The Last date to file ITR for FY 23-24, AY 24-25 without a late fee is 31st July 2024.
With the ITR filing deadline fast approaching, you might be wondering whether it’s 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’t just an option—it’s mandatory.
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.
Easy Loan Approval
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.
Quick Visa Processing
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.
Income and Address Proof
Your Income Tax Return serves as your proof of income and address. It consists of the details of your income and its sources.
Claim Tax Refund
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.
Carry Forward of Losses
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.
Avoid Penalty
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. 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.
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.
Buying Term Insurance
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.
What Happens if You Fail to File ITR?
- Interest – If you fail to file your ITR by the due date, you will have to pay interest @1% under section 234A.
- Late Fee – A late fee of Rs.1,000 is applicable on income below Rs.5 lakhs and Rs.5,000 on income above Rs.5 lakhs.
- Carry Forward of Losses – Any losses incurred from sources like mutual funds, properties, and stock markets can be carried forward and offset against your income. If you fail to file your ITR by the last date, you are not allowed to claim this benefit.
- Belated Return – If you miss the ITR filing due date, you can still file a belated return till 31st December. However, this comes with a late fee in the form of interest and penalty.
Tax2win: Making ITR Filing Easy
Navigating the tax season doesn’t have to be a headache. With Tax2win, you have a reliable partner that simplifies your Income Tax Return (ITR) filing process. Here’s how we make it easy:
Self Online ITR Filing
Not a tax expert? No problem! With Tax2win’s user-friendly and AI-integrated platform, you can file your ITR in less than 4 minutes. Our DIY platform streamlines the process by automatically selecting the correct ITR form, auto-populating your basic details, and computing your income under both old and new regimes.
Here’s how it works:
- Select your source of income.
- Upload Form 16 (or proceed without it if you don’t have one).
- Enter a few details about your income, deductions, and bank details.
- Get your tax computed under both regimes.
- File your ITR successfully.
Start now and experience the ease of online ITR filing with Tax2win.
CA-Assisted ITR Filing
Feeling overwhelmed by taxes? Let our network of highly experienced Chartered Accountants handle it for you with our CA-assisted ITR filing service. These experts provide personalized guidance, ensuring your tax returns are accurate and compliant with the latest tax laws. From tax planning to online ITR filing, we cover it all, giving you peace of mind and saving you valuable time.
Here’s what to do:
- Schedule an appointment with our tax experts.
- Provide the necessary documents.
- Let our experts file your ITR for you.
Hire an online CA and relax while they manage your taxes effortlessly.
Why Choose Tax2win?
With over a decade of industry experience, Tax2win has earned the trust of over 1 million users, reflected in our impressive 4.8-star rating. Here’s why we stand out:
- Expertise: Our team of CAs and tax professionals stay up-to-date with the latest tax laws and regulations.
- Convenience: File your taxes from the comfort of your home, anytime.
- Affordability: Enjoy competitively priced services that offer excellent value for money.
- Security: We prioritize data security, ensuring your information remains safe and confidential.
- Authorization: Tax2win is authorized by the Income Tax Department of India.
Don’t Miss the Last Date to File ITR
As the July 31, 2024 deadline approaches, now is the perfect time to get started on your ITR filing. Whether you opt for our CA-assisted service or our easy-to-use online platform, Tax2win ensures a seamless and stress-free process.
Take the Next Step with Tax2win
Ready to file your ITR? Visit Tax2win today and experience hassle-free ITR filing. Let us help you navigate the complexities of tax filing so you can focus on what truly matters.
