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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.
CBDT has issued a circular on 20th May 2021 extending the timelines for certain direct tax compliances for AY 2021-22.
1. ITR Filing:
i. The due date for filing ITR by taxpayers not covered under audit is extended from 31st July 21 to 30th Sep 21, for Tax audit cases it is extended to 30th Nov 2021 and for transfer Pricing cases, the due date is extended to 31st December. The due date to file a Belated or Revised Return is extended from 31st Dec 2021 to 31st Jan 2022.
2. Furnishing Audit Report:
i. The due date to furnish the audit report is extended to 31st Oct 2021, the audit report for transfer pricing cases is extended to 30th Nov 2021.
Union Budget 2021 Update:
Exemption from ITR filing to senior citizens aged 75 years and above, earning only pension and interest income.
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.
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 Tax Return can be used as proof of your Income and Address.
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.
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.
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