5 Reasons Why You Should File Income Tax Returns On time

It is time for income tax returns to be filed for the assessment year 2011-2012, Most of us file income tax returns as a routine yearly work or feel it as a compulsion made by Income tax department of Indian Government which does not care for its citizens. But Filing I.T.Returns on time also has its advantages. See the top 5 Reasons why you should file your I.T.Returns on time.

Advantages of Filing Income Tax Returns On Time

1) Going abroad : Planning to go abroad i.e out of country, it is noteworthy that some countries like USA ask for your ITRV (Income tax returns) documents for VISA processing. So filing your it returns on time will save you in this type of situations.

2) Getting Loan : Getting a Car Loan and Home Loan may look bit easy, But if you want a personal loan the things are more stringent, i.e some banks ask for your Form-16 and I.T.Returns to process your loan fast. 

3) Proof of your Income : I.T. Return also serves as proof of your income. Now a days Employers are relying on form 16 and I.T.R - V to judge the income of a employee instead of relying on payslips.

4) Makes you a Law Abiding Citizen : Filing IT Returns makes you a law abiding citizen and serves as helping hand when you want to do Business or enter into entrepreneurship.

--> 5) Penalty of Rs 5000 : If you think Income tax filing is not mandatory, you must be in the wrong lane. Because it is mandatory and it returns should be filed before 30 th july 2012 and if the tax is already deducted by your employer then you may relax and file it returns before 31 March-2013, Failing which you will be liable to a penalty of Rs 5000/-.For all the working individuals who are salaried category and who have a taxable income ( recently there was a update that people who earn below rs 5 lakhs/ annum no need to file it returns ) but there are some ifs and buts ( exemption from filing tax return )

Last Date For Filing IT Returns is

1. Last Date for filing IT Returns 2012 is 30 th July 2012. whose tax is due to income tax department
2. Last Date for filing IT Returns 2012 is 31 March 2012 for employees whose tax is not due to income tax department.

You can  efile your it returns or do them manually by downloading the income tax return form ITR-V

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