1 It becomes your standard proof of income
2 For eligibility in all loan cases from bank ITR'S of 3 previous year is needed except for in few cases. So as to avail this benefit from banks ITR should be
3 For immigration profile obtaining VISA outside India The High Commissions of various countries have huge record of fabricated documents in which income tax returns of visa applicants are one of them
4 Failure to file Income Tax Return within one year from the end of the relevant financial year, attracts penalty of Rs.5,000/-, even though tax payable is Nil- Section 271F i.e penalty on belated returns
5 For obtaing govt. tenders, registration on panel as the value of business profiles of various corporate agencies , contractors , professional service providers or Individuals is dependent on the yearly income tax returns
6 Every Individual whose gross total income is more than the Basic Exemption limit is required to file Income Tax Return, even if there is no tax due pending.
7 When you file Income Tax Return, you create your Financial Record with Tax department. This financial / tax history is positively viewed and favourably used
8 You can trade in stocks, open bank accounts, get bank credits, make investments etc. and you can do all these with ease if you remain good in the financial
9 Income Tax Return is essential for making any investment and goes to prove that you have a valid source of income to make such investment.
10 Avoid penalties and fear of notices and letters from Income tax department
11 It is mandatory to file your Income Tax Return, if you have any Foreign Assets, even though you may not have any taxable income.
12 If you have a refund due, you need to file your Income Tax Return, to claim this refund.
13 Not to forget, it is your obligation. The taxes you pay on your income will work towards betterment of our nation