Paying Income Tax has always been one of the busiest activity one would witness during the month of July. It is during this month one would witness lot of IT Filings happening from across the country. There are two forms which were majorly involved in this – Form 16 and Form 16A.
Unlike earlier, now anyone can file the IT returns easily online. This facility is available 24/7 and is self explanatory which means any one who has an understanding on how the taxation works can easily file it. You do not have to sought out the services of an Auditor unless it is complicated.
What makes Tax Filing even more awesome is this – It is available for FREE. Yes. You read it right. It is available for FREE. Only when you need some specialised services like clubiing multiple income for the same person or to calculate tax returns and claiming refunds, you would usually sought the help of a qualified professional which is also available at a nominal cost with the online tax returns filing portal.
Paying Tax is not only our duty but is also opens up lot of avenues which includes applying for any kind of Loan – be it Personal Loan, Auto Loan, Home Loan, Education Loan or Business Loan which is made easy when one has been filing IT Returns on a regular basis. When there is an inconsistency or irregular filing, it raises many questions and complicate the process when we go for loans in the future.
There is also a misconception that only those who earn taxable income are required to file the returns which is incorrect because any one who earns income – whether falling under the category of being taxed or not needs to file the returns. It gives critical input of data to the Government as well since majority of the income to the Government comes from these taxes – Direct and Indirect Taxes and hence it is our duty to help our Government which in turn will help us.
Check this TVC to get more insights on Tax Filing.