Accordingly in 2010, the Indian government declared July 24 the National Income Tax Day. This is just six days before July 31, which is the last date for filing an income tax return (ITR) which is mandatory for anybody earning over Rs 250,000 annually. Meanwhile on an average, an urban professional falls under the tax bracket right from the beginning of his/her career.
Moreover taxes and returns are a critical part of responsible financial management, and hence it is imperative to file a tax return before the due date. Reports added that filing an ITR legitimizes one's earnings, and in case of excess tax paid to the government, one can always claim a refund. Furthermore even though it is not compulsory to file a return if the total income is below taxable limit, it is beneficial to do so. Accordingly the process also makes one eligible for loans, since the ITR of the three years gone is what banks require to judge the pay-back capacity of the loan seeker.
Moreover the absence of an ITR can also reduce the
chances of getting a visa to travel abroad. Further technical jargon and
excessive paperwork can make filing an ITR seem tedious, but this is now easier
than ever before and merely a few clicks away. Presently to begin with, you
need to have a few documents in place PAN card, bank account details, Form 16,
Form 26AS and proof of investments, which are useful for tax filing. Above all
one need to do is register on and follows guidelines. Furthermore after filing
ITR successfully, any excess tax paid will be credited to the bank account in
approximately three to four months.
IAS.Salary Rs.82,000,Assets Rs.200 crore ? Pune IAS officialDeshmukh bought 150 acres of land meant for rehabilitation projects in a village in Satara district, for just Rs.2 [email protected] Rs.2 a sft whose price skyrocketed to Rs.200 crore within an year
- Indian-American elected as president of Harvard University Undergraduate Council
- Transgender filed nomination for Telangana Elections
- Chandrababu Naidu, Mamata Banerjee discuss alliance, put off meet
- Tamilnadu CM visited Cyclone Gaja hit areas
- Why Ivanka Trump sent Official emails from Personal email Account?
- Firing at Chicago Mercy Hospital kills 3
- Indian Cricket Team's Bus Driver reveals about Dhoni, Raina, Kohli
- Is Tamilnadu a Garbhagriha if India is a Temple
- GST Council reduces tax rates
- Kollywood Actors pitch in for Cyclone Gaja
- Why Pawan halted his Praja Porata Yatra abruptly & left to Mumbai?
- California Wildfire death toll Rose to 80
- What astrologers say various political entities in Telangana elections 2018?
- Andhra Man found under Moving Train, Escaped miraculously Watch this VIDEO!
- PM Narendra Modi inaugurated Kundli-Manesar-Palwal (KMP) Expressway in Gurgaon