Easy Office
LCI Learning

Benefits of filing Income tax return (ITR) on time

Divyanshu Sharma , Last updated: 07 June 2023  
  Share


Listing some of the benefits of filing an Income tax return on time below:

(1) Easy loan approval

Banks and other financial institutions often require a copy of your income tax return as proof of income when you apply for a loan. Filing your return on time will make it easier to get approved for a loan.

Benefits of filing Income tax return (ITR) on time

(2) TDS refund

If you have paid excess TDS, you can file a return to claim a refund. The sooner you file, the sooner you will receive your refund.

Benefits of filing Income tax return on time

(3) Income and address proof

Your income tax return can be used as proof of income and address for a variety of purposes, such as applying for a job, a rental property, or a government benefit.

(4) Quick visa processing

If you are planning to travel abroad, you may need to provide a copy of your income tax return to the embassy or consulate. Filing your return on time will help to ensure that your visa application is processed quickly.

 

(5) Set off & Carry forward of losses

If you have a loss from your business or investments,you can carry it forward to offset future income. This can help to reduce your tax liability in future years

 

(6) Avoiding penalties & late fees

If you file your return late, you may be subject to penalty & late fees.

In addition to these benefits, filing your income tax return on time is simply the right thing to do. By paying your taxes on time, you are helping to support the government and the services that it provides.

Join CCI Pro

  7332 Views

Comments


Related Articles


Loading


Popular Articles




CCI Articles

submit article