The many benefits of filing your income tax returns on time

You not only create a record of your income but need it when taking a loan, applying for a visa

The time for filing income tax returns is once again upon us. Most people regard this task as a burden. But filing returns will in the future help you account for certain incomes that may not be subjected to tax – stocks investments of over one year, for example. Many are not even aware that those earning income above a certain threshold, compulsorily need to file returns, even though their taxes are paid via tax deduction at source or TDS.

Every year, the income tax department takes steps to make the process of filing return simpler and to encourage more