ITR Filing Benefits: Salary is out of income tax slab, yet fill ITR, there will be many benefits!

ITR Filing Benefits: Salary is out of income tax slab, yet fill ITR, there will be many benefits!

Every salaried person whose salary comes under the purview of income tax, he files his income tax return after the end of the financial year. It is mandatory to file ITR for the salary coming under the purview of Income Tax. But, there are many people whose salary does not come under the purview of Income Tax. In such a situation, it is not mandatory for people to file ITR. In such a situation, many people do not file income tax. But, according to income tax experts, you should avoid doing so. Even if your salary does not come under the purview of income tax, but you must file an income tax return.

According to income tax rules, people above 60 years of age get an additional tax exemption of Rs 3 lakh. Senior citizens above 80 years of age get additional tax exemption of up to 5 lakhs. If your salary is less than 5 lakhs, then you do not come under the purview of paying income tax, even then you must file income tax return. From this you can get many big benefits in future. So let us tell you about the benefits of filing income tax return-

These benefits are available on filing ITR

It is easy to get loan,
nowadays most of the people choose the option of loan to buy house, property, car etc. In such a situation, whenever you go to any bank or financial company to take a loan, they give you a loan on the basis of your income. Along with this whether you file income tax return or not. Most of the banks ask for ITR for 3 years before giving the loan. Your loan amount is decided on the basis of income shown by you in ITR.

ITR required to get income tax return
If a part of your salary is deducted as TDS, then in such a situation you can easily claim your deducted TDS again by filing income tax return. Along with this, you can also save tax through ITR on the interest received on many savings schemes.

ITR is a valid document
ITR filing is very important for people who do their own work or are free-lancers. The company issues Form-16 to every employee. In this case, this document is a valid income proof. You can show it as your income proof anytime.

You can claim during visa processing, to
go anywhere abroad, we need a visa of that country. In such a situation, we need ITR for visa processing. ITR shows whether you are eligible to go abroad or not. By having ITR, you get visa easily.

(with language input)


Recommendations of GST Council not binding on Centre, States but worth considering: Court

Recommendations of GST Council not binding on Centre, States but worth considering: Court

New Delhi: The Supreme Court on Thursday said the recommendations of the Goods and Services Tax (GST) Council are not binding on the Center and states, though they are important to consider. The top court said that both Parliament and state legislatures have the power to make laws on GST and the recommendations of the council are the result of a collaborative dialogue between the Center and the states.

The Court observed that the GST Council is not just a constitutional body confined to the indirect tax system, but also an important focal point for promoting federalism and democracy. A bench of Justices DY Chandrachud, Surya Kant and Vikram Nath rejected the Centre's contention that the recommendations of the GST Council are binding on the legislature and the executive.

The bench also said that the central and state governments have powers to make laws on GST but the council should work in a cohesive manner to achieve a workable solution. The court said that according to Article 246A, the Parliament and the state legislature have equal powers to make laws on matters of taxation. Under Article 246A, the Center and the State have been treated equally, while Article 279 states that the Center and the States cannot function independently of each other.

The bench said that there is no such provision in the GST Act of 2017 which deals with the conflict between the laws of the Center and the states and whenever such circumstances arise, the council gives appropriate advice to them. The court gave this decision while upholding a decision of the Gujarat High Court.

A Gujarat court had held that the Integrated GST (IGST) cannot be levied on importers for marine goods under 'reverse charge'. The bench said that the recommendations of the GST Council are not binding on the Center and the states for the reason that the removal of Article 279B and the insertion of Article 279(1) by the Constitution Amendment Act 2016 indicates that the intention of the Parliament was to make the recommendations. . The GST Council is just a motivator, as the GST regime was intended to promote cooperative federalism. The bench observed that fiscal federalism is one of the important features of Indian federalism and the statement of objectives and reasons for the 2014 Amendment Bill, parliamentary reports and speeches indicate that Articles 246A and 279A of the Constitution provide for cooperative federalism between states and the Centre. were introduced with the aim of promoting harmony.

In a 153-page judgment penned by Justice Chandrachud, the bench observed that the Center has a unanimous vote in the GST Council and also the absence of an adverse provision in Article 246A shows that the recommendations of the GST Council cannot be binding. .

The judgment further said, "Therefore, the argument that if the recommendations of the GST Council are not binding, the entire structure of GST will collapse, it is not sustainable.

(with language input)