Monday, May 23, 2022

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. 



Please enter your comment!
Please enter your name here

Most Popular


Know about 5 new changes that you should be aware of, ranging from PF accounts to post office savings schemes.

The regulations governing income taxes are continually changing, and it is critical for taxpayers to be informed of these changes. For income tax purposes,...

ITR Update: No Taxable Income, Still Tax Deducted! Know how to get refund?

New Delhi: Income Tax Rules: People often complain that their salary is not taxable, yet their TDS has been deducted, or TDS has been...

Today is the last day to deposit Advance Tax! You will be harshly penalised if you fail; be aware of the full procedure.

Final Day to Deposit Advance Tax: If you have not yet deposited the advance tax for the financial year 2020-21 (The financial year 2021-22),...

Very important information! Government has issued an alert, do this work in any case this month; otherwise there will be big loss

New Delhi: Deadline for PAN-Aadhaar linking: There is working news for PAN cardholders. From filing income tax returns to major banking transactions, linking Aadhaar...

ITR Filing: There has been a big change in the rules for filling ITR! Know how income tax will be filed now

Online Filing ITR: Taxpayers who were unable to file Income Tax Return (ITR Filing) can file it by following this process with a fine...

Most Popular


* indicates required