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7 Benefits of Early Filing Income Tax Return

Benefits of Early Filing Income Tax Return

7 Benefits of Early Filing Income Tax Return

There is an old saying by Kabir : Tomorrows work do today, today’s work now, If the moment is lost, the work be done how. The same applies to your Income Tax Return. Due date of Income Tax Return filing is near i.e. 31st July, 2018 and many of us is unaware about this fact. Non-filing of ITR for Assessment Year (AY) 2018-19 before the due date may leads to penalties. So it is better to read and understand the benefits of early filing Income Tax Return which are as given below:

1. Faster refund process:

Yes, you read it right! The Income Tax refund is processed on a “first come first serve” basis i.e. those who file their Income Tax Return first will get their refund on priority and faster too than those who wait until the end.  So why are you waiting for the last day to file your returns. Avoid last minute rush with early filing of Income Tax Return with us.

2. Revise your Income Tax Return:

We all have faced such a situation where we have made mistakes while filing our ITR and we find about it later. Filing return early allows you to be sure and to get enough time to review all the details. However, those who made silly mistakes while preparing their ITR, the department gives them time to revise and re-revise your Income Tax Return. Although this is possible only if you file your return within the time frame of the due date.

3. Take advantage of your Losses:

Incurring losses is one of the worst nightmare of every Businessman. But, what if you could deduct these losses from your income of next year? Seems Interesting? Oh yes, if you file your ITR on time and notify the government about your losses, you can carry forward them and avail set-off provisions given by ITD (Income Tax Department).

4. Avoid legal Penalties:

As we know that Government is getting more stricter day by day. From this Assessment Year, government has imposed new penalties on filing your Income Tax Return after the due date or not filing it at all has legal implications too. In case you file your return after the due date, you will have to pay an interest u/s 234A for late filing @ 1% per month or part thereof, along with the tax due. Also, there are new penalties of Rs. 5000 and Rs.10000 on return filing after due dates. Moreover, you are under the high risks of receiving dreadful income tax department notices.

5. Premium Filing at Premium Time:

Have you ever stuck in a traffic when you are already in so much hurry? What will happen? Either you will get a clear pass or you will get late to your office. And we all know the possibility of getting a clear pass. Similarly, when thousands of people are trying to file their return at the same time on last minute, the website experiences high traffic and might crash. Leaving you, late for filing your return. So, why file your ITR during the rush hour when you can easily avoid it by filing it earlier than others.

6. Everything goes your way:

Don’t you want that carefree life where you know everything is going the right way? So what’s stopping you? Last minute tax filing is only going to put restrictions on your carefree living. Filing your ITR with ample time in hand will make sure your get that “everything’s going my way” feeling.

7. ITR for Loans and Visa:

When you are applying for a loan or Visa, Income Tax Return is a base statement. As a precondition to approving your loan or Visa, financial stability is a very important factor. The Income Tax Return is the best document used to judge your financial credibility and stability. Filing your return early will make sure that you never miss an opportunity to buy a house or travel to the country that you have always dreamed of.

There are still a few weeks left before 31st July, 2018. Take advantage of this time to file your income tax return as soon as possible. You have 7 of the most irresistible benefits to just grab your forms and file your tax return now!

You can file your Income Tax Return with us. Our experts will help you in this matter. You can contact by mailing us at info@itslyf.com or by giving a miss call at +91-9870797127.

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