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8 Benefits Of Filing Income Tax Returns

Posted on September 30 2020


Financial Credibility

Filing Income tax Returns creates a strong financial background, as filing income tax return online creates financial credibility of the assessee thereby assisting him for easy fund procurement.

Save Yourself From Penalty

Literally, you can save money as Non-Filing of Returns can attract a Penalty with a minimum Rs. 5,000 and the Interest under the section 234A of the Income Tax Act.

No Threat From Income Tax Department

There is no threat from the income tax department in the form of scrutiny notices or search and raids. In case of Income tax department, income tax filing can make you fearless.

Easy Loan Sanctions

If you want to get Loans Sanctioned then file your Income Tax return. Submit the income tax returns for the past three years even if it is a NIL return to banks or the financial institutions for smooth processing of Loans like housing, education, vehicle etc.

Enables You For Getting Visa

If you want to get Visa then why don’t you file your Income Tax Return? To Travel abroad you require VISA and without submission of IT returns you make not get VISA as it is one of the most important documents.

Hassle Free Registration of Immovable Property

You don’t file Income Tax Returns? You may face some kind of problems while registering any Immovable property. Quick registration of immovable properties is possible only if you file your income tax returns regularly, in some of cities of India.

Last But Not the Least, Makes You A Responsible Citizen

Now, all your income is legal and white money, hence making you a responsible citizen and adding in Swachh (Clean) Bharat (India) Abhyaan (Campaign) in true sense. Now, you can live like a boss in front of people who do not file their Income Tax Returns.

LPG Subsidy May Get Cancelled For Not Filing of ITR

As per the Income Tax Department, if you do not file your Income Tax Return then your Permanent Account Number (PAN) will be BLOCKED and you will not be able to get your LPG subsidy, you will not be able to get loans sanctioned and Registration of Immovable property.

Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.

With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.

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