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Benefits of Filing Income Tax Return on time – AY 2019-20
Updated on: Jan 13th, 2022 - 3:46:34 AM
5 min read
Are you wondering whether you should file your tax return or not?
Or you read it somewhere that if your income is below the basic exemption limit, then you might as well skip filing your income tax return? Before you make up your mind to not file your ITR, read on to know the benefits of filing the income tax return even when you are not mandatorily required to file. You will thank yourself later for it.
Latest Updates
Easy Loan Approval
Filing the ITR will help individuals, when they have to apply for a vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns as a proof of income statement. This is a mandatory document for the loan approval.
Claim Tax Refund
There can be instances when tax has been deducted (TDS) from your income even when your total taxable income is less than the basic exemption limit and you have nil tax liability for that year. In such a case, you will have to claim TDS refun for which you will have to file an Income Tax Return mandatorily.
Income & Address Proof
Income Tax Return can be used as proof of your Income and Address.
Quick Visa Processing
Most embassies & consulatants require you to furnish copies of your tax returns for the past couple of years at the time of the visa application. These are amongst mandatorily required documents and hence it is always advisable to timely file your ITR.
Carry Forward Your Losses
If you file the return within the orifinal due date, you will be able to carry forward losses to subsequent years, which can be used to set off against the income of subsequent years. This means you can deduct certain losses from the relavent income which will help you reduce your tax liability of the future income. This is not possible without filing of the income tax return.
Avoid Penalty
If you are required to file your tax returns according to the income tax act, but didn’t, then the tax officer deserves the right to impose a penalty of up to Rs.5,000.
Refer & Earn up to Rs. 3000
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Income Tax E-Filing with ClearTax
Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.
Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.
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