{"id":207973,"date":"2024-06-18T09:46:24","date_gmt":"2024-06-18T09:46:24","guid":{"rendered":"https:\/\/businesnewswire.com\/?p=40561"},"modified":"2024-06-18T09:46:24","modified_gmt":"2024-06-18T09:46:24","slug":"benefits-of-filing-your-itr-online-a-comprehensive-overview","status":"publish","type":"post","link":"http:\/\/ipsnews.net\/business\/2024\/06\/18\/benefits-of-filing-your-itr-online-a-comprehensive-overview\/","title":{"rendered":"Benefits of Filing Your ITR Online: A Comprehensive Overview"},"content":{"rendered":"

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The Last date to file ITR for FY 23-24, AY 24-25 without a late fee is 31st July 2024.<\/b>\u00a0<\/span><\/p>\n

With the ITR filing deadline fast approaching, you might be wondering whether it\u2019s worth your time and effort to file your Income Tax Return. If your annual income exceeds Rs. 3 lakhs under the new regime or Rs. 2.5 lakhs under the old regime, filing an ITR isn\u2019t just an option\u2014it\u2019s mandatory.\u00a0<\/span><\/p>\n

But even if your income falls below these thresholds, there are numerous benefits to filing an ITR that you might not be aware of. So before you decide not to file your ITR, you must consider these ITR filing benefits.\u00a0<\/span><\/p>\n

Easy Loan Approval<\/span><\/h2>\n

Planning to take a personal loan to buy a home or a vehicle? Filing your ITR can help you get that loan approved faster. Major banks often require you to share a copy of your income tax returns as proof of your income. This is a mandatory requirement within the loan approval process.<\/span><\/p>\n

Quick Visa Processing<\/span><\/h2>\n

If you are planning to travel abroad for higher education, business, or any other purpose you might have to provide a copy of your income tax return for the past few years to get your visa approved. Therefore, filing your ITR on time can help you get your Visa processed quickly.<\/span><\/p>\n

Income and Address Proof<\/span><\/h2>\n

Your Income Tax Return serves as your proof of income and address. It consists of the details of your income and its sources.\u00a0<\/span><\/p>\n

Claim Tax Refund<\/span><\/h2>\n

There may be cases in which your TDS is deducted even if your total taxable income is below the basic exemption limit or you have zero tax liability. In such a case, you must file an ITR to claim a tax refund.\u00a0<\/span><\/p>\n

Carry Forward of Losses<\/span><\/h2>\n

Whether your income in the current year exceeds the basic exemption limit or not, you can carry forward your losses in the current year to the subsequent years. These losses can then be set off against the income of the previous years, thus reducing the overall tax liability. You can claim this benefit only if you file an ITR.\u00a0\u00a0<\/span><\/p>\n

Avoid Penalty<\/span><\/h2>\n

Taxes can be complicated, and sometimes you might think you are not required to file an ITR, but you might be wrong. There are specific conditions under which ITR filing is mandatory, even if annual income is below the basic exemption limit.\u00a0 If it is found that you were required to file an ITR as per the Income Tax Act, you might have to pay a penalty of upto Rs.5,000 for not filing ITR.\u00a0<\/span><\/p>\n

If you are confused about whether you need to file an ITR or need assistance with tax filing, you can also consult an online CA and get your taxes sorted.\u00a0<\/span><\/p>\n

Buying Term Insurance<\/span><\/h2>\n

If you are planning to buy term insurance, it is important for you to know that term insurance providers might ask you to submit your income tax return as proof of your annual income. This helps them determine the coverage amount.\u00a0<\/span><\/p>\n

What Happens if You Fail to File ITR?<\/b><\/h2>\n