Income tax is the tax paid from our own income to the government every year. It is moral duty of each individual to file the income returns as per government deadline and be a good citizen. Filing income tax returns helps in loan processing in easy way and it is also mandatory to file if you want to apply for visa. In certain cases related to property or court order, tax return of last three years has to be submitted. Filing returns also help to show your legal income data as required by the company or for other official purpose. You file tax to get refund back sometimes in form of extra rebate.
Filing returns and tax improves your credibility and value in the market when it comes to check your financial background and trust. Banks do give preference to such people who file the returns on time when giving home or education loan. This is the advantage to all of us but the real benefits are much bigger when comes to filing the tax. It is directly related to funding financial need of the government. Our government has to cater money for social welfare activities and infrastructure development. Our country is constantly under threat from foreign invaders and terrorism. As a result we need to buy arms and weapons to modernize our systems and provide defence with best upgraded fleet of military vehicles and fighter jets. This all need huge amount of money but needed by the government. We also see that farmer suicide and natural calamities do happen which is loss of human life. In such cases we need to support such areas which are possible if all citizens pay taxes and income tax if you have financial income source.
Efiling income tax return is easy way to file IT returns. It can do online and requires very few minutes and saves time. This filing of tax return comes under IT Act and laws set up by the government.