Are you in a habit of filing Income Tax Return late around the due date? If yes, this article is for you. Read ahead. Here is a list of most irresistible benefits that will help you change the practice of filing Income Tax Return close to the due date. And, you will start availing the benefits of filing Income Tax Return early.
5 Benefits of Filing Income Tax Return Early:
Fastest Refund Process:
If you file Income Tax Refund well on time before the deadline, you will get the fastest refund. It’s on “First come First serve” basis. That means, if you file income tax return early, the Income Tax Department will process your refund earlier than others who are filing their income tax return on the deadline. So, when you have the option to avail the benefits of filing Income Tax Return Early, why to wait until the last day to file it?
Opportunity to Review and Revise your Income Tax Return:
It is very likely to happen that we make mistakes while filing Income Tax Return. You get enough time to review & revise your ITR on filing Income Tax Return Early. However, this is possible only, if you file Income Tax Return before 31st March.
Avoid Late Fee and Interest:
As Benefits of Filing Income Tax Return Early, you will avoid the late fee penalty as well as interest which you will have to pay @ 1% per month from the due date till the date of payment of the due taxes.
Recommended Read: What if You do not File Income Tax Return Before Due Date?
Avoid Legal Consequences:
If you do not File Income Tax Return Before Due Date, the Income Tax Department can take legal actions against you under section 234F, Section 142 (1) (i) & Section 148. And, in the worst case, you may get a jail term of even years as well. For details read What if You do not File Income Tax Return Before Due Date?
An Extra Benefits:
The list of benefits is not ending here. When you apply for a loan or Visa, Income Tax Return is one of the important or mandate document which you need to submit. As your financial stability matters when you apply for a loan or a VISA. Filing Income Tax Return Early gives you an extra benefit. And, with this benefit, you will never miss an opportunity to buy a house or a car or travel abroad. Moreover, Filing Income Tax Return Early will keep you away from slow working Income Tax Official Website due to high traffic near the deadline.
Though it is already late, but it’s not too late. Go ahead and file your Income Tax Return now. And, be on time next AY onwards to take benefits of filing Income Tax Return early.