In this post i will tell the benefits of filing IT returns and how it can help us in many ways .
Benefits of filing IT Returns :
1.Standard Income Proof
ITR is considered as an income proof not only in India but also abroad .
If one is looking for higher education or employment abroad then one can use his/her ITR as an income proof.
2.Claim your Tax Refund
One can use ITR to reduce tax liability . Salaried employees who have done ITR in the current financial year can claim for IT returns .
Pan card has become an essential document and an ID proof .
4.Speeds up Loan process
Filing ITR reularly helps to get loan easily from banks and other financial organisations , as it gives an impression that the person is a law abiding individual .
5.Gives Peace of Mind
Undisclosed income is a matter of shame as if caught then can cause embarrassment to the person in society , so pay your income tax and have peace of mind .
In Indian for citizens upto 60 years of age if the annual income is less than 2 lakh then they do not need to pay any income tax, if its more than that then they need to pay some percentage of their income as tax .
The Income Tax slab for year 2015-2016 is :
Income upto 2,50,000 — No Tax
Income 2,50,000 to 5,00,000– 10%
Income 5,00,000 to 10,00,000–20%
Income more than 10,00,000–30 %
India being a developing country need funds for its growth and development , to maintain basic infrastructure and help the poor citizens .
Income tax is a source of income for the government , by filing our income tax we can be responsible citizens of our country and help our country to grow and progress.
There are many ways by which one can file their IT Returns .
Since my husband works in a corporate he does his IT returns through his CA in the office .
Earlier people used to go to Income Tax Departments office to file their IT returns but now a days there is an option to do this online ( through the internet ).
Past few years this e filing has become popular as its easier , does not requires prints of documents and can be done free of cost .
One can self file their IT Returns by H & R Block , its a tax return filing company for Indian Citizens .
They have highly intuitive software that makes e filing easy .
Advantages of H & R Block
1.100 % free of cost , e filing is done free using this site .
2.They auto read form 16 which saves the client’s time .
3.Well secured .
4.It is customized as per clients income tax situation .
5.Live chat and customer support while e filing of tax.
6.Its an user friendly application .
7.They have tax calculators which helps to calculate taxes due , tax savings etc.
8.They also provide facility for NRI tax filing .
9.They adhere to client information security ensuring 100% confidentiality .
One can check the site here
So go ahead file your IT Returns and be a Responsible citizen . Its so simple to file an IT Return using secured and reliable sites like H&R Block . Its not a Rocket Science , its as simple as Kids play or doing online shopping where one can do everything easily with their laptop or smartphone .