Benefits of Income Tax Return Filing

Income Tax Return is mandatory to file. Individuals, Firm and Companies who are filing their Income Tax Returns are getting benefits from different sector of the Country. Here are some of the benefits which will show a clear picture how an Individual, Firm and Company can get benefited from Filing Income Tax Return.

  • Less Taxes in Buying/Selling/Transfer of Immovable Property.
  • Less Taxes on Registration/Transfer/Token of Motor Vehicles.
  • Less Taxes on WHT on Cash Withdrawal from Banks.
  • No Taxes on Issuance of Banking Instruments [Cheques, Payorder, Demand Drafts etc] and Money Transfer.
  • Less Taxes on Bank Profits / Saving Certificates / Dividends / Commission / Prize Bonds winning etc.
  • Less Taxes on providing professional Services.
  • Preference for eligibility in all loan applications from Banks
  • Eligibility for obtaining government tenders, registration on corporate panels:
  • Easy Income Assessment of Individual while processing Visa Applications
  • Avoidance from Audit and Penalty of Rs. 20,000/- for non-filing of Income Tax Return

Filer can Claim Refund / adjustment of followings while filing Income Tax Return

  • Cash Withdrawal from Bank under section 231
  • Advance Tax on sale or transfer of immoveable property under section 236 C.
  • Advance Tax on function and gatherings under section 236D.
  • Collection of Advance Tax by Educational Institutions under section 236 I
  • Advance Tax on purchase of Immoveable Property under section 236K
  • Income Tax/ Withholding Tax on Purchase, Registration, Transfer and Token of Motor Vehicles under section 234
  • Advance Tax on Domestic Electricity Consumption under section 235A
  • Advance Tax on International Air Ticket under section 236L
  • Advance Tax on Banking Transaction other than cash under section 236P
  • Withholding Tax paid on Mobile Phone Bills under section 236(1)(a)
  • Withholding Tax on Telephone Landline Bills under section 236
  • Advance Tax on purchase of Air Ticket under section 236B
Benefits of Income Tax Return Filing
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Tax Care

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Phone: 0345 4844646


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