Income Tax Return: If you have to file Income Tax Return this time, then it will start from the Income Tax Department in the last week of April or the first week of May. ITR is filled on behalf of such salaried class whose accounts do not need to be audited till 31 July for the financial year 2022-23.
Taxpayers are required to file ITR within the stipulated time limit to avoid any kind of penalty. According to the website of the Income Tax Department, a penalty of up to Rs 5000 is imposed for late ITR filing. Let us know about the benefits of filing ITR before July 31-
If you have not filed ITR till the last date, then according to the rules, you may have to pay a fine of up to Rs 10,000. Apart from this, you may also have to pay interest on the tax due on delay in ITR filing.
If you file income tax returns continuously, then any government or private bank gets ready to give you loan easily. ITR is an important document for any type of loan approval.
Sections 70 and 71 of the Income Tax Act 1961 contain certain provisions for carry forward of loss of a particular year to the next year. This means that you can carry forward your loss to the next assessment year.
The government allows you some deductions when you file ITR. This helps in reducing the burden on taxpayers. This motivates more and more people to file ITR.
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