Exclusive Benefits Of Filing Income Tax Return On Time

 

Are you contemplating whether you should file your tax return or not? Or have you read somewhere that you can skip filing your income tax returns if your income is below the basic exemption limit? 

Filing an ITR is significant and applies to everyone, be it a salaried individual, a partnership or even a HUF. As a responsible citizen, you need to file your tax returns every year.

Before you decide not to file the ITR, read on to gain a profound knowledge of the filing income tax returns enlisted by the best tax accountants in Calgary. You will thank yourself later for it. 

Let’s get started- 


  • Easy Loan Approval 

In the words of reputed tax advisors, filing the ITR will help individuals when they need to apply for any vehicle loan (2-wheeler or 4- wheeler), house loans, etc. Any major bank can ask for a copy of tax returns as proof of the income statement. This is a crucial document for loan approval. 


  • For Claiming Tax Refunds

There can be instances when tax has been deducted (TDS) from your income, even when your taxable income is less than the basic exemption limit. You can also have a nil tax liability for that year. In such a circumstance, you will require to claim a TDS return for which you need to file an Income Tax Return mandatorily. 


  • Quick Visa Processing 

A close look at reputed business tax account forums will reveal the inclusion of proof of ITR in a visa application reduces the likelihood of the application being rejected or marked problematic. The tax returns on time indicate the individual is a responsible citizen. Due to increased security concerns, numerous nations also require ITR for visas. 


  • Carry Forward Your Losses 

Before you start searching online for the best ‘tax accountants in Calgary near me’, it is essential to know that you can carry forward losses to succeeding years if you file the return within the original due date. This can also be used to set off against the income of the following years.  

This implies that you can deduct certain losses from the relevant income that will enable you to reduce your tax liability of the future income. This is not possible without the filing of the income tax return. 


Lastly, remember that filing of income tax return helps you and helps the nation. The more people file taxes, the more can the government of any nation spend and provide us with a good country.
Location: 2635 37 Ave NE, Calgary, AB T1Y 5Z6, Canada

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