Benefits of Income Tax Return
This query is : Resolved
31 May 2008
tell me about the benefits of income tax return to a salary person.
31 May 2008
It is a legal compliance.
Will be helpful to provide explanation in case the employee purchases high value assets, incures expenditure involving relatively big amount.
Do you know, the income tax dept ask for source of fund, if one undergoes major surgery.A IT return will be handy in such situation.
It establishes credit worthiness of the employee. Banks etc. will ask for the same before granting any loan/credit card etc.
Let us wait for some more benefits.
Will be helpful to provide explanation in case the employee purchases high value assets, incures expenditure involving relatively big amount.
Do you know, the income tax dept ask for source of fund, if one undergoes major surgery.A IT return will be handy in such situation.
It establishes credit worthiness of the employee. Banks etc. will ask for the same before granting any loan/credit card etc.
Let us wait for some more benefits.
31 May 2008
the a.o can also levy penalty of rs 5000 for non-filing of return.
02 June 2008
and last, u can cliam refund of tds deducted out of ur salary, if deducted in excess.
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