Income Tax Return: If you are taxpayers then you should file tax return by 31st July. If you have not filed ITR yet, do so immediately. Do not wait for its last date.
Income tax return: If you are taxpayers then you should file tax return by 31st July. If you have not filed ITR yet, do so immediately. Do not wait for its last date. If you file your ITR on time, you can get huge benefits. Many people are not aware of its benefits, so today we are telling about these benefits.
Escape the penalty
If you file your tax return on or before July 31, you will not have to pay the penalty. If you do not file ITR on time then you will have to pay fine. This fine can be up to Rs 5,000 to Rs 10,000. You may also have to pay interest for late filing of ITR.
Easy to get loan if ITR is filed on time
ITR has to be filled to take a bank loan. If you file income tax return consistently then you will get bank loan easily. ITR is also an important document for taking a loan.
They will not have to pay tax
Under the new tax regime, no tax will have to be paid on income up to Rs 7 lakh. In the old tax system, this exemption is Rs 2.5 lakh. The same exemption is available to people above 60 years of age up to Rs 3 lakh.
