Every Indian assessee whether having a taxable income or not is required to file a return and pay tax if due..Income tax refers to direct tax paid on income to the government within a given financial year. Eligibility for income tax is that any person or sovereign entities can efile Income Tax Returns when his total income from all sources of income exceeds the maximum amount permissible which is not chargeable to income Tax by the government.E-filing of income tax return in India is now a effortless task thanks to the e-filing platforms like H&R block which has made paying tax return fast,easy and hassle free.Even one can file income tax return of past years also.It creates a strong financial background as filing income tax return online creates financial credibility of the assessee thereby assisting him for easy fund procurement.Refund claims is very easy.Total peace of mind is assured for tax payers.Submitting income tax returns of past three years even if it is a NIL return to banks or financial institutions for smooth processing of Loans like housing, education, vehicle etc.One gets Visa easily by showing that you are paying taxes on time.So a hassle free international travel.Quick registration of immovable properties in some cities of India.If you are traveling overseas, foreign consulates ask you to furnish ITR receipt of the last couple of years at the time of the visa interview.Especially important if you plan to travel to the US, UK, Canada or Europe.When traveling to foreign countries, whether on a business or leisure trip, always carry income-related proofs along with salary slip , Form 16 and ITR receipts.if one plans to start their business and need to fill a government tender or two for the same, they will need to show their tax return receipts of the previous five years. This is to show your financial status and whether you can support the payment obligation or not. Businessmen, consultants and partners of firms do not get Form 16. Hence, ITR receipts become an even more important document for them, provided their annual income exceeds the basic exemption limit of Rs 2.50 lakh.For all sorts of financial transactions, ITR receipts will be the only proof of income and tax payment for the self-employed.
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