Why should you file Income tax Return?
All Salaried employees are under impression
1) that employer has already deducted Income tax, and I am not required to file Income tax return; or
2) My Total Income is below taxable limit, so i am not required to file Income tax return
3) Income tax department has come with notification that if income is below Rs 5,00,000/- (subject to certain condition being satisfied) than no return is required to be filed.
But it is good habit to file Income tax return. Below we cite reason why you should file Income tax return.
1). For availing any loan facility like home, personal or education:
Banks ask for 2 -3 years of income tax acknowledgement, whenever you are going to apply for home loan or car loan. It is good idea to keep this document handy. So file your income tax return on time.
2. For visa and immigration procesing
All Visa processing requires last 2 -3 years return copy. You never no when lady luck will shine and you may get to call to work outside India.
3. Refund in case of excess taxes paid can be claimed.
In case, there is excess Income tax deduction (TDS) it make sense to file Return on time. This will ensure that you will get refund on time and with full interest.