Tax & Compliances
Benefits of Filing Income Tax Return (ITR) on Time
Cyber fraud is a blanket term to describe crimes committed by cyber attackers via the internet. These crimes are committed with the intent to illegally acquire and leverage an individual’s or business’s sensitive information for monetary gain.
1. Easy Loan Approval
Filing your ITR can be beneficial when applying for various loans such as vehicle loans (2-wheelers or 4-wheelers) or home loans. Major banks often require a copy of your tax returns as proof of your income statement. This is a mandatory document for loan approval.
2. Claim Tax Refund
There may be instances where tax has been deducted (TDS) from your income, even if your total taxable income is below the basic exemption limit, or you have no tax liability for that year. In such cases, you must file an Income Tax Return to claim a refund of the TDS.
3. Income & Address Proof
Your Income Tax Return can serve as proof of your income and address.
4. Quick Visa Processing
When applying for a visa, most embassies and consultants require copies of your tax returns from the past couple of years. These documents are among the mandatory requirements. Therefore, it is advisable to file your ITR in a timely manner.
5. Carry Forward Your Losses
By filing your return within the original due date, you can carry forward losses to subsequent years. These losses can be offset against the income of future years, thereby reducing your tax liability. Without filing an income tax return, this benefit would not be possible.
6. Avoid Penalty
If you are required to file your tax returns according to the income tax act but fail to do so, the tax officer has the right to impose a penalty of up to Rs. 5,000.
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