Friday, July 15, 2016

Pay your tax and relax

Filing of tax returns is an annual activity which must be fulfilled as a moral and social obligation by every citizen of this nation..Income tax returns of last three years are the basic need for all loan cases like housing, business or personal loan, and is a declaration of your income. Before granting the loan, banks want to know your financial capacity and your income details as shown by you in income tax returns.The High Commissions of various countries want to know if you are financially sound before they issue you a visa and for this purpose they will rely on your ITR. Every assessee should file genuine returns, especially if one intends to go abroad in the future. Use it to show your genuine source of incomes, because immigration officers give due weight to your annual income. Absence of returns of any single year can decrease your chances of foreign visa under visitor, investor or work permits. category.The value of business profiles of various corporate agencies, contractors, professional service providers or individuals is dependent on the yearly income tax returns. one needs to file regular returns every year.Having an ITR is always handy, since one can readily furnish the same as a proof for any kind of financial liability or opening a line of credit.

The income tax return e-Filing has made our life very easy.E-File income tax return from home or office. One can e-file income tax return 24×7.All the personal details and tax paid amount would be already there in the ITR so no need for extra paper work.The income tax return utility will immediately calculate the tax liability. One can tally it with the TDS.Will have online record of income tax return for further verification.The income tax refund is swift through the e-Filing.The process can be done in a few clicks with e-filing platforms like H&R block as it is always an easier option to e-file taxes as it safer, more convenient and quick.

I’m taking the #TaxPledge to file IT returns with the easy Income Tax efiling option from H&R Block at BlogAdda.

Pay income tax in a few clicks

Many people are confused when it comes to filing tax returns. Personal and financial benefits aside, filing IT returns also makes you a better citizen. Income tax is one of the sources of income for the Government, with which it funds infrastructure and welfare projects. It also is a barometer for progress, as rising income tax shows a corresponding growth in income.In case excess TDS has been deducted on income and one need to claim a refund – in this situation one must file a return to claim the tax refund.When one approaches a bank or a financial institution for a loan, a house loan or a personal loan they usually require copies of the IT returns to check one's credit worthiness. And therefore, one must file an IT return.Though as a Company or a Firm you are required to file a return irrespective of whether one have income or losses. In cases where a person (an individual) has Loss under the head ‘Income from House Property’ or loss under the head ‘ Profits & Gains of Business or Profession’ ‘Capital Gains’ or losses from ‘Income from Other Sources’. Such losses may be allowed to be carried forward and set off (upon fulfillment of certain conditions) provided a Return has been submitted in time.Some countries require copies of your IT returns when they provide you a travel or a work visa.Every law abiding citizen should file the returns on time.When we compare the benefits of filing the return and the effort involved, the odds will always be in favour of filing your tax return every year. One must file your tax returns if one wish to claim tax refunds.Income tax laws allow you to carry forward and set off (adjust) certain losses (such as capital losses) against future gain or income. These losses can be carried forward for eight consecutive years immediately succeeding the year in which the loss is incurred. Even if you have taxable income this year, you might have losses to carry forward that can be adjusted against gains in later years when you actually have higher incomes.
Easy loan processing by providing a copy of returns receipts helps in faster approval of your loan application.If you are planning to immigrate to another country or explore an overseas job opportunity, then prepare yourself in advance. Most embassies and consulates require you to furnish copies of your tax returns for the past couple of years at the time of the visa application. This is especially applicable when applying for visa for the US, the UK, Canada or Europe.E-filing platforms like H&R block helps in easier option to e-file taxes.Now tax filing is one smooth ride.

I’m taking the #TaxPledge to file IT returns with the easy Income Tax efiling option from H&R Block at BlogAdda.