File Your Income Tax Return

                Benefits of Filling Income Tax Return
Benefits of filing ITREven though filing of ITR is not mandatory for some individuals, there are certain benefits that one can avail of provided the ITR has been filed. Here are few of those: 

Claiming refund: There could be a possibility that there has been tax deducted at source (TDS) on some investment made in the name of the individual. "If TDS has been cut, one will have to file the ITR to claim refund of the same,

Processing of documents: While applying for loans, the eligibility and quantum of loan would depend on one's income which can be established through filed ITRs. "Income tax return gives you a detailed picture of your total income earned during a year and taxes paid on it. Moreover, these documents are accepted by various agencies for easier loan and visa processing, 

Carry-forward of losses: Income tax rules allows carry-forward losses to set them off against capital gains only to those who file ITR in the relevant assessment year. "There are possibilities that you may have incurred losses for a year. In such a scenario, you cannot stay away from filing of your return saying you have an income below the exemption limit. In fact, you must ideally file your return so that you can carry forward the losses you have incurred to set it off against .. 


  Bhaskar Jha

Tax Doctors Group