Somethings come in your life by default. If these are good things the credit must go on your upbringing. Filing IT return in time has always been my agenda right since the day I became eligible for it. In fact in those early days of my career, I used to feel proud while filing a return. And the practice stayed on for every year afterwards. Getting related information every year keeping in mind if there are any changes etc. was important for me. The importance of investments, rebate and savings benefits, etc. was something that was closely associated with the subject. I am sure, I never defaulted. I somehow was more keen in being disciplined than finding out benefits of doing anything. Though there are a number of benefits of filing IT return.
Filing IT Return makes you better citizen
More and more people need to be encouraged to file IT returns. At times it becomes a casual nature of a person in taking it lightly. These persons don’t file returns in time but realize it later in life and repent for it. Logically, filing IT return is every person’s responsibility towards our nation. More than that, it becomes helpful for you in our financial matters. Your credit rating, your eligibility for a loan and a lot other such things are derived from returns you file. In fact, now every major financial activity is connected with your PAN card number. Hence it is difficult to hide any misappropriations in this regard.Source: hrblock.in
You can get rejected for a visa to fly to another country in case you have not filed your IT returns in time for the last three years. Leaving these personal and financial matters aside, filing IT return also makes you a better citizen. If all the eligible citizens file their return in time, it can help the Government in a big way. Income tax is a great source of income for the Government. With this amount, a lot of infrastructure and welfare projects of the country are funded. And in this tech era, the process has become much simpler in terms of time and efforts.
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