Reasons for filng income tax return...

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RITESH SHAH (Querist)
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02 December 2011 why to file income tax return ??? plz experts give me the reason if i have to explain to a layman who does not know about income tax

Hari Beldona

Hari Beldona (Expert)
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02 December 2011 1.Income Tax is a direct Tax
2.The burden of paying tax on the person who earns income exceeds certain limits depending upon the Senior Citizen, resident woman etc
3.Income tax is levied is to bring social justice that is who earns more income he has to pay more tax since India is a developing country.
4.Income tax collected by the central government will be distributed to the states by the Finance Commission.
5.The amount so distributed to the states, such states allocate for social welfare schemes like old age pension, widow pension, education for downtrodden people etc.

RITESH SHAH

RITESH SHAH (Querist)
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02 December 2011 its urgent ..... i need more practical reasons....think if you are chartered accountant and your only source of income is filing of income tax return...

Hari Beldona

Hari Beldona (Expert)
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02 December 2011 I am a Chartered Accountant, C.A. is not restricted to filing of income tax return, he has many opportunities like auditing,Bank audits,tax audit, finance field, acquisition and mergers etc.

Ravi Jhamb

Ravi Jhamb (Expert)
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02 December 2011 If you will fill the income tax return than you will get certain benefits are given:

1. You can easily get loan sanction from Bank
2. You can prove your income by their Return.
3. you also secure from any kind of rade from department.
4. Pan card is necessary it required every transaction that means you have to fill return otherwise you are doing illegal work.

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