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Aditya has completed his MBBS and now he is pursuing his MD from a Government Medical college. This is his first year as a resident at the college. He receives monthly stipend of Rs.15,000 to meet his educational and coaching costs. He deposits the money in his bank account every month and uses his debit card to meet his daily expenses. At the end of the year his father asks him whether he is going to file his Income Tax return or not? He neglects the question as if it is not applicable to him. He thinks that since he is not earning much, it won’t make any difference if he does not file his Income Tax return. This phenomenon continues for three years.
When he completed his MD, he decided to treat himself by getting a brand new car. He thought that he has got enough savings from his stipends that can be utilized as down payment for the car and for the remainder he can get a loan from a bank. The banker asks him to submit his Income tax returns or Salary slips for past three years and assured him that the process will be expedite and easy. Aditya became perplexed when he found out that he had neither a single Income Tax return nor the salary slips to provide them to the banker for processing the loan. It turned out that his father had been filing his income tax return for past three years. When he saw Aditya in dismay for not being able to buy a new car, he handed him his income tax returns. He simply smiled at Aditya’s surprise and said “You’ll always learn from your mistakes son”
Well, we wish that you atleast learn from Aditya’s mistake. To put it in simple words, there are plenty of advantages for filing your income tax return, disadvantages being none. Whereas if you don’t file your return you will abstain from a lot of benefits, let alone the disadvantages.
Now lets check them out in detail:
ADVANTAGES OF FILING YOUR INCOME TAX RETURN:
It becomes your standard income proof
You can get the loans sanctioned quickly and easily
It is possible to trade in stocks, open bank accounts, get bank credits, make investments etc. and you can do all these with ease if you remain good in the financial institutions books by filing your tax returns.
You can claim your refunds for taxes deducted or paid in excess of your tax liabilities.
Many foreign countries want to know how financially sound you are before they grant you with a visa. So to prove your financial worth, Income tax returns are must.
Not to forget, it is your obligation. The taxes you pay on your income will work towards betterment of our nation.
For professionals and business organisations, Income tax returns are a must to become eligible to secure certain tenders.
Also Read: How to e-File Tax Returns
DISADVANTAGES OF NOT FILING YOUR INCOME TAX RETURN:
If you don’t file your return in time, you will have to pay interest on your tax dues when you file at a later date.
If you have incurred losses, you can not carry forward the same to subsequent years if you do not file your return.
You could become liable for a penalty or Prosecution by the Income Tax Department if you conceal or fail to disclose your income.
