Friday, July 15, 2016

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.

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