BENEFITS OF FILING INCOME TAX RETURN
It creates a strong financial background as filing income tax return
online creates financial credibility of the assessee thereby assisting
him in easy fund procurement.
Luxury of reducing taxable income in forth coming years by the
option of carrying forward losses on various heads of income.
If you want to claim refund then you must file income tax return!
No threat from the income tax department in form of scrutiny notices
or search and raids.
Submitting income tax returns of past three years even if it is a
NIL return to banks or financial institutions for smooth processing of
Loans like housing, education, vehicle etc.
Foreign travel is possible only through VISA and VISA is possible
only through submission of IT returns as one of the documents.
Quick registration of immovable properties in some of cities of
India.
It is a standard proof of income of a person which establishes
record with the tax department.
You can use the amount donated as deductions which are tax friendly,
thereby reducing your taxable income.
You can even claim the amount of LIC premiums paid as deduction and
reduce the tax liability.
Who knew that even tuition fees paid of children can act as a tax
saving tool? Generally people are unaware that deduction of tuition fees paid for two children is available u/s 80C of the income tax act 1961.
All your income is legal and white money now, thus making you a responsible citizen and contributing in Swachh (Clean) Bharat (India) Abhiyaan (Campaign) in true sense.