What is the Importance of a Salaried Person to Do IT Filing?

We all know how important it is pay taxes during the stipulated time frame provided by the government and also letting them know your total income per annum. Not only does it help your nation grow but also it will help you to keep clean as an honest, insightful citizens of our nation.

In this particular item, we will discuss the importance of e-filing your tax returns or filing your income tax return online you are a salaried employee whose main source of income is his or her office salary.

How Important it is to E-File if You are a Salaried Employee

Always keep in mind that the central board of direct taxes has made their rules much more stringent and strict for all the people who intend to evade taxes in recent years so that makes it filing of IT files an imperative thing to do for any salaried employee.

It is the Job of a Good Citizen who is Responsible:

The law of Income Tax states that an individual earning a stipulated amount of income each year will need to definitely file a tax returnwithin the fixed due date.

It is a sign that you are responsible and take whatever initiatives from your part for the betterment of your country.

Loan or a Credit Card Departments will give you Preference:

Regular filling of Income Tax returns will proof that you have a steady inflow of a regular income and so you were able topay taxes on it. The banks will obviously prefer you as a candidate and so itwill become easier in case you want to get a loan or a credit card from a bank.

Claiming the Tax Deductions:

By filing your Income Tax returns each year within the due date will ensure that you have claims on deductions under the various sections of the Income Tax Act.

Claiming TaxRefund:

You have to be eligible in case you are asking for a refund and want to claim it in the future. Filing your returns is the crucial thing if you want to go that path whenever you require the money

AdjustingCapital Losses as well as Gains:

If you go to a tax consultant who is registered and knowledgeable, he or she will give you the information how you can adjust the capital losses against the capital gains. Also for the next consecutive 8 financial years, you, the tax payer, will be able to make sure that in any situation where you have any capital loss, you can carry forward it, in case you have filed your income tax returns regularly before this.

Processing of Visa:

In case you are contemplating about applying for a visa, then the foreign consulate will most definitely ask you for a proof of your income as well as your income tax receipts for verification and enquiry. If you fail to provide these, your visa application will be denied.