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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