I started earning in 2013 but my income became taxable in 2015. I work as an accountant in an insurance company. Tax was deducted from my salary every month from the mid of 2015 after I got my increment. That financial year ended with March this year and in May, I got my form 16. As I got my form 16, my father asked for it as he had to file the IT return. My father used to file IT return since I started earning. This time I asked him, "My income has become taxable from last financial year then why are filing my IT return since 2013? And what is the meaning of filing it when we are paying the tax?" I didn't knew the benefits of filing the IT return. I thought it's just waste of time when the tax is deducted from our salary and we are paying it honestly.
"I will claim the income tax refund with the help of IT return. Earlier income tax refund was a myth. It was deducted from next tax amount we pay but these days it is being credited in our bank accounts. And without IT return we are not going to get income tax refund." My father replied. "OK, we are going to get my refund this year but why you used to file IT return earlier?" I asked that again. "Filing IT return is the fundamental duty of every earning individual in this country. It is a proof that you are paying the tax timely and honestly. Whether the income is taxable or not. One should file the IT return. Sometimes government asks for IT return of last 3 years or 5 years for certain tax exemptions and reliefs. So we should be having IT returns of previous years to get those benefits. Moreover it is must to get a loan from bank. Apart from loan, It can be used as a proof to get a visa." My father explained me the benefits of filing IT return.
"I take the pledge now that I will file IT return every year as soon as I get the form 16." I brought my right hand in front and took a tax pledge. It brought a smile on my father's face. "If you are done with your drama then mail me your form 16 so I can file the IT return." My father said this while opening his laptop. "How do you file it?" I asked as he opened google chrome in his laptop. "I file it online through H&R Block." He replied while opening H&R Block's website. "What's the role of H&R Block in this?" I heard the name for the first time. "Where do you e-file your office's tax?" My father asked. "I file it through JK securities." I answered his question. "As JK securities e-file your office's tax, similarly H&R Block e-file our income tax and produce IT return." My father explained me through my work only.
"They are the tax experts." My father described H&R Block. "Oh! You mean Taxperts." I started it again. "Yes. You can say that. Now mail me your form 16 fast." My father after uploading his form 16 on H&R Block. I mailed him form 16 and he uploaded my form 16 as well. In this way we filed our IT return. I think everyone should take tax pledge like me. If one have any query or doubt or want to know anything regarding IT return or filing IT return then try H&R Block. So take the tax pledge and file the IT return now.
I’m taking the #TaxPledge to file IT returns with the easy Income Tax efiling option from H&R Block at BlogAdda
