Are you willing to know whether you should file your income tax return? If so, then you are on the right page. ITR, which stands for income tax return, is a form where you must fill in the details related to the income you have earned in the past years. It has become crucial to file an Individual Tax Return Services Applecross for different reasons.
Before deciding not to file your ITR, it’s worth considering the importance and benefits of filing income tax returns. It is mandatory to seek every information related to income tax returns to make a suitable and wise decision.
The loan must be quickly approved, requiring numerous documentation and processes. If you want quick loan approval, filing your Tax Return Services at Applecross can be more beneficial. Most banks often need a copy of your tax return as evidence of your income statement, which is considered an essential document for the approval of your loan.
You might be in a condition where tax has been deducted from the income even if the total income is below the basic exemption limit. Filing your income tax return will allow you to claim your tax refund most effectively and conveniently. If you have no tax liability for that specific year, you need to file an ITR to claim the refund of the TDS.
There is no hidden fact that income tax returns also serve as proof of your income and address, making your visa process smooth and seamless. While applying for a visa, most embassies and consultants need a copy of tax returns from the past couple of years. Further, ITR and relevant documents will be required for verification, allowing you to grab the advantages of a quick and highly responsive visa process.
According to the Income Tax Act, if you have failed to file your tax returns, the tax officer has the right to impose a penalty of around Rs. 5000. If you want to avoid penalty charges, you need to file your income tax return.