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Benefits of Income Tax Return

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sumit (Querist)
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31 May 2008 tell me about the benefits of income tax return to a salary person.

Shyam Lal Naik

Shyam Lal Naik (Expert)
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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.

Jitender (Expert)
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31 May 2008 the a.o can also levy penalty of rs 5000 for non-filing of return.

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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02 June 2008 and last, u can cliam refund of tds deducted out of ur salary, if deducted in excess.

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