Reasons To File Income Tax Returns On Time
Finance 267

Reasons To File Income Tax Returns On Time

Reasons To File Income Tax Returns On Time

Failing to file income tax returns on time may lead to undesirable consequences, including late fines and non-availing of loans. To avoid the issues, it is crucial to follow the tax filing updates, note the deadline, and always be on time to file the returns. Please read on to learn more!  

We will distribute this article into two components, covering two vital areas. One will focus on the need to file returns, and the other will communicate the importance of timely returns.

People earning at or more than the prescribed annual income level have to file returns mandatorily. Filing returns has wide-ranging benefits, and it is a sign that you are a responsible citizen. Not just that, you can contribute to nation-building efforts, and you can set an excellent example for others to follow. Most importantly, you can gain peace of mind that whatever you are earning is known and tracked by the IT department, and you are a lawful, dignified earner.

Filing returns allows an individual to apply for a loan easily. No matter the loan type – house or car loan, all banks will ask for a copy of ITR. Many embassies require applicants to provide them with copies of income tax returns for the past few years, which act as legitimate proof of one’s financial status and eventually may help speed up visa processing. ITR documents are also a powerful proof of income and address.

Although many, the benefits could only be availed when you are filing returns on time. Failing to file the return within the due timeline could result in several undesirable consequences.

Pay interest on the tax payable

There is a penalty for the late filing of income tax returns. If you are needed to file your due tax returns according to the act, but failed to do so, then the tax officer has the right to impose a penalty.

Notice from the IT department

One may get notices from the concerned department for several reasons, including misrepresentation of facts, non-disclosure of income, filing defective income, previous tax evasion etc., to name a few. Another situation for receiving notice is when you make delays filing IT returns. A notice may bring headaches, so returns must be filed on time.

Get loans and benefit from speedy approvals

As mentioned earlier, filing returns benefits in speeding up loan approvals and visa processing. It is needed in many scenarios, where one may need to prove that s/he is a law-abiding and tax-paying citizen of the country. So, not filing returns on time may negatively reflect many aspects of life.

Also, taxpayers who file their returns timely may get their tax refunds faster.

The above reasons should be enough to highlight how important it is to be on time when filing returns.

Income tax return filing

E-filing income tax returns are beneficial because the online programs assist one in doing many calculations, thereby taking the guesswork out of the process. It is fast, easy and straightforward. To e-file income tax returns, visit the income tax department’s website.

To learn more about the filing process or get expert assistance in e-filing income tax returns, ITR services, you may want to visit the website now!

You must be logged in to post a comment Login

Leave a Reply