If you need to do ITR filing this year, you can do so starting in the last or first week of April at the Income Tax Department. For those in the salaried class whose accounts do not need to be audited until July 31 for the fiscal year 2022–2023, ITR forms are completed.
To avoid any penalties,
taxpayers must do ITR filing within the allotted time frame. The Income Tax Department’s website states that late ITR filing carries a penalty of up to Rs 5000. Tell us about the advantages of submitting an ITR by July 31.
According to the guidelines,
you may face a punishment of up to Rs 10,000 if you failed to file an ITR by the deadline. In addition, if you file your ITR late, you can additionally owe interest on the tax that is owed.
If you consistently are doing ITR filing,
any public or private bank is willing to readily grant you a loan. ITR is a crucial document for the approval of any kind of loan.
The Income Tax Act of 1961 contains specific provisions
for loss carryover to the next year under Sections 70 and 71. This indicates that your loss may be carried over to the following evaluation year.
When you do ITR filing,
the government lets you deduct certain expenses. This lessens the financial strain on taxpayers. This encourages a growing number of people to submit ITRs.
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