5 Benefits Of Filing Your Income Tax Returns Regularly

We all know how important it is to file our income tax return, or ITR. Every year, lakhs of people in India file their ITR. Majority of them avail the help of professionals who are quite experienced in this field. There are many companies available that help filing taxes to their clients. No doubt, by hiring their services you can make the process of filing your income tax return a smooth process.

When it comes to filing ITR, some people still think that it is only for those who earn more than the taxable amount. But, the truth is that a person can get his or her ITR filed even if he or she earns below the taxable limit. As per the latest rules from the Finance ministry, no tax has to be paid for income up to 3 lakhs per annum. So, if you are earning anything less than 3 lakhs per year, you do not have to worry about giving any tax.

Few reasons to file ITR

There are many benefits associated with the filing of ITR, even if your income falls in the non-taxable category. Some of the key benefits are mentioned below:

By filing your ITR, it becomes easier to handle your capital profits or losses. In case you are investing your money in the equity market then it is highly recommended that you should file an ITR. When you do so, you can get your losses adjusted accordingly the gains you have achieved. In this kind of adjustment, you can carry forward the result for up to 8 years.

When it comes to claiming tax refunds, it is mandatory to get your income tax return filed. Every month some amount of TDS is deducted from your income, in the form of advance taxes. So, if the total amount deduced in an assessment year is more than the amount of tax you are liable to pay, you can get the extra amount back to your bank account. This can be done only if you file your tax returns. The process of TDS refunds is very simple.

For those who want to apply for loans, it is highly important for them to showcase their financial document. In this regard, at least two years of ITR is mandatory. Even if your annual income is below the taxable amount, your ITR documents can still help in getting the loan application passed. So, hire a reliable company like Planify Solutions and get your ITR filed as soon as possible.

You must have come across finance offers related to electronic products like TV, fridge, mobile phone, etc. In case you want to purchase such an item, but you do not have enough cash in your bank account, you can go for the private finance companies. In such cases, you need to provide your income tax return documents of the past 2 years. In this way, you can get the huge amount converted into EMIs.

In case you own any asset in the foreign land, it is necessary for you to file your ITRs according to the law. In the ITR, you have to mention all sorts of movable as well as non-movable assets in the foreign land. It includes bank account in other countries too.

So, those were some of the benefits of getting your income tax return filed by the professionals. If you do not have any idea how to do it, you can seek help filing taxes from the experts. Thus, keep your ITRs up-to-date.

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