March is about to end and a new financial year is going to start. But are you ready for the upcoming opportunity and will able to grab that opportunities too. It might be your personal dreams like your own home, small or a big car or anything you dreamt about. It might be your Start up you planned for. If you are planning anything like this you have to prepare for. Towards your financial goal your first step of preparation should start with ITR File.
31st March is because till this date you can fill ITR for last two financial Years, If you haven’t did this before. After 31st you will not able to fill ITR for last to last financial year. And mind it ITR of 3 consecutive financial Year is needed for many things to do even for the bank loan for any purpose. So it is the last chance to fill ITR for financial year 2014-15. Though if you have already filed have much time but file it till July will keep you away from many difficulties.
Benefits of ITR
First of all your salary will be recognized
Your income gets the legal status
It saves you from penalty in case you haven’t paid tax in future
It helps you to have any type of loan from banks
IT is must to claim your refund from income tax department
How to file ITR
You can file your ITR with the help of any CA or your own. There are some apps too has been launched for ITR file with the help of these apps you can yourself file ITR. And can do this online too just visit official website of income tax department i.e. www.incometaxindia.gov.in . But if you have any problem can consult with CA. Usually CA charges 300 to 1000 for ITR file.
What you need to file ITR
Mobile: because you have to verify your identity with the verification password on your mobile.
For Service class
Rent receipts (to claim hra)
Your saving account statement is also valid. Your property statement is also valid to file ITR. If you earns from your property and don’t work anywhere as on any salary and or does not owns any business.
You must keep in mind ITR is very very important factor for your financial management or we can say it must be your first step towards your financial planning and it will help you in future and will increase your credit. It will help in any of the financial transaction you will pursue in future. Even bank will bank upon you.
Student can also file ITR
One can file his or her ITR even he/she is not earning. A student can file it even his pocket money and for this his saving account statement is valid and enough with his PAN Card. So no issue who you are, just go and file ITR. 31st of March is for whom who want to file ITR for the financial year of 2014-2015.