Income tax return is an evident which proves that you have paid income tax. It contains details about your annual income and the amount of tax, which you have been paid.
Which Income liable to file ITR?
All income accruing or arising, whether directly or indirectly, through or from any business connection in India, or through or from any property in India, or through or from any asset or source of income in India, or through the transfer of a capital asset situate in India.
Benefits for filing of Income Tax Return
Avoid Income Tax scrutiny: Since, Banks will have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more accounts (other than Current Account / Time Deposit)of a person.
Avoid Income Tax notices: Income Tax department frequently serving the income tax notices for non submission of income tax return.
Build Financial Evident: Income Tax return is a valid evident of your income and it very useful, when you applying the loans from any financial institutions and Banks.
Carry forwarded your losses: Losses can be legitimately carry forwarded against your housed property and depreciation.
Tax Refunds: A tax refund is a refund on taxes paid to an individual or household when the actual tax liability is less than the total amount of taxes paid during the tax year. Therefore, as early you file the return, you will get the refund sooner.