When it comes to filing taxes most of us shy away from it and make numerous excuses why not to file taxes. We give you the top 5 excuses people make.
Most salaried people and even professionals consider that if TDS is deducted from their salary and payments then they do not need to file their taxes. However filing taxes is the final step that informs that tax department that you have paid the due taxes correctly.
Most people will have enough time for leisure, enjoyment and all tasks of life but not for tax filing. This basically stems from the fact that they are unaware of benefits of tax filing like getting the due refunds, avoiding of penalties, easy loan processing, faster VISA processing etc.
Tax filing for many is a big hassle since taxes are perceived to be complicated. The process of calculating taxes, filling up the required forms and then e-filing it seems to be a big task.
Since TDS has been already deducted many people think there is no urgency to file taxes. They think of this step only when they need their ITRs to be submitted as income proofs. This is not true since ITR filing becomes time barred after a certain period of time. You may also need to pay penalties and interest in case you do not file taxes in time.
Many times when the tax liability on the income is ‘Zero’ people do not bother to file taxes. However even filing NIL returns is recommended and is a duty of every citizen.
So no more excuses this year! Make a decision to file taxes and fulfill your duty and reap the several BIG benefits of tax filing.