Returns filing

Following are the benefits:

1.Residence Proof: A tax assessment order can be used as a proof of residence for applying for Aadhaar or passport

2.If you apply for a housing, education or vehicle loan or for the registration of an immovable property, your application is likely to be processed much more easily and speedily if you have been filing your tax returns

3.Processing credit card applications: Copies of tax returns are also required as proof for processing credit card applications.

4.Visa processing: Filing of income tax return is a mandatory requirement for the processing of visa.

5.Makes life easier for freelancers and independent professionals: Freelancer or self-employed people don’t have Form16. This is the only document they have to show that he has filed the ITR. Without this, they can face funding issues and transactional problems

6.You can also use your tax returns as standard proof of income wherever required

Finally, by filing your tax returns and paying taxes regularly, you contribute your bit to the national income.