Summary of VC & OAVMApril 14, 2020
“The only thing that hurts more than paying an income tax is not having any income to pay taxes. ”
So if you are among the ones having income more than 2.5 Lakhs* per annum, Congratulations !!! Pay the applicable taxes and file the IT return.
Is your income under 2.5 Lakhs per annum ? Still file IT return. Do you know why ???
- Planning to buy a house ? Or taking a Loan?
Do u think you require only money to buy a house? Well, no. If you are planning to buy a house or taking a loan, you shall require last 3 years IT returns.
- Business is in loss and no income?
If you are currently into loss, you can carry forward this loss in the coming years and hence shall not have to pay much taxes in the coming years. Isn’t that interesting? But you need to file the IT return to carry forward the loss.
- You can claim TDS Refund too.
If you have received annual income of less than 2.5 Lakhs* but after deduction of tax (TDS), you can claim the refund of the tax by filing your Income Tax Return. Hurrayy !!
- Is travelling the world in your bucket list?
I am sure most of us have big dreams of travelling to Switzerland or New Zealand. You shall require last 3 years IT returns for the visas. Yes, I guess this can be most important reason why you need to file IT.
So file your tax returns irrespective of your income to get the above benefits!!
For any doubts or queries, you mail personally mail at email@example.com.
*varies from case to case.
The purpose of this blog is only to share knowledge and not to solicit any business or profession.