Preview

Benefits of Filing Your Income Tax Return

Satisfactory Essays
Open Document
Open Document
302 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Benefits of Filing Your Income Tax Return
Benefits of Filing your Income Tax Return

1. Standard Income Proof: ITR is considered a customary income proof not only in India but also globally. If you are looking for higher education or employment abroad, ITR is the largely accepted income proof.
2. Speeds your loan application process: Apart from a good credit history (or past repayment track), the fact that you are filing your ITR regularly gives you speedier access to credit and at better terms -- although not necessarily a larger line of credit, but surely a better rate.
It also provides the impression to the financier that you are a law abiding citizen and will repay the loan within time.
3. Power of PAN: Permanent Account Number or PAN issued by the IT authority is not only a prerequisite for filing ITR but is also now mandatory for all financial transactions -- from opening a bank account, or purchasing mutual funds to real estate for investment. So it makes sense to get yourself one even if you don't have much income to boast of.
4. Claim your tax refund: Filing ITR is not always about paying tax. It can be used as a means to reduce your tax liability! Yes, you heard us right. Take for instance, salaried employees for whom TDS has been cut during the financial year can claim refund if the tax outgo has been more than the actual tax payable.
5. Visa Norms: Most of the countries requires to submit individuals Income Tax return documents as an Income proof to allow them Visa.
6. Foreign stay for studies or otherwise: If an individual wants to send his child in foreign country with the purpose of per suing higher education he has to submit his ITR as a valid proof of his income to the concern

You May Also Find These Documents Helpful

  • Powerful Essays

    Understanding Fico Scores

    • 2191 Words
    • 9 Pages

    The research in this report was taken from a few different sources. The primary research was conducted by distributing a survey to the general public. The survey was designed to help us understand how much people actually know about their score. However, due to limited time and resources the survey was completed by only 20 people. The information provided by the survey was still useful despite the limitation on sample size. The secondary research was taken from websites, books, and training materials from the lending industry.…

    • 2191 Words
    • 9 Pages
    Powerful Essays
  • Better Essays

    FHA 203 B. Loan Analysis

    • 1311 Words
    • 6 Pages

    This will help to get more information about both types of loans and allows for a sound decision making.…

    • 1311 Words
    • 6 Pages
    Better Essays
  • Powerful Essays

    financial need; it is a quick way of obtaining money. Without this type of credit, there would be…

    • 1706 Words
    • 7 Pages
    Powerful Essays
  • Good Essays

    The history of haunted houses goes back extremely far, in fact it goes back to the 1800s. This essay will be about haunted houses and their history. The history of haunted houses is displayed in the form of newspaper articles, essays and polls to show that people still love haunted houses due to many reasons.…

    • 323 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Case17 Businesss Hire

    • 812 Words
    • 4 Pages

    Come-on how hard is it to ask for a proof of citizenship? Around the world, governments have historically expected that people can show proof of citizenship or a work permit.…

    • 812 Words
    • 4 Pages
    Good Essays
  • Good Essays

    They may be facing bankruptcy and need these loans to help them pay off their debts fast. Some prefer to get things done quickly once they see their creditors have piled up and the interest is taking all their extra money. These people would use these to lower their interest rates and trade multiple high cost creditors for one low cost creditor quickly to avoid losing any more money unnecessarily. For those people with a minimal amount of debt such as credit card debt or accumulation, these loans can be an easy answer. You will be able to get a lower amount of money fast to pay of the debts before they grow any larger and not ruin your credit at the same time.…

    • 525 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Nursing Aesthetics

    • 440 Words
    • 2 Pages

    Nursing in its essence is the art of caring. It may seem a simple concept, as do works of art seem simple to the untrained eye, but in reality they are both complex forms of communication. “Art expresses what words usually fail to express and brings a sense of wholeness to the human consciousness.” (Chinn & Waston, 1994, p.20) Nursing strives to do just this; it strives to communicate where doctors’ jargon and complex medical treatments fail.…

    • 440 Words
    • 2 Pages
    Good Essays
  • Better Essays

    A positive aspect of student loan debt relief is an improved future credit rating. Student loans have always been an issue for college graduates who did not qualify for financial aid, but the recent economic recession placed an extreme amount of added stress on student borrowers, because it is becoming increasingly difficult to continue to pay back school loans as jobs are being lost. Student loan debts that reach default status can ruin the borrower’s credit rating. Furthermore, until this debt is fully paid, the bad credit rating will stay on the student’s credit report (How Student Loans Impact Your Credit - 360 Degrees of Financial Literacy). The student loan debt relief program resets the loan, even if it had been in default, thereby allowing the credit report to show a current payment status. Because of this reset option, student loan debt relief may increase the student’s credit score, both immediately…

    • 1449 Words
    • 6 Pages
    Better Essays
  • Good Essays

    A year ago, in the same way as other individuals around me, the year was exceptionally cruel for me fiscally. I had quite recently moved on from school and was beginning my new occupation. Sadly, I didn't realize that in December, my occupation would fire me and my wellspring of wage would be gone. I needed to start discovering independent occupations or anything I could and nothing was found for two months. Once a found a vocation, it was awesome. Presently I had another issue to manage; how was I going to pay my taxes? I needed to plunge into my reserve funds and about came up short on cash. It was hard for somebody who lives alone, has no other monetary backing and is paying the bills independent from anyone else.…

    • 433 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    Information Technology

    • 729 Words
    • 3 Pages

    The benefits to businesses and others of using information technology for doing all work tasks are that’s it is a fast accurate, efficient flow of information which is the life blood of any business, the two important aspects to information exchange using I.T are sending and receiving emails and using internet to find out information.…

    • 729 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Student Loans Essay

    • 388 Words
    • 2 Pages

    Loans tend to have a lower interest rate. Some loans do not accrue interests until…

    • 388 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    College

    • 309 Words
    • 2 Pages

    Make student loans easier to obtain, and with more time to pay back, and lower interest rate.…

    • 309 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Benefits Of Student Loans

    • 830 Words
    • 4 Pages

    Student loans are an often unnecessary burden of today’s society. There are many reasons to not get into student loans; firstly, a student can simply avoid applying prestigious college that they are not able to afford. Secondly, many students believe they will graduate in 4 years when often just one in three students end up graduating in 4 years so they must take into account how long it will be before they actually start working. Lastly, students usually fall into the trap of believing they’ll be able to pay off the loan as soon as they get out of college. All of these reasons help prove that Student loans are not beneficial to any student no matter how good the interest payment may be.…

    • 830 Words
    • 4 Pages
    Good Essays
  • Better Essays

    Credit Bureau Essay

    • 1356 Words
    • 6 Pages

    Credit reporting companies give businesses intuition into a consumer’s past behaviors, similar to the prospective an employer may use a candidate’s college transcript. These intuitions may be used to make decisions about his or her stability as well as the willingness to repay debt. Without this information borrowers would more than likely have to provide other information about themselves when applying for any type sought after credit.…

    • 1356 Words
    • 6 Pages
    Better Essays
  • Satisfactory Essays

    • Building a credit history. It goes on a person’s credit history when they charge small amounts and repay them promptly. Those positive records will follow them when they want to rent an apartment, buy a car, or apply for certain jobs after college.…

    • 399 Words
    • 2 Pages
    Satisfactory Essays

Related Topics