Importance of filing income tax return - Tax Home

A lot of individuals think that filing of income tax return is voluntary and filing it is unnecessary and burdensome. They think so because they are not completely aware about the term Income tax return. So, before proceeding further, we will first understand what an income tax return is. Income tax return is a statement proof that you have paid your income tax to the government. This includes all the details about annual income and the amount of tax you have paid. Every person, who earn taxable income have to file an income tax return.

Filing a tax return is an annual activity seen as a moral and social duty of a responsible citizen of the country. In this worksheet, we will share the importance of an income tax return filing in Delhi. So, let’s not waste time and proceed to know the importance of income tax return filing. 

1.    Facilitates easy and speedy processing of loans

If you want an easy and speedy processing of home loan, education loan, vehicle loan, etc., then income tax return filing is very important. The banks would not provide any loan if the loan applier has not filed his/her return for three years, even if it’s a NIL return.

2.    It is useful in case of revised return

If you will not be filing the original return, then you cannot subsequently file the revised return. Non-filing of income tax return can attract the penalty of Rs. 5000/-. So, make sure to file an income tax return to avoid complications.

3.    Income tax filing is a sign that you are responsible

An individual who earns a specified amount of an annual income is liable to file the tax return within the due date, as it will invite penalties if you will not file the income tax return. Filing an income tax return is a sign that you are a responsible citizen of the country.

So, these are the important of Income Tax Return Filing. To know more about it, one can approach Tax Home and file the income tax return. Highly experienced professionals at Tax Home, will also help you with their best GST registration in nirman vihar.