Income Tax: Important news for taxpayers. Actually, if you also want to get refund, then do this work. To avoid penalty and interest, it is necessary to file income tax return on time.
Taxpayers are always advised that they should file ITR on time. Because the sooner you file the return, the sooner you will get the refund. Apart from this, he will also be saved from penalty. The deadline set by the Income Tax Department is July 31. If a person does not file ITR by the given deadline, then he has to pay a fine of Rs 5000.
Most people think that ITR filing is a legal process through which the Income Tax Department maintains details of your taxable income. But let us tell you that its job is not only to give information about income and expenditure, but there are many other benefits of an ITR. Let’s know about them…
Fine can be up to 10,000-
If you keep postponing the filing, then the fine can reach up to Rs 10,000. Also, if you have any tax dues and do not pay them by the deadline, you will still have to pay interest on the outstanding amount. These penalties and interest charges can be avoided by filing your income tax return on time.
Can claim refund-
If you come under the purview of income tax, then one of the benefits of filing income tax return on time is that you can claim refund. If you have invested in schemes like PPF or Kisan Vikas Patra, then you can claim exemption under 80C. But you can claim the return only when ITR is filed on time. If you file ITR after the deadline, you may not get the refund.
Strong Financial History-
The most important advantage of filing your income tax return on time is that your financial history is strong. Because of which the credit score also improves. Explain that having a good credit score is necessary for loan application in any bank. It not only provides easy loans, but also provides the facility of low interest rate through it.
Can also avoid audit-
By filing your tax return on time, you can also avoid the audit of the Income Tax Department. If you file your return after the deadline, the Income Tax Department can review the information provided by you.
