Paying the income tax is one of the must do the duty of every citizen. It is the responsibility of the people to file the income tax return every year after finishing the payments. Failing to do so may lead one to a state of stress. It will cause unnecessary embarrassments like issuing a notice in the public. In order to stay away from such kind of situations, it is recommended that you pay the amount before the last date and keep yourself free from actions by the Income Tax Department.
How E-Filing of Income Tax Advantageous?:
Filing the income tax return could be a big burden for anyone. Organizing it every time would demand a large proportion of time. All these difficulties can be overcome using the e-filing of income tax returns.
1. Accuracy:
There are a wide number of e-filing tools available today. This tool automatically files the details and connects to the income tax department allowing a seamless communication. Manual calculations of the taxes may sometime be wrong but with electronic devices, all the calculations are highly accurate.
2. Easy Access:
Another advantage of e-filing is that you will be able to access the income tax details at any time and anywhere you wish. Mostly the data are stored securely stored in a cloud which provides the ease of access.
3. Privacy:
Since the data are stored in a highly secure way your privacy is maintained in all aspects. Manage business efficiently with all your details at one place using these software tools.
4. Benefits of Income Tax Receipt:
By paying the tax regularly one can enjoy several benefits. For example, consider applying for a loan to buy a vehicle; since you already possess the income tax receipt there will be no constraints in sanctioning the loan. Similarly, it is useful in every process as a house or higher education loan. If you fail to pay the tax for 3 consecutive years, the loan will not be sanctioned. Nowadays, income tax can be filed through the electronic system, which is termed as e-filing. There is a lot of advantages hidden filing the income tax through digital devices. Let us study them in deep.
5. Ease at Processing Visa:
Suppose if a person wishes to travel overseas, it will become an important criterion that the person shows the income tax receipts of previous years during the visa interview. It indicates the source of income of an individual which will strengthen the chance of the person to fly abroad. Not only for the approval of the visa but also for it will be a necessary one in various situations. When you abroad on a business trip or holiday trip; income tax proof could be a life-saver at some point of your travel.
6. To Obtain High Insurance:
Income tax receipts can help you not only while living on the earth but also in the case when something undesirable happens to live. Most of the organizations are offering insurance based on the income tax receipt. To avail, high insurance policy amounts as Rs. 50 lakh or 1 crore one needs to file things properly. By e-filing the burden involved in organizing the receipt can be eliminated. With proper billings policy over Rs.50 lakh is an assured one. Especially LIC will definitely need the ITR to avail you the insurance. Higher the life cover amount safer you will feel about your family even in your absence.
7. Enjoy Tax Refund:
In most of the organizations, the tax is deducted from the salary of the employees. But often this tax amount exceeds the tax liability of that particular person. Hence the worker can claim for tax refund. But this will be possible only if the person files the tax details in proper order. In such scenarios, e-filing can be an added advantage. Income tax department will require the income tax proof without which it cannot process your claim on the tax refund. To enjoy Tax deduction at sources e-filing of income tax proves to be super advantageous.
9. The Safe Zone for Self-Employed:
Through e-filing the income tax, the self-employed can keep themselves in a safe zone. For self-employees like businessmen, consultants and partners of some firm do not have form 16. Hence, they don’t have any kind of evidence to show to the government. For such people, the income tax return is a must. It is the only evidence that they can show up when questioned. There are certain limits which one should consider while paying the income tax.
For normal persons, the minimum limit is Rs.2.50 lakh. If one earns above the limit payment of tax becomes a must. For senior citizens it is Rs.3 lakh and Rs. 5 lakh for super senior citizens. One must find the particular criteria within which one lie and make payments accordingly. Through e-filing of the tax, there is merely any chance to lose the data. Hence you can be confident enough about your tax payments and enjoy stress-free zone.
10. Get Loan Sanctioned in Mere Time:
The income tax receipt is a must needed document when you need a loan on your housing, business or higher studies. Proper filing of the income tax returns will aid one in getting a loan from all the major banks. The sanctioning of the claimed loan amount depends upon the income tax amount paid the previous years. This evidence is useful for the bank officers to verify that whether a person can repay the loan amount properly. If not the application for the loan will be rejected saving the person from unnecessary burden about to occur.
Manoar Molla is pro blogger who is passionate to write anything that is related to SEO, business and marketing. He has written and published many articles on different blog