Income Tax Return is the form in when assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
Benefits of filling Income Tax Return :-
* Besides penalty and interest, there are other disadvantages to filing tax returns late. One of these is not being able to carry forward capital losses. Certain losses like those from business and profession and short-term capital loss may not be allowed to be carried forward.
* Helps the bank loan documentation process easier.
* To claim refund.
* Credit Card Processing.
* For a hassle-free visa application procedure.
* To buy an insurance policy with a higher cover.