Why should you file Income Tax Returns?
Tax compliance. If your income is above Taxable Income then it is mandatory to file Income Tax returns and pay taxes. Claim TDS deducted. TDS is deducted on services and employment, which can be claimed back on filing Income Tax returns. Create a strong financial profile, which will assist in loan applications or credit card applications. Claim TCS collected. In transactions such as vehicle purchase, TCS is collected by the seller which can be claimed on filing of Income Tax returns. Claim losses on your past years’ returns by filing Income Tax returns.