There is crucial news for you if you are a taxpayer as well. Everyone is aware that the deadline for filing taxes is July 31st, therefore if you haven’t submitted your ITR yet, you are receiving a significant benefit. The government has informed us that taxpayers who file their ITR before July 31 would receive significant benefits. Let us explain the advantage you will soon receive:
ITR – May evade fines
You can avoid paying hefty fines if you file your taxes by July 31 or earlier. You would be subject to a punishment ranging from Rs 5000 to Rs 10,000 if you fail to submit your ITR by the deadline. In addition, if you file your ITR late, you can additionally owe interest on the tax that is owed.
In addition to being readily available from the bank
loans from this institution are also quite simple to obtain if you consistently file your income tax returns. You can easily submit an application for a loan at any commercial or public bank. For obtaining a bank loan, the ITR is a crucial document.
Moreover, losses may be carried over
The Income Tax Department Act of 1961, Sections 70 and 71, has specific procedures for rolling over losses from one year to the next. This indicates that your loss may be carried over to the following evaluation year.
You benefit from a variety of exemptions
The government offers you a variety of exclusions when you file an ITR. This lessens the financial strain on taxpayers. This encourages a growing number of people to submit ITRs.
ITR – Who is exempt from paying taxes?
Up to Rs 7 lakh of income is tax-free under the new tax system. Similarly to this, if a person chooses the old tax system, they are only eligible for an exemption of up to Rs. 2.5 lakh for those under 60 and up to Rs. 3 lakhs for those over 60.
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