Thursday, October 21, 2021
HomeFinanceFill Income Tax Return before the last date, these 7 benefits will...

Fill Income Tax Return before the last date, these 7 benefits will be there

It is often seen that the taxpayer has to face a lot of problems on the last date of filing an income tax return. Traffic on the Income Tax website increases. In such a situation why it is better that we file our return before the last date, it will also have many benefits. Learn about 7 such benefits 

The biggest advantage of filing income tax returns on time or before the last date is the avoidance of Last Hour Rush. With this, you do not have the fear of getting any kind of penalty which also saves you from stress. If this rule becomes your habit then you have more benefits. 

To file an income tax return, a person has to collect many types of documents. This includes bank statements, loan statements, savings certificates, TDS certificates, various forms from employers, etc.  

Prabhakar Gupta, Tax Advisor and Chartered Accountant at Suresoft Technologies, says that one of the major advantages of filing tax returns ahead of time is that you can revise your returns. That is, if some mistake has been made in it, then it can be rectified or if any document is left less then it can be corrected. If you file tax before the last date, you get enough time for this. 

Read More: Problem-related to Aadhaar will be fixed in just one call, UIDAI is giving a special facility

The filing of IT returns after the last date is called ‘belated returns’. In such a situation, the income taxpayer has to pay fees and interest on filing ITR. Therefore, due to the early filing of the return, you save this interest and penalty. 

Prabhakar Gupta says that suppose you have a loss or have a capital loss in your business. In such a situation, if you have not filed your ITR before the last date, then you can neither carry forward nor set off this loss in the ITR of the coming years. In such a situation, an advantage of filing ITR ahead of time is also to carry forward the loss.  

When you know that you will definitely get an income tax refund, then you should file ITR on time. This allows you to get your refund on time and faster, as the workload on the tax authorities increases after filing the return on the last date, so your refund may also come late. 

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

Delay in filing ITR will attract a penalty of Rs 5,000! Only these taxpayers will get an exemption

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing ITR for the financial year 2020-21 once to 31 December 2021....

ITR Filing: Deadline extended again, Income tax return filing now extended till December 31

ITR Filing: The last date for filing an income tax return was earlier 31st July. It was earlier extended to 30 September. Now it...

ITR Filing: Although income tax is not worth earning, it is necessary to file a tax return because various benefits are available

Return of Income: If your income is so low that you qualify for a tax exemption, you are not required to file an ITR by...

Income Tax Savings: Even if your salary is Rs 10 lakh, you would not have to pay a single rupee in taxes if you...

Income Tax Savings: If you make more than Rs 10 lakh per year and pay a considerable portion of your earnings to the government in...

Check your refund status here. Income Tax Refund: The Income Tax Department reimbursed Rs 45,89 crore to 21 lakh taxpayers

Refund of Income Tax: The Income Tax Department has awarded refunds totaling Rs 13,694 crore to 21.32 individuals. Here you may check your current status. New...

Subscribe

* indicates required