Along with rights, always come duties ! Most of us are very excited and particular about our rights but often ignore our duties, more so the duties we have towards our nation. One such important duty is to file our income tax returns, and that too on time. But it is common knowledge that income tax filing is not taken seriously in our country. Although every one is aware of the fundamental rights bestowed upon them as a citizen of this country but most of the duties a citizen has towards the country remained unfulfilled here.
Income tax filing is not done by vast percentage of the population in India due to ignorance of its benefits and also because it is considered cumbersome and time consuming. It is also often seen as an unnecessary burden which is best avoided.
But the actual truth is way different than this!
Income tax returns hold great importance in your financial life and are helpful in myriad ways. ITR comes handy in various circumstances like-
- if you want to apply for a loan be it for house, vehicle, business expansion or the like.
- in better planning your financial portfolio like share investments, fixed deposit, bonds etc and how much amount should be parked in each for better fruitful returns.
- if you plan to apply for a visa to visit a foreign country as a tourist, student, or for business purposes.
Filing income tax returns is a major responsibility we have towards our nation and overall growth of the country including the economic growth depends on it in more ways than one. Income tax is a big source of revenue generation for the country’s government. This revenue or fund is used by the government for building and improving infrastructure in the country like building bridges, research institutes, roads, dams etc. This income is also utilized by the government for welfare projects like midday meals, free education and medical facilities for the poor, shelter for homeless and needy, employment schemes for below poverty line citizens etc.
Income tax returns also are a measure of a country’s progress across various fields as the rising income tax shows corresponding rise in the income growth.
So, considering all the benefits of filing income tax returns, we all should pledge to do our duty and strive to become better and worthy citizens of our great nation and with online filing of tax available it is now an easy task. We can even file income tax with a few clicks in a couple of minutes with e-filing platforms like H&R Block.
E-filing of income tax return is a great option as it is :
- Easy and non cumbersome. It is very simple, convenient and user friendly. You can register online on the INCOME TAX INDIA WEBSITE from any part of India through your computer, tablet or phone to file the form.
- It is very quick and non time consuming. you don’t need to travel long distances in heavy traffic to tax offices or your adviser’s office or stand in long lines to file return.If you submit your return online on regular basis, the statement comes pre-filled with earlier information like salary details, investments, fixed revenue sources etc. Thus it saves lot of valuable time.
- It is secure and completely confidential. The information is guarded through high grade encryption systems.
- Easy accessibility and user friendly. You can check and recheck your information anytime from anywhere according to your convenience and make changes as many times you want until the final deadline of tax filing. It is not as cumbersome to make changes as in traditional methods of tax filing.
- It is eco -friendly as it is paper less. we can thus rest assured that we have helped in preserving trees at some level by doing our bit.
- Fast and hassle free Refund of excess tax. The calculation of excess tax is easy if done online and its recovery is prompt and easy. So, no more constant following of this matter and reduced stress.
- Tax estimation is easy, accurate and faster. After you fill in the required inputs, tax estimation can be easily calculated to find payment of tax due and monthly payments can be adjusted.
Internet statement of tax return incorporates all categories of income that is taxable, deductible expenses and investments eligible for tax reduction, just like paper statement.
Some important documents needed while e-filing tax returns are:
- Form 16-issued by the employer.
- Form 16 A- Tax deducted by banks on interest
- Form 26 AS
- Bank statements
- Home loans and/or HRA receipts
- Documents of investments for tax saving and few others depending on your individual field of work.
If you still feel that you need assistance in e-filing of returns, tool like H&R Block is a great option as there are tax experts on their panel to guide you and provide help and solutions to all your queries. Their advice helps in maximum tax savings with optimization of your tax liabilities based on your individual situations.
Their in depth knowledge is also a great advantage to individuals with capital gains, dual taxation, ESOP workings, global income,sale of foreign shares, and many similar complicated issues. They also provide year long access to your adviser, your account page and documents that help in planning taxes in better way with guarantee of accuracy and confidentiality.
H&R Block is the largest consumer tax filing company in the world with 2.5 crore clients served with 9/10 customer satisfaction score. It is a self guide wizard but quick call facility is also available for support.It is definitely a rewarding association and a great step forward in fulfilling your duty to compulsorily file income tax returns.