BENEFITS OF TIMELY FILLING INCOME TAX FILE BEFORE DUE DATE OR BEFORE TIME

   

Some benefits of timely INCOME TAX filing BEFORE DUE DATE OR BEFORE TIME-

• Any losses happen in business/ house property/ capital losses can be carried forward if ITR is filed timely. Else these losses lapse, if filed after due date.
• Any refunds of excess TDS deducted can be claimed 
• After due date filing will give a burden of penalty  U/S 234F i.e. Rs 1,000 to 5,000.
• Tax planning and tax saving opportunities can be optimized if ITR filed in timely. Late filing or files after due date will increase tax burden like interest and late fees.
• If any one file his income tax declaration in time then his profile in view of income tax department and his CIBIL rating also get heavy.
• Visa documentation is facilitated (authorities ask for previous 3 year ITRs)
• Timely filing of income tax declaration will help to get bank loan and other facilities from bank and it will also enlarged your profile in view of bank when you do loan application in any bank.
  

So , these are some benefits of timely filing of income tax return but if some one did not file his return in time also after getting taxable income.

Some interesting topic only for you - 

• INCOME TAX REFUND PROCESS IN INDIA 
• CAPITAL GAIN DEFINITION AND TYPES 
• STANDARD DEDUCTION U/S 87A FOR FY 2018-19 
• GOVERNMENT PROPOSAL TO MEET BASIC INCOME IN INDIA 
• NECESSITY OF A GOOD GST PRACTITIONER
• List of Exempted Income Under Section 10 of Indian Income Tax Act

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