Importance of Income tax return in Financial Planning
Income tax return is very important for salary person, businessman, professional etc. ITR have very importance in tax claiming and it have many other benefits in our finance planning. Let’s discuss some benefits of ITR in different prospective.
For income saving-
IT is very important for saving your income, its biggest benefits is Claiming tax deductions. Tax expert can suggest you many ways to reduce your overall tax liability and expert tax consultant firm will help you in your financial planning. They apply for refund against your income tax return.
For Loan-
When you are planning for any type of loan, before apply any loan you have to file your income tax return regular, at least last three years. All India bank required last three years ITR of loan applicant.
ITR shows your legal income, it is a solid proof of your income of previous years, if you have facing any legal about your income ITR is very helpful for justification of your income.
Who can apply for ITR-
Mostly of young people start the career thinks they did not require to apply ITR, some time income not come under tax slab, or some time they have no knowledge about tax system.
Now a days most the big company cut TDS, when they release nay payment. Companies cut the taxes and filled the ITR as per government rules.
Most of the people who have not a proper guidance, or knowledge about ITR, they did not apply for tax claiming. Government did not initiate the return with ITR.
Every person who has any source of income have to file Income tax return, It is beneficially for the applicant.
Newly launch Income Tax return Portal-
Currently Government launch a new ITR portal for users, ITR portal version 2.0, It have many videos tutorial and proper guideline for new generation people. Government wants most of the persons fill ITR, it is very convenience for govt to provide loans and government get a proper data of income.
Generally, 31 July is the last date of ITR filing of previous year incomes. VGNC is one of the best Income tax consultants in Delhi NCR, they have a team of income tax experts.