Your Income Tax return is primary proof of your income not only in INDIA but anywhere in the world.
- You are a proud member of while money economy of your country.
- Fact that you are filing your return regularly gives you better access to loan facility and on better terms!
- It provides an impression that you are a law abiding citizen and you will not default!!
- More is the number of PAN and ITR in your family more is the credibility in the eyes of the law and institutions
- Your PAN (permanent account number) is now must for almost all financial transaction like opening a bank account, investing in stocks or mutual fund, buying land or property etc.
- PAN is the almost first proof of your identity and have universal acceptance.
- Get your tax refund back if you do not fall under the tax net but had already paid tax
- Nonpayment or short payment may attract penal action against you.
- Avoid willful tax evasion - In certain cases, you may even be liable for prosecution for intentional avoidance of tax payments.
- "Better late than never" is the best policy when it comes to income tax payment.
- Nowadays some employers are also asking for your ITR before offering you the job!
- You actually lose money on investment if you don't have PAN and file return, as you tend to lose the opportunities e.g. investing in infrastructure bonds during current year.