Do you thinking about Whether you should submit your income tax return or not? maybe you heard that if you didn't earn much, you don't have to be bother filing your tax return. if you decide to skip it let's talk about why it could still be a good to do your taxes, even if you don't have to
Easy loan:-
When you thinking to apply loan for cars or house. having your income tax documents can make big difference. Usually bank want to see how much you earn to make sure to giving you loan. It's an important paper they need before they can approve your loan.
Claim tax refund:-
Sometimes, tax might have been taken out of your income (called TDS), even if you didn't earn much or don't owe any taxes for the year. If this happens, you should still file your Income Tax Return to get back the money that was deducted as tax.
Income & address proof:-
Your Income Tax Return is an important documents that provides detailed information about your income and address. When you submit your tax return
it include so much details like your salary, interest you earned and any other sources of income. it's also required your residential address which helps tax authorities verify your identity and address
Easy Apply for Visa:-
When you're applying for visa, whether it's for travel, study, or work, it's common activity for embassies and visa consultants to request copies of your tax returns for the past few years. These documents are important evidence of your financial status They help the authorities assess your ability to support yourself financially during your stay abroad and verify the authenticity of your income sources.
Carry Forward Your Losses:-
When you submit your Tax Return documents on time, you'll get opportunity to carry forward any losses you may have incurred to subsequent years. this provision allows you to offset these losses against the income you earn in future years, helping to reduce your overall tax liability
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