Being a responsible citizen of India, every single person who earns a certain amount of income and qualify to pay income tax should pay tax on income. To avoid the uncertain penalty everyone must file income tax return before or on due date. Income tax return is s proof that you have paid your taxes. This specifies that you don’t have any burden of remaining tax. You can file Income Tax Return Online with very easy methods. It gives many benefits to you Firstly, it saves your lot of time as well as money.
Here are some other benefits of filing income tax return.
Giving a specific amount of your income to someone else is not an easy task. Income tax return helps customer to apply for loans easily and Indian banks ask for ITR copy when anyone need loan. It is one of the important documents needed. People usually get a strong address proof as in the ITR documents, address of the taxpayer is mentioned. Whenever any person wants to go foreign countries specially in US, UK or any European countries, while in visa interview all your ITR reports play a vital role.
In India taxes are paid in two categories that are Direct Tax and Indirect Tax. In direct tax people pay tax direct to the government. It levied on the income of the person and the profits made by the business. Indirect taxes are those taxes which people pay indirectly in the form of services tax, movie tickets etc. We all know about GST (Goods and Services Tax) which recently introduced by the government and replaced all indirect taxes. Each taxpayer paid tax differently with their income earned by them and are categorized within different slabs. Now one can also file GST Online Return in India easily without any difficulty.
And if you do not pay income tax on time, you will receive notice for paying income tax continuously and after that you'll have to pay extra charges as a form of penalty and it'll become huge amount after ignoring the alert messages of income tax. So, it's our duty to pay tax on or before due date otherwise get ready to bear the consequences. Taxyoupay enables you to file ITR easily and saves your time and money. It’s very important to all of us to pay the taxes because government uses that for public facilities and uncertain disaster.