Any
individual who is earning a taxable salary, exceeding the basic exemption limit
has to file ITR. Despite, there
aremajority of millennials who consider income tax return filing as a daunting
process but they forget about the benefits they receive while filing returns.As
per the Income Tax Department, it has initiated the
mechanism of e-filing for the purpose of creating a tax system that makes the
taxpayer’s life easy. Hence, it is always advisable to file tax return even
when the taxable income falls below the basic exemption threshold.
Here's a
look at top advantages of filing ITR on time:
Hassle-free
loan Approval- The foremost advantage of Income Tax Return filing is
if you apply for home loans or other loans, it will be easily approved. There
are some major banks who require a copy of return before granting you a loan,
hence ITR filing prove to be very
helpful. Eventually, as the income tax return is no more a tedious task, thus
it allows you to keep a steady report of filing ITRs which may take a few
minutes and will help you in making your life easier. Furthermore, there are
other importance as well like it’s a poof of your income, and individuals can
use it for getting a loan in order to their income.
Carry
forward of losses- If losses incurred by an
individual both short term and long term, speculative and non-speculative,
capital or any other type o losses, that are not recorded in the tax return,
cannot be carried forward against the capital gains made in subsequent years.
So, if you do not file your income tax
return then you might not be eligible for an exemption against your tax
liability in subsequent years.
To claim a
Refund- An individual can claim the refund of the excess tax
paid during a financial year while filing his income tax returns during the
year This usually happens when the advance tax, self-assessment tax paid or TDS
deducted of the taxpayer is higher than the total tax liability of a taxpayer.
As per the income tax act, a person is required to file the return in the
relevant assessment year by July 31 to claim the refund.
Avoid
Penalties- If you file the income tax return, make sure that you
file your ITR before the due date to avoid any legal charges by the income tax
department. In case you do not file your income tax return then you will be
penalized up to Rs 10,000. besides interest, for not filing ITR online on
time.
Income
& Address Proof- Income Tax Return can be used as
proof of your income and address.
Quick visa
processing- Many embassies and consultants require you to furnish
copies of your tax returns for the past couple of year at the time of the visa
application.
Avoiding
additional interest rates: If a person has not filed income
tax return, then a belated return could incur additional interest at 1% per
month for the balance tax payable.
Number of
Taxpayers in previous year-
As per
government records, around 68 million income tax returns were filed during FY
2017-18, compared to 54 million filed during FY 2016-17. The number is expected
to rise further this year.
It’s easy
to file your income tax return-
The primary
objective of All India ITR is to make income tax return filing easier
with their filing system with the latest technology which has made it simpler
and user-friendly. We are working to break the myth of tax return filing
process that it is a time taking and tedious task. Through our application we made
the e-filing process so easy that you
can file your ITR in just 7 minutes. It has made the serious process of one's
income tax filing on the go. In case you are looking for any assistance then
feel free to connect at support@allindiaitr.com
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