The last date for filing Income Tax Return i.e. ITR for the financial year 2021-22 is near. There are many benefits of filing ITR on time. Let us get to know them in detail.
The last date for filing Income Tax Return i.e. ITR for the financial year 2021-22 is near.
The last date for filing Income Tax Return i.e. ITR for the financial year 2021-22 is near. income tax return The last date to file is 31 July 2022. Many people believe that if your income is less than the taxable limit, then it is not important to file ITR. However, ITR acts as a proof of your earnings and cumulative tax. If the total income exceeds the exemption limit, then filing of ITR becomes extremely important.
There are many benefits of filing ITR on time. Let us get to know them in detail.
ease of bank loan
All the big banks in the country ask about the copy of the tax return. With the help of ITR, banks get accurate information about the income of the individual. So with the help of ITR, it becomes easy for taxpayers to get home and vehicle loans.
help getting visa
Most of the embassies and consulates ask about the ITR of the traveler for the last two years at the time of visa application. If the documentation is complete, it can help speed up the application process.
According to the provisions of the Income Tax Act, the loss incurred in the previous financial year can be set off against the profit made in the current financial year. This can be done if you have filed your ITR on time. As per the IT Act, you can also forward your outstanding expenses to the next year.
to avoid fines
If the ITR is not filed on time, then the tax officer has the power to impose a fine of up to five thousand rupees on the person. Apart from this, TDS deducted by banks on interest paid on fixed deposits can be refunded if the person files the income tax return on time.
used as address proof
ITR can also be used as both address and income proof. It also comes in handy while applying for membership etc.