What is Income Tax & Its Benefits?
File your income tax return as per the applicable tax laws and regulations to obtain tax refunds and/or deductions. Income tax filing is an important step in completing your financial year, as it allows you to compute and submit your income tax payments. It also helps you to understand your total income, taxable income, and deductions for the current year. Furthermore, filing of income tax returns allows you to claim several government benefits and subsidies, including social security benefits, student loan interest deduction, and more. There are many benefits of filing your income tax returns, but here are five of the most important: 1. Income tax filing helps you keep a track of your finances and stay on top of your finances. 2. It allows you to understand your tax liability and plan for future expenses. 3. Filing your taxes helps improve your financial security and stability. 4. Tax filing also qualifies you for various government schemes and benefits, such as subsidies and reliefs...