Many people are wondering, why should they file income tax return on time (ITR)? Filing ITR comes with numerous benefits. So, if you are thinking of not filing the ITR, you should check this article!
Here, we listed the top benefits of filing ITR on time. Let’s scroll down!
Avail loan benefits
Individuals can avail of loan benefits while filing ITR on time. A copy of tax return and income statements are always asked for when you apply for a vehicle loan (2-wheeler or 4-wheeler), a home loan, and so on. Through the document you can easily get the loan.
Read also- Net Direct Tax collections up 60.8% YoY
Save interest and avoid charges
If you do not file your ITR on time, you may be charged interest on the tax you owe. However, by completing your ITR on time, you can avoid paying interest on the tax you owe, as provided by Sections 234A and 234B. There is no relief from the penalty for filing an ITR late.
You can claim tax refund
Even if your total taxable income is less than the basic exemption limit and you have no tax liability for the year, tax may have been deducted (TDS) from your earnings. You will have to claim TDS refund in this scenario, and you will be required to file an Income Tax Return.
Easy approval for Visa
While applying for a visa, there are many consulates and embassies that ask for the tax return copies for the previous two years. However, ITR copy is a kind of legal document, thus, it’s necessary to always file income tax return on time.
