The last date for filing Income Tax Return for the Financial Year 2017-18 was 31st July 2018, which recently extended to 31st August 2018. There are a lot of taxpayers who are overwhelmed due to this development, but here are a couple of benefits that you must be missing, if you don’t file your Itr now.
Here are a couple of benefits of filing your Income Tax Return on time.
- It is the sign of a responsible citizen
Filing Income Tax Return is mandatory for every individual who has income in India. It is also important for a taxpayer to file ITR in order to maintain sound financial records. When you you’re your Income Tax Returns, you are fulfilling a national duty which brings you into the fore as your income gets recorded with the I-T department with applicable tax (if there is any) having been paid. It is the clear sign of a responsible citizen of India.
- Important while applying for Loan
Individuals who are planning to apply for any kind of loan will have to file Income Tax Return, as without the Income Tax Return details an individual cannot get loan from any bank or financial firms. Many major banks ask the taxpayer to provide a of copy of their Income Tax Returns, that’s why keeping a steady record of filing ITRs will make life easier for you in such a situation. Moreover, ITR is also considered as an income proof and an individual might be able to use it to get a loan against his/her income.
- You can claim Tax Refund
There are times when a taxpayer ends up paying extra than the tax liability, in the form of Advance Tax or Self-Assessment Tax. In case you have paid extra tax to the Government, you can claim a refund while filing your ITR. You will receive the refund amount with 30-90 working days.
File your ITR now and get an instant discount of Rs.50 by applying our coupon code ITR50. You can also earn by using our refer and earn scheme, you just have to tell others about us and earn.