Income tax return is a document through which you have to give information to the government of India about your income expenditures and investments. According to the income tax law of India if your annual income is more than 2 lacs 50 thousands then it is mandatory for you to file the income tax return. But even if your income is below 2 lacs 50 thousands, you are advised to file the income tax return because it has following advantages: If you wish to take any loan like; personal loan, business loan or home loan from any Indian Bank then income tax return is mandatory. The Government of India deducts TDS from the salary of all of the government and private sector employees and the only way to get the refund of TDS is to file income tax return. If you wish to go abroad then to apply for the visa, 3 years of income tax return is mandatory. Apart from that if you wish to take advantage of any government scheme then income tax return is a useful document. Even if your income is not taxable you should file the Nil or zero return because it will enhance your record in the eyes of income tax department and that will get you benefits in the future. At present time, filing the income tax return has become quite easier as you can apply it online from your doorstep. Henceforth, as an active citizen of our country every individual must file the income tax return on annual basis.

PAN card is an important document. For all types of financial transactions PAN card is required. As per the latest norms of Government of India to open a bank account, PAN card is a must. To deposit Rs. 50 thousands in your bank account, PAN card is a must. Without PAN card you can not file your income tax return. If you wish to purchase or sell a Motorcycle or a Car, PAN card is a must. To buy and sell a Property worth more than Rs. 10 lacs, PAN card is a must. To Purchase any Good (thing) or to do any Work Assignment worth more than Rs. 2 lakh, PAN card is a must.

according to the GST council of India if your annual turnover is more than Rs. 40 lacs, then you need to get your business registered for GST. If your business comes under service industry and your annual turnover is Rs. 20 lacs then you need to get your business registered for GST. If you are operating your business from various states of the country then you need to get a separate GST number for each of the states. If you wish to do your business through online E-Commerce websites then GST registration is mandatory. If you wish to do your business through your own brand name or trade name then GST registration is mandatory. If your business falls under any of the above GST guidelines and still you don't get your GST number then there is a provision to fine of 50% of the payable tax amount or at least Rs 10,000 as per the GST Act.