Filing of ITR in time is the responsibility of every person, the Government of INDIA have specified certain class of person who are exempted from filing rest all person have a responsibility to file ITR and pay taxes on time.
The High Commissions of various countries or VFS centres across India have huge record of fabricated documents in which income tax returns of visa applicants are one of them.
In Order to buy high life cover insurance these days you need to have ITR return to ger your annual income verified. "Life insurance companies, especially LIC, ask for ITR receipts these days if you opt to buy a term policy with sum insured of Rs 50 lakh or more,"
3. For eligibility in all Loan cases from Banks For obtaining loan Income tax returns of last three years are the basic need , secondly the PAN is checked over the CIBIL website if Individual or corporate body is not a defaulter in any previous bank .
Businessmen, consultants and partners of firms do not get Form 16. Hence, ITR receipts become an even more important document for them, provided their annual income exceeds the basic exemption limit of Rs 2.50 lakh.
Excess taxes paid by an individual either by way of tax deduction or advance/self-assessment tax can be refunded only by filing tax returns.
You can save money literally; as non-filing of returns attracts a penalty with minimum Rs. 5,000 and interest under section 234A.
For appointment in judicial job or class one job one need to demonstrate annual professional income, it is only the last 5 to 7 year income tax returns ( in judicial 7 year ITR record is checked in interview) that shows the candidate’s credibility by his/her ITR Record
For contractors, ITR returns needed not only to be filed on time , but must be very much accurate ,& audited (if required) ,these must be signed with necessary documents because in tender- approval meetings or for finalizing professional panels , the selection body has ample options to mature the tender in favour of the fittest .
If you do not file returns, you will not be able to carry forward capital losses (short-term or long-term), if any, in a financial year to be adjusted against capital gains made in the subsequent years.
If you keep filing your ITR for you family, it can help you in filing the claim in case of accidental death of any member during roadside accident from insurance company failing with which the claim amount could be lower or even no claim because court take ITR as only evidence at the time of claim
PLUS TAXES(18%)
Apply NowINDIVIDUAL/HUF
₹ 500 PLUS TAXES(18%)
SALARY
OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND)
PAN CARD, AADHAAR CARD, FORM-16, BANK STATEMENT
PLUS TAXES(18%)
Apply NowINDIVIDUAL/HUF
₹ 1000 PLUS TAXES(18%)
SALARY
HOUSE PROPERTY
OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND)
PAN CARD, AADHAAR CARD, HOUSE PROPERTY ADDRESS AND RENT P.M, HOUSE TAX RECEIPT, FORM-16, BANK STATEMENT AADHAAR
PLUS TAXES(18%)
Apply NowINDIVIDUAL/HUF
₹ 2000 PLUS TAXES(18%)
SALARY
OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND)
HOUSE PROPERTY
BUSINESS INCOME
CAPITAL GAIN
PAN CARD, AADHAAR CARD, HOUSE PROPERTY ADDRESS AND RENT P.M, HOUSE TAX RECEIPT, FORM-16,BANK STATEMENT
PLUS TAXES(18%)
Apply NowCOMPANY/PARTNERSHIP FIRM/TRUS/AOP/BOI
₹ 3500 PLUS TAXES (18%)
BUSINESS INCOME
HOUSE PROPERTY
CAPITAL GAIN
OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND)
HOUSE PROPERTY
PAN CARD OF TRUST/ PARTNERSHIP/ COMPANY, PAN CARD OF TRUSTEE/PARTNER/DIRECTOR, AADHAAR, CARD OF TRUSTEE/PARTNER/DIRECTOR, TRUST DEED/ PARTNERSHIP DEED/COI, BANK STATEMENT