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What are the Benefits of Filing Income Tax Return on Time?
It is that time of year when we all are rushing to get TDS certificates, finding ways to save tax because my dear amigos it's the ITR filing season! We Indians are well known for our ability to procrastinate and we bet you too agree with it. Not anymore! Today we are going to share mind-boggling benefits of filing income tax return not just on time but well before in advance.
- Do you need to file ITR & what is the due date?
Before the benefits of income tax return filing, you need to know whether you are required to file ITR. If you are below 60 years of age and have income more than ? 2,50,000 (before any deductions) then you need to file ITR. There are different due dates for different category of persons, for that refer to our blog Due Date for ITR Filings. You can also get in touch with our eCAs at Tax2Win and they can help you with ITR filing.
- BENEFITS OF FILING ITR ON TIME
There are innumerable benefits of filing Income Tax Return in advance. Here are some best reasons as to why you should file your Income Tax Return on time:
- DO YOU LOVE PAYING PENALTY & FEE? Well it is a weird question to ask, but if you don't file your return on time then fee under Sec 234F (upto ? 10,000) will be attracted. You can know further in detail about 234F on our blog. Also there are other different penalties & prosecution for the consequences on non-filing of ITR on time.
- You have to PAY INTEREST. If you do not file your Income Tax Return on time, then you will become liable to pay interest @ 1% p.m. or part of it, as per sec 234A. Too much technicality? Chill! Just get in touch with our eCAs to do it all for you.
- You will LOSE INTEREST ON DELAYED REFUND. As per sec 244A, if you have paid tax more than your actual liability, then you will get interest on refund @ 0.5% p.m. Interest will be given only when department doesn’t give you back the money within 45 days from date of final assessment. What a benefit given by govt for filing ITR on time! One will be a fool to not take advantage of it.
- You get the benefit to CARRY/ BROUGHT FORWARD LOSSES. Let's say, you have any capital loss/ business loss/ loss from other sources of current year. You will be able to set-off current income with current years loss but cannot carry it further. To simplify, excess loss can be taken to next year only when income tax return is filed on time.
- A crucial benefit of filing income tax return on time is NO CHANCE OF INCOME TAX NOTICE. When you file income tax return well before time, the chances of notice from department are almost NIL. Except when your return is taken up for scrutiny.
- Our lives are already filled with LOT OF STRESS in the form of EMIs or office work etc. This is the most important benefit of filing income tax return on time. Why take last moment stress when you can easily escape it! Technical failures on e-filing site, no proper tax management, TDS certificates, Form 26AS, the last minute rush and the list is endless. You can also contact our eCAs for the smoothest return filing experience ever.
Continuous advancement in technology, high-end processing systems have made easy for govt to catch tax evaders. The penalties for hiding income are greater than ever along with provisions for imprisonment. Why delay filing your Income Tax Return when we have shared such great benefits?
For more wonderful tax management tips, do follow our blogs and social media pages. Also to file income tax return for free, visit Tax2Win.