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Things to know About Income Tax
There are two types of taxes in India – direct tax and indirect tax.
Direct tax is a tax that is calculated and paid directly on your Income e.g. tax on salary etc. Income tax is a direct tax.
Indirect tax is a tax that is indirectly charged to you on purchase of goods or use of service e.g. Buying a mobile phone or eating in a fast food joint. The seller of the mobile phone or the fast food service provider charges you tax and then deposits the same to the Government account. Most indirect taxes are now covered under Goods and Services Tax (GST).
Everyone who earns income above a certain amount is subject to income tax. Your income could be from salary, interest income from savings, income from mutual funds, sale of property or business or professional income. Income tax rates are pre-decided at the start of the year in the Union Budget (in the Parliament of India). The tax paid or deducted on these incomes is called the income tax.
itrfilers.in helps you in ITR filing online by Experts at the lowest rate in the market.
8 Benefits of filing ITR on time
for AY 2020-21
1. Easy Loan Approval
Filing the ITR will help individuals, when they have to apply fora vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns
2. Claim Tax Refund
If you have a refund due from the Income Tax Department, you will have to file an Income Tax Return to claim the refund.
3. Income & Address Proof
Income Tax Return can be used as a proof of your Income and Address even for Aadhaar Address Update.
4. Quick Visa Processing
Most embassies & consulates require you to furnish copies of your tax returns for the past couple of years at the time of the visa application.
5. Carry Forward Your Losses
If you file return within due date, you will be able to carry forward losses to subsequent years, which can be used to set off against income of subsequent years. Belated returns will load with you penalty as well as no carry-forward of Losses will be allowed.
6. Avoid Penalty
If you are required to file your Tax returns but didn’t, then the tax officer deserves the right to impose a penalty of up to ₹ 5,000 which may increase upto ₹ 10,000.
7. Buying a High Cover Insurance
As Income Tax returns works as an Income Proof, your eligibility for getting insurance with higher Risk Cover Increases.
8. Helpful for Small Business
Businesses with low earnings must file their Income Tax return on Timely basis so that in case of expansion they can provide ITR as a proof of running business and avail Loans from Banks/NBFC to expand their business.