returns – Part 1

People are afraid when they talk about Income Tax. However, proper filing of Income Tax returns every year will not only provide sound sleep to tax payers but also help in the development of our nation.

Social Responsibility

Being a citizen of world’s largest democracy, you should properly file your income tax returns before the last date as it is your primary responsibility. This will not only make you feel proud but also contribute to the betterment of the nation. You should remember that taxes from your income will be used for the development of roads, railways, airports and also for improving sanitation and drinking water supply system. If you had properly filed taxes then you should inform your friends about it to create awareness. If possible, you can tap the rich possibilities of social media to spread information.

Save Money

If you are not filing income tax returns properly, you will have to pay a penalty win minimum amount of Rs. 5000 and subsequent interest under section 234A. Hence, if you file the returns properly, you can save substantial amount of money, which you can make use of for other purposes like education of your children.

Protection from threats

If you pay the returns without fail, you can escape for scrutiny notices and midnight raids. Even if sleuths from IT department lands in your house/office, you can proudly show to them the acknowledgement you received after payment of taxes.

Quick loans

In case if you would like to avail loans from nationalized banks either for buying property or car, you need to file Income Tax returns properly every year. Your past record should not show any default in tax payments. Nowadays, bank verifies the authenticity of your IT return claim with your PAN card number. You will get loans easily and quickly from banks if you had filed your returns on time.

Hence, if your income exceeds the permissible limit, go ahead and file your Income Tax returns online. If you are not familiar with the process, you can seek assistance from chartered accountants who will perfectly carry out the work. You should ask for an acknowledgement which you can keep in your records as proof of filing IT returns.

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