Income tax filing is done as per the government rules and regulations where person who is businessman or employee of any organization have to give a declaration to the government body and pay tax according to the defined slab which is set by the government panel. This source of income could be part of his salary, bank interests or income from other sources.
Filing the income tax returns comes with lot of advantages and helps you to contribute to the country modernization. One of the major benefits is that it showcases that you are doing your work in honest manner and being transparent about your earning. IT returns proves that you are right person and getting loan from bank becomes much easier based on your income. All banks take this statement as a proof to check about your credit history and whether you are reliable person to be given loan or not. IT returns can sometime be a major factor in getting the approval to visit foreign country for work or as a tourist. It is found that people who give those three years or more IT returns copy have better chances for visa approval as it a positive indication that you are paying taxes on time and doing your duty.
I remember my father would consult a chartered accountant or some financial expert for managing all this process of filing tax return on time every year. He would sit with him for two days or more to sort out all the documents required by him and to fill all the complex paper work to file the income tax return. It would take up his whole day and disturb his business in this process. But government has brought the digital revolution and taken the help of technology to make this whole process very simple and easy. It is just a few clicks and can be done by downloading Form 16.