Excess Tax Refund
Certain passive income is subject to tax withholding, including dividend income and interest on term deposits, and these may not apply to many people if it is below the threshold. Most individual taxpayers who simply have the income as specified under income tax Act must file tax returns to be eligible for a tax refund. Even when excess taxes are withheld from salaried individuals, filing returns is necessary to request a refund of the excess taxes.
The immigration authorities ask for copies of previously filed tax returns when people want to accept employment or travel for business outside India. The filing of tax returns guarantees efficient processing of VISA requests because immigration authorities will view the applicant as tax-compliant.
IP assets can be sold, licenced, or used as collateral for loan financing to monetise and commercialise them. Additionally, IP can be a benefit when requesting public or governmental support, grants, subsidies, or loans.