Tax payers generally take filing of income tax return as a burden or an additional nod put on by the government. In fact, Income Tax Return is just a Statement of Income earned from various sources of income under 5 Heads such as Salary, House Property, Capital Gains, Business Profession, and Other Sources.
1. Claiming Refunds
You Can Claim Refund Of Taxes Deducted Or Paid In Excess Of Their Tax Liability By Filing Your Income Tax Return.
2. Availing Loans
Before Granting Any Loan Banks Check The Individual’s Financial Capacity And Details Of Income Earned Which Is Shown By An Individual In The Income Tax Return.
3. Applying For a Visa
The Most Trusted Indicator Of Your Earnings Is Your Tax Return, Visa Authorities’ May Ask For Copies Of Your Return.
4. Carry Forward Losses
Income Tax Laws Allow You To Carry Forward And Adjust Some Losses Like Stock Market Transactions (Short Term Capital Gains) Against Future Income. For This You Need To File Your ITR Showing These Losses.
5. Peace Of Mind
From Time To Time People Come To Me That Are Late With Filing Tax Returns, For One Reason Or Another. Most Of Them Are Extremely Worried About Their Tax Position. They Are Not Only Worried About What Will Happen If They Don’t Regularize Their Affairs, But Also Many Have No Idea Of Their Potential Liabilities Which Causes Even More Anxiety.
So even though, you may have less than taxable income you can benefit by filing your returns regularly.
if you are interested in taking out a loan or some other form of bank financing, your bank will require financial data from you that will prove to them your business is in good economic standing. Banks want to see copies of your statements, cash flow budgets, and any other such financial data.
Assets are economic resources which are owned by a business. Or in other words Assets are things of value owned by a business.
Creditor is a person to whom business owes money or creditor is any person who gives credit to the business. A group ....