4 Reasons To File Your ITR On Time
4 Reasons To File Your
ITR On Time
Online GST Return Most of us
have this perception that if we have filed all our taxes, there is no need to
file an income tax return again. But we should know the importance of filing an
ITR even if we have paid all our taxes. The government this year exempted the
common man from the penalty of not filing an ITR, but from next year, i.e.
2018, delayed ITRs will be fined.
Online GST Return There are benefits of filing an ITR
even if your income isn't taxable. It was necessary to file an ITR, for those
who have deposited a cash of 2 lakh INR or more during the period of
demonetization. The income tax department is tracking your financial sources.
There have been many tax payers who have received SMSs regarding the delayed
filing of ITR or no filing in some cases. The statement of 26AS gives the
details of the receipt income and the TDS. Also it has been mandatory to link
the Adhaar cards with the PAN. So in order to avoid warning letters from the
income tax department, you must keep in mind to file your ITRs on time. Listed
below are a few more additional benefits of filing an ITR.
Online GST Return Loss Carry Forward - If belated return
is filed, losses can't be carrying forwarded. The losses for the following
income are: Income from business, sources which can't be carried forward and
capital gain. The losses can't be carried forward even the payment of tax has
been received. Thus the ITR filing on time would have helped in saving that
loss.
Delayed ITR when tax is Unpaid -
If you haven't filed an ITR for an untaxed responsibility, filing it after due
date can lead to a 1% penal interest/month. This interest will be effective
from the date of filing an ITR.
What if the ITR isn't filed even
after the end of the Assessment year?
If you have not filed the ITR by
31st of March of the pertinent assessment year and you taxes are still due,
5000/- INR penalty will be imposed by the tax authorities, if failed to provide
a reasonable cause for delay.
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