Benefits of filing income tax returns
1. Avoid IT scrutiny
Avoid legal repercussions If cash deposited during the demonetization period is greater than Rs 2 lakh in your bank account.
2. Avoid Tax notices
Taxpayers often get served notices from the IT department for delayed & missed return submissions.
3. Build financial documentations
Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.
4. Carry forward your losses
You can carry forward losses against house property and depreciation.
5. Tax Refund
You can claim tax refund; earlier your file sooner you get the refund.