H&R Block Encourages People to File Early and Reap Several Benefits Including an Early Refund

PUNE, India, May 10, 2016 /PRNewswire/ --

H&R Block India Pvt. Ltd., subsidiary of the global leader in tax preparation and the largest individual tax services company, has already started e-filing returns for the year ended 31st March 2016 i.e. FY 2015-16. One of the biggest player in the tax filing service industry for individuals, H&R Block always strives to simplify taxes for the common man and create awareness on 'tax filing as a duty' of every responsible citizen of India.

Last fiscal year a little over 4 crore people filed their income tax returns in India. A mere 3.2% of the total population of India files taxes. H&R Block clarified that the Income Tax department has released the ITR forms early this year signifying their intentions to avoid any extensions in time limits. Individuals should hence plan to file sooner rather than later. Generally, employers release the Form 16 for employees in the month of May but employees think of filing only when the due date is near or even on the due date to file taxes which is 31st July. Filing early has a lot of benefits attached to it like faster processing of refunds, ample time to make sure that you collect all documentation and do not make mistakes and also, revising the returns in case of mistakes.

In the last few days before the tax filing due date, the income tax website gets huge traffic and hence the return processing slows down and the website even crashes on certain occasions. Hence, filing well before time in May or even June is always recommended.

Income tax e-filing is compulsory and has to be done even if TDS has been deducted and paid from your salary. However many people mistake TDS deduction to be the final process and avoid tax filing. There are many who do not file since they do not earn income above Rs. 2,50,000, which is the minimum amount chargeable to tax. However filing taxes is compulsory and has its own set of benefits like faster VISA processing, quicker home loan processing and many more since ITR is an important supporting document. This is because an ITR is a proof of income earned and taxes paid by an individual during a financial year and hence a valid proof of income. Moreover many times filing taxes also helps you claim your rightful refunds of which you may not be aware until you file returns. In India only 20% of salaried class claim their refunds as against 80% in the USA. Tax payers need to be aware of tax filing and its benefits which will encourage them to file taxes.

The ITD has introduced many new facilities for the ease of tax filing like simplified ITR forms, EVC to expedite the verification of ITRs and e-Sahyog to resolve and settle tax notices online. The tax filers should encash these opportunities and look forward to file their returns. This will also help them claim their rightful refunds.

About H&R Block:

H&R Block forayed into India in January of 2012 and today we are the largest consumer tax filing company in India. We have already tied up with 300+ corporates and e-Filed 3+ lakh returns, with 9/10 customer satisfaction score. H&R Block India strives to blend tax expertise with a strong focus on continually improving the client experience to provide all its clients with an unparalleled value proposition. To know more about the company, click here.

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