{"id":2485,"date":"2019-11-04T14:45:21","date_gmt":"2019-11-04T09:15:21","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2485"},"modified":"2019-11-04T14:45:21","modified_gmt":"2019-11-04T09:15:21","slug":"major-benefits-of-income-tax-return-filing","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/","title":{"rendered":"Major Benefits of Income Tax Return Filing"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Filing of Income Tax Return is recommended even if the assessee total income does not exceed the basic exemption limit as it is beneficial to such assessee in various aspects which shall be discussed in this article.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2487 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Benefits-Income-tax-return.png\" alt=\"Benefits - Income tax return\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Benefits-Income-tax-return.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Benefits-Income-tax-return-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Benefits-Income-tax-return-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#Filing_Income_Tax_Returns\" title=\"Filing Income Tax Returns\">Filing Income Tax Returns<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#Benefits_of_Filing_Income_Tax_Return\" title=\"Benefits of Filing Income Tax Return\">Benefits of Filing Income Tax Return<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#Claiming_Tax_Refunds\" title=\"Claiming Tax Refunds\">Claiming Tax Refunds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#Easy_Processing_of_Loans\" title=\"Easy Processing of Loans\">Easy Processing of Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#For_the_purpose_of_Visa_Processing\" title=\"For the purpose of Visa Processing\">For the purpose of Visa Processing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#Carry_forward_the_losses\" title=\"Carry forward the losses\">Carry forward the losses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#Buying_a_High_Life_Cover\" title=\"Buying a High Life Cover\">Buying a High Life Cover<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#Government_Tender\" title=\"Government Tender\">Government Tender<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#Self-employed\" title=\"Self-employed\">Self-employed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#To_Avoid_Penalties_and_Interests\" title=\"To Avoid Penalties and Interests\">To Avoid Penalties and Interests<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#To_Avoid_Assessments_and_Scrutiny\" title=\"To Avoid Assessments and Scrutiny\">To Avoid Assessments and Scrutiny<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Filing_Income_Tax_Returns\"><\/span>Filing Income Tax Returns<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/aktassociates.com\/blog\/section-143-2-of-income-tax-act-1961\/\">Income Tax act<\/a>,1961 and Income Tax rules require every person to file Income tax return whose total income exceeds the basic exemption limit as provided in the act within the specified due date. Filing Income Tax return is also considered as the social responsibility of every citizen of the country.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_Filing_Income_Tax_Return\"><\/span>Benefits of Filing Income Tax Return<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Income Tax Return Filing is associated with various benefits as it serves as the proof of Income. The following are the major benefits available to the person <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">filing Income Tax Return.<\/a><\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Claiming_Tax_Refunds\"><\/span><strong>Claiming Tax Refunds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Tax Refund shall be due to the assessee if the tax payable on taxable income of the assessee is less than tax deducted such as Tds, advance tax. Such a refund due from the Income Tax Department shall be claimed only by filing Income Tax Return.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Easy_Processing_of_Loans\"><\/span><strong>Easy Processing of Loans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">All major banks and Financial Institutions require the last 3 years Income Tax returns filed copies of the assessee to assess the income capability of the person. Therefore to obtain loans from banks and financial institutions the person is required to file the Income Tax Return.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"For_the_purpose_of_Visa_Processing\"><\/span><strong>For the purpose of Visa Processing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">At the time of Visa application or visa interview, most of the embassies and consulates require to furnish the copies of Income Tax Returns for the past couple of years.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Carry_forward_the_losses\"><\/span><strong>Carry forward the losses<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">To carry forward the losses incurred in the current year to subsequent years so as to set off the losses with the income of subsequent years, the assessee has to file income tax returns within the due date.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Buying_a_High_Life_Cover\"><\/span><strong>Buying a High Life Cover<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It is important to file Income Tax returns for the person who wants to buy a life insurance cover of Rs.50 Lakh or more as the Life Insurance Companies are requiring to furnish the <a href=\"https:\/\/aktassociates.com\/blog\/dsc-utility-for-income-tax-e-filing\/\">Filed Income Tax<\/a> Return copies to verify the annual income of such person.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Government_Tender\"><\/span><strong>Government Tender<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The Person planning to start or doing business and need to fill a government tender, he needs to furnish the Income Tax Return Copies of the previous year to the respective authority or department so that they can verify or assess the financial capacity of the person whether he can support the payment obligation or not.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Self-employed\"><\/span><strong>Self-employed<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Form-16 is provided to the salaried persons only, the Businessmen, small commission agents, partners in the firm will not get any form-16, which serves as the proof of Income of such persons. Hence, Income Tax Return Filing has become much necessary for such people whose income exceeds the basic exemption limit as provided in the Income Tax Act. <\/span><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\"><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2336 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing.png\" alt=\"Get Income Tax Return filing\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/span><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"To_Avoid_Penalties_and_Interests\"><\/span><strong>To Avoid Penalties and Interests<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It is necessary to file the income Tax Returns within due date, in order to avoid the Interest levied under section 234A of the Income Tax act and penalty under section 234F of the Income Tax Act for late filing and non-filing of Income Tax Returns on the persons who are required to file but didn\u2019t.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"To_Avoid_Assessments_and_Scrutiny\"><\/span><strong>To Avoid Assessments and Scrutiny<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In order to avoid the notices of assessments and scrutiny by the assessing officer, it is recommended to file the income tax return of the assessee whose total income exceeds the basic exemption limit.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Filing of Income Tax Return is recommended even if the assessee total income does not exceed the basic exemption limit &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Major Benefits of Income Tax Return Filing\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/major-benefits-of-income-tax-return-filing\/#more-2485\">Read more<span class=\"screen-reader-text\">Major Benefits of Income Tax Return Filing<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2489,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Major Benefits of Income Tax Return Filing AKT Associates<\/title>\n<meta name=\"description\" content=\"Filing of Income Tax Return is recommended even if the assessee total income does 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