Why Should you File Income Tax Return? Know Here

Filing income tax returns is an essential responsibility that every taxpayer must fulfill. It not only ensures compliance with the law but also offers several benefits to the taxpayer. Firstly, it helps in the calculation of accurate tax liability, thereby avoiding any penalties or interest payments due to underpayment. Secondly, filing returns is mandatory to claim tax refunds or carry forward losses to subsequent years. Additionally, it also serves as proof of income, which may be required for obtaining loans, visas, or any other financial transactions. Filing income tax returns not only helps in avoiding legal consequences but also helps in maintaining a good financial track record. Know Here the benefits of File Income Tax Return.