ITR Filling

ITR Filling Everyone who earns or gets an income in India is subject to income tax; Indians living abroad toohave to pay Income tax. Every assessee is required to file Return annually. The “Income Tax Returnfiling” started on “Digital Seva Portal” in association with Tax Genius and Tax2Win firms.

Benefits
Benefits of filing income tax returns vary across taxpayers. The advantages of filing ITR in the following section:
• Seamless processing of loans: It is essential to file for ITR if an individual plans on securing a home or a car loan. Salaried and self-employed individuals can benefit greatly from this as they do not have to provide any other document as income proof and easily get loan approvals.
• Claiming refund: Any individual can claim a tax refund from the IT Department by filing ITR. This is highly beneficial to salaried and self-employed persons falling in a high-income bracket.
• Easy visa processing: ITR receipt is vital to process visa applications. Document acts as proof of an applicant’s income, the embassy will check the income details and ensure he/she is capable of taking care of travel expenses.
• Medical insurance: The IT Department offers deductions up to 150,000 on health insurance premiums paid in a specific fiscal year. This is under Section 80D of the Income Tax Act.
• Loss compensation: Any company and business can incur a loss at any time during a specific fiscal year. To compensate for the loss, companies need to file IT returns. By following this procedure, one can carry forward the tax losses in the coming year.
• Interest deduction: Filing for ITR also allows interest deduction while applying for home loans. The benefit of filing ITR here is that the individual can enjoy a standard 30% deduction on home loan interest and property taxes.

Benefits of ITR E-Filing
Electronic filing is becoming increasingly popular because of the wide array of benefits it brings to the table:
Convenient and flexible: E-filing has brought about increased flexibility in the filing of taxes and is a lot more convenient since one’s taxes can now be filed from the comfort of their home or workspace at their own time. They can do it whenever they wish to.
Saves time and money: E-filing saves a huge amount of time and money. When taxes are e-filed, whether it be for businesses, professions, or individuals, the data is directly transmitted online from the e-filer’s servers to the tax agency’s servers. The process saves a lot of time and money from transferring data from paper to online input and saves the agency from making transmission errors.
Increased accuracy: Since transmission errors and similar other errors can be avoided through e-filing, it leads to increased data records accuracy and the overall tax filing process.
Less room for manipulation of records and window dressing: E-filing leaves less room for manipulation of data records and window dressing. With e-filing, online data availability and interconnectivity are much more profound, and linking or tracing data back to a tax-paying unit is made much easier and faster with e-filing.
Increased authenticity and accountability: E-filing has also led to increased authenticity to the process of tax filing and increased accountability on both the tax agency and the taxpayer. Paper filing is slightly more ambiguous because there is high ambiguity on the receipt of tax papers and tax records..