Why file your Income Tax Return on Time or earlier than due date?
Here is a number of the most appealing benefits to file your Income Tax Returns on time.
Q.1. Mr. Singla… is it help in Faster refund process:
Ans: You are very right! The refund of tax is processed on a “first come first serve” basis. This means if you file your return early, your refund will be processed earlier than those who wait till the end. So why wait till the last day to file your returns?
Q2. Singla sir, is it help in Review and Revise your ITR:
Ans: Yes .. you are absolutely right.. sometimes we all have been in that situation where we make a mistake in ITR and find about it later. Filing return early makes sure that you get enough time to review all the details. However, those who are unable to avoid silly mistakes, the department gives you time to revise and re-revise your ITR, although this is possible only if your file your return within the time-frame of due date.
Q3. Sir.. advise me how it is helpful in Take benefit of your Losses in next years:
Ans: Sir, when we incur losses. However, what if you could deduct these looses from your income of next years. 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 the Income Tax Department.
Q4. Mr. OPK…how it benefiting in Avoid legal repercussions:
Ans: Sir, I would like to tell you but, filing your ITR after the due date or not filing it at all has legal problems. 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. Moreover, you are under the high risks of receiving dreadful income tax department notices.
Q5. Mr. Singla… what is Crown Filing at Crown Time:
Ans: Consider a situation when you are stuck in a lot of traffic. What will happen? Either you will get a clear pass or you will get late to your office. We all know the possibility of getting a clear pass. Similarly, when millions of people try to file their return at the same time, the site have high traffic and may crash and 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?
Q6. Mr. Singla… is Everything goes in our way:
Ans: No no… we should not think that everything will go in our way. Never we carefree in life. Last-minute tax filing is only going to put a setback to your carefree living. Fie your ITR with ample time in hand.
Q7. Mr. OPK .. what are some other benefits?
Ans: Sir.. today! lot of queries you have.. and I will feel proud to make it appropriate answers. When you are applying for a loan or Visa, etc.. then Income Tax Return is base evidence. This might bombshell you, but, as a precondition to approve your loan or Visa, fiscal solidity is an vital factor. The Income Tax Return is the best document used to judge your financial credibility. 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. Take advantage of this time to file your 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!
Thanks… Mr. Singla…. I want to get one commitment from you for further giving us some time to clarify further issues on income tax.
Mr. Singla: Sure .. Sir, our roots are our commitment…