Friday, 15 July 2016

PAY Tax Without Tears

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.

 I’m taking the #TaxPledge to file IT returns with the easy Income Tax efiling option from H&R Block at BlogAdda.

Stress free Tax return filling with H&R block

Filling a tax return is the responsibility of every citizen of the country. On one hand the money we pay as taxes strengthens the hands of the government which uses our tax money towards nation building activities. It is with our tax money that roads and bridges are built and other infrastructure projects are undertaken.
Apart from this the act of filing our return enhances our financial prospects.
Take for instance 2 people A & B who go to a bank for taking a home loan.
A files his tax returns and B does not. Now one of the papers the bank would ask for as part of  the loan application process is your copy of the income tax return. Person A who files his tax return is able to furnish this document. He gets the loan with which he buys or builds a house in which he lives happily ever after. Person B on the other hand has no ITR to furnish so he returns back empty handed.

It is not just the case of taking a loan. Filing of tax return reflects positively on the financial health of an individual in more than one ways.

Let us take another situation. Both A & B want to go to a foreign country for let us say better career prospects or may be just for an excursion. When they apply for a VISA they are asked to attach a copy of the ITR. As usual person A has a copy of ITR and he gets the VISA and he is able to take the foreign trip where as person B again comes empty handed.

So now the question arises what is an easy way to file tax return. Instead of filing long forms and standing in endless queues to submit the forms one can opt for e-filing of our tax return with the help of H&R Block platform. This way we can take the help of a professional team who would take care of our tax filing needs making the process stress free for us.

 I’m taking the #TaxPledge to file IT returns with the easy Income Tax efiling option from H&R Block at BlogAdda.