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Know the 5 advantages of filing ITR on time

RBG Consultant

The filing of income tax return in India is mandatory for every individual who has a source of income - regular or irregular. Income tax return is a form in which taxpayer declare their income details and the tax applicable to it during the year. There are several reasons why taxpayers should file ITR on time. In this blog, we will understand the timely benefits of filing ITR. 



Top 5 benefits of filing ITR on time

Filing ITR is a social responsibility of every responsible citizen of the county.  Here are the five benefits you can enjoy by filing your income tax return on time even if you earn below the taxable limit. 

1. Save interest

As taxpayers are required to pay interest for the late filing of ITR, it is recommended to file it on time to save interest applicable on the payable tax. 

2. Avoid notice from the income tax department

The income tax department will send you an official notice if you are not filing ITR before the due date. 

3. Claim refund

By filing an ITR online, individuals can claim a tax refund from the IT department. This is of great benefit to self employed and salaried persons falling in a high income bracket. 

4. Processing of documents

Income tax return is an important document for processing applications for numerous processes. Hence, if you will file the tax return on time, it will help in smooth processing of applications for house loans, obtaining credit cards etc.

5. Carry forward your losses 

As per the income tax rules, timely filing of ITR will allow you to carry forward your losses to subsequent years. Thus, the provision will help you in reducing your tax obligations in future years. 

Finally, submitting an income tax return is a sign that you are a responsible citizen of the country. Also, in some cases where your income level does not qualify for mandatory filing of your returns, it may still be a good idea to voluntarily file returns. This is because real estate registration requires you to file a tax return for the last three years as evidenced in some states. Also, if the applicable tax is paid, the process will be smooth for businesses to enter into subsequent transactions.

Choose RBG Consultants for Efiling of income tax return online

You may feel the burden to file your income tax return on time if you have never done it before or have zero experience in this regard. The best way to go about it is to take the help of reputed firms such as RBG Consultants. They provide the best income tax return filing services in Dwarka. When you choose them you can be assured of timely filing of income tax returns. Scroll through their website to check testimonials from their valuable clients. 

Reach out to them if you have any queries or would like to know more about their services!

RBG Consultant
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