Top 5 benefits of filing ITR regularly

According to the recent budget, if taxpayers apply for the new tax regime, their income will be taxed as per the recent tax slabs. An individual whose yearly income is above Rs.2.5 lakh is subjected to pay income tax to the Government of India.

Those eligible to pay tax should file income tax return regularly to report about their yearly revenue. Filing tax returns has become simpler. E-filing income tax has not only made paying tax and reporting it easier, but it also helps one to avail a few benefits, such as –
  • One of the primary benefits an individual can avail from filing tax returns regularly is that they can avoid paying any penalties.    
  • An individual who regularly files their tax return can avail a hassle-free approval on their visa application.    
  • One can apply for a tax refund by the regular filing of income tax returns.      
  • Other than applying for tax refunds, an individual can also claim tax exemptions. Those aiming to buy or invest in a property can opt for a home loan quickly by submitting their ITR documents.
  • One of the added benefits of filing income tax returns regularly is that it can help individuals to claim compensation for their previous year’s losses.
Other than availing the benefits of filing income tax returns regularly, it also reflects on an individual’s credibility as a taxpayer of India.
Must read:- Everything to know about Income Tax Return Filing
Location: New Delhi, Delhi, India

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