आई टी रिटर्न्स फाइल करेगा इंडिया तभी तो बढ़ेगा इंडिया
Oh! You have filed your returns…great but still stuck with the question…I have paid Tax on all my investments, savings and salary, then why IT returns?
Here you go>
Non-filing of Income Tax Return attracts interest, penalty, prosecution and scrutiny from the Income Tax Department. There are some myths associated with filing; a common fear is that the taxman comes knocking at the door if the tax returns is filed. But this is not true, why they would come knocking if you have fulfilled your duty.
However, the benefits lost on non-filing of returns are more than the penal provisions imposed for non-filing. Following are the benefits of filing of the income tax returns: For Accidental Claims in Third Party Insurance, for eligibility in all loan applications from Banks, for immigration profile obtaining visa outside India, for obtaining government tenders, registration on panels, for appointment in Judicial & Class one Jobs, for obtaining LIC/GIC agency and for Start-up Funding.
One more question? Is e-filing your Income Tax Return compulsory? Yes, e-filing of the Income Tax Return has become compulsory if your Total Income exceeds Rs. 10 Lakhs or if you own foreign assets, you must e-file.
You are e-filing your returns not for yourself as it entitles you to several benefits but also for the development of your country which is funded through the tax which you pay on your self-declared income. Believe me there could not be bigger joy than this. This annual activity should be seen as a moral and social duty of every responsible citizen of the country. It is the basis for the government to determine the amount and means of expenditure of the citizens and provides a platform for the assesse to claim refund, among other forms of relief from time to time.
What if I am not in the Income Tax slab? Good Question!
Even if your income level does not qualify for mandatory filing of returns, it is important that you voluntarily file returns. In most states, registration of immovable properties requires advancing as proof the tax returns of last three years. Filing returns makes it easier to register the transaction besides, it gives you joy that you have declared your income to the Government. Probably it would help authorities to build projections on the Incomes in future.
Watch H & R Block video to know how they have made it so easy to e file your returns?
Every Law abiding citizen must file returns, if you do not feel comfortable doing it yourself, you can visit website of H& R Block and use their easy software and their unique hand-holding programmes. The government mandates that individuals who earn a specified amount of annual income must file a tax return within a pre-determined due date. The tax as calculated must be paid by the individual. Failure to pay tax will invite penalties from the Income Tax Department.
I don’t want to scare you from IT officials knocking your door any more, as PM Narendra Modiji in a recent Convention has asked IT officials to play the role of facilitators and not scare citizens with their presence. Hope & Wish IT officials follow this dictat and come knocking your door to say – A BIG THANK YOU!!!