Benefits of filing ITR on time
Benefits of filing ITR on time https://www.fundstiger.com/benefits-filing-itr-on-time/ Taxpayers are required to file their income tax return (ITR) before the set due date of the assessment year (AY). The government normally gives a 4-month window for taxpayers to consolidate their income details and file their ITR every AY. If the returns are not filed by the given due date, you may face penalties or other consequences. Benefits of filing ITR Filing ITR is an annual activity that is considered to be both social and moral responsibility of every citizen of the country. Apart from that, there are many other benefits which are mentioned below: 1. Loan or Card Company may seek your Return If you are planning to apply for a vehicle loan (2-wheeler or 4-wheeler), house loan, etc., then it is recommended to file your returns as the loan company may request it. Consider filing your spouse’s returns too, if you want to apply for a loan as a co-borrower. In some cases, even credit c...