Benefits of Filing a return ..

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Devendra

Devendra (Querist)
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07 May 2010 Can anybody tell me what are the benefits of filing an Income Tax return..??

Thanking You,

Rahul Gupta

Rahul Gupta (Expert)
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07 May 2010 It is not relate to Benefits, rather it is mandatory as per Income Tax law to file your return if your income is above the exemption limit.

And if compliance is not made for this, you are liable to penalties and actions. So in order to avoid penalties, prosecution and other actions, it is beneficial to declare your yearly income and pay taxes accordingly.

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Devendra

Devendra (Querist)
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08 May 2010 Thank you Rahul..

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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08 May 2010 Filing of ITR is not to be linked with benefit.
Some person other than salaired person file thier tax return ( below tax limit) for loan purpose. In case of loan , bank demand 3 year ITR or form 16. They provided them.

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Devendra

Devendra (Querist)
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09 May 2010 Rather I would like to ask what are the uses of filing the return of income every year?

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