• Avoid late fees under 234F

• Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh.

• Avoid Tax Notices

• Taxpayers are often served notices from the IT department for delayed & missed return submissions.

• Build Financial Documentation

• Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.

• Carry Forward your losses

• You can carry forward losses against house property and depreciation.

• Tax Refund

• You can claim tax refund; the earlier you file the sooner you will get the refund.

• Quick Visa processing

• Most embassies and consulates require you to submit IT returns for the last 3 years.

An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing, the total income tax you owe to the government is also calculated. If you've paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.

Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some forms are longer than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.

Whether you are a resident Indian or an NRI, filing an income tax return is compulsory, if your total Indian income exceeds Rs 2.5 lakh.

Even if you don't meet this threshold, it's a good practice to file or e-file your income tax return. An income tax return is an important document you must produce at the time of availing a home loan, as it reflects your financial discipline and prosperity as well as shows your capacity to repay a loan.

If you are planning to go abroad for higher studies, or are about to take up a job outside of India, you'll need at least three years' filed income tax returns to show as proof of income. People processing your visa application may request for your ITR documents to evaluate your financial health, which in return shows that you can support yourself on your own in their country.

You can file your income tax returns with us on www.gstcindia.com

Income Tax filing or e-filling is made easy on www.gstcindia.com You can e-file your returns within just 1 minutes!