As per the Income-tax Act, every individual, company or organization as specified under the act having income over and above the prescribed threshold limit is liable to pay Income tax to the tax department of India. While the department provides constant benefits of exemptions and deductions to honest and regular taxpayers, it also imposes certain penalties on those who evade tax.
Also, there is no restriction from the department for a taxpayer to get his online tax return prepared from a professional tax expert or get it done by himself. Rather, the government provides assistance of various departments and experts to help taxpayers get their tax return filed within the stipulated deadlines.
Why should you file an ITR?
As Income Tax is levied on over and above the prescribed income threshold, as per regulations it is the duty of the said person to get the tax submitted to the tax department, as it is a direct tax of the economy which is levied directly on the income of the individual taxpayer.
It is better to file an ITR than non- filing because: –
-> It will be required for claiming refunds of TDS (Tax Deducted at source) as deducted from the salary or any other income source of the taxpayer.
-> It will be required for further applying for loans required for the growth of the business.
-> To carry forward losses to set them off against capital gains, a benefit which is only available to regular taxpayers.
-> To claim for insurance returns, death, disability claims and other policies as specified in the act.
Benefits of Filing ITR online
Accuracy: Other than getting your online tax return prepared by a tax expert, the online filing approach will help you to self-calculate your tax liability with utmost accuracy in tax calculations and applications of various deductions and exemptions available through many self-assessment options available online.
Prompt Processing: ITR filing as initiated online is quick and the most important thing is estimation and processing of refund claims becomes easy and trackable.
Convenience in operations: To get an online tax return prepared through an interactive tax filling system online with auto filing and automated options is much more convenient than filing up a number of tax papers offline.
Payment of Tax and Receipt of Refunds: E- filing of tax online provides sufficient opportunity to the taxpayer to pay his tax dues without any hustle of making paper cheques and then depositing to respective bank accounts. It becomes easier for a taxpayer to submit the tax by directly paying through available e payment modes like bank transfer.
Also, a taxpayer is able to take his refund claims directly to his bank account rather than moving to the department and applying for refunds with authenticated proofs of returns.
Also Read: What to choose tax preparation software or accountant for small business
Proof of receipt and knowing ITR status: Filing tax return online saves both time and money of the taxpayer. It helps him to keep the acknowledgment of return filed online electronically which can be used at any time in the future. Also, rather than seeking to multiple visits to the department, a taxpayer is able to know its ITR status as verified and processed just within a click of a few seconds.
Assessability and record maintenance: With the filing of online tax return, maintenance and storage of past records become more easy and accessible as completed summarised details of returns submitted, refunds claimed in past is kept on the tax portal online which saves the time of the taxpayer in recrawling them in files kept somewhere.
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