The tax filing season is here and the deadline to file Income Tax Return is 31st July 2018. There are many people in India who fail to file Income Tax Return. Well, we would like to tell you that filing Income Tax Return is important and here are the reasons why: –
You may have to pay more Penalty.
As we already mentioned the last date to file Income Tax Return for the Financial Year 2017-18 is 31st July 2018. You must know that, if anyone who has an income fails to file his/her ITR by 31st July, then he/she will have to pay a penalty of Rs. 5,000, in case where the taxpayer is filing the Late Return before 31st December. If the taxpayer files his/her Income Tax Return after 31st December 2018, then in that case he/she will have to pay a penalty of Rs.10,000. The taxpayers who have an annual of Rs. 5Lakh or less are required to pay only Rs.1000 for the late filing of Income Tax Return.
ITR Important for Loans and Visas.
Filing Income Tax Return is an important process if you want to take a loan or apply for visa. In case you are applying for Visa, then in that case you will have to submit the records of your Income Tax Return for the last 3-5 years. Banks ask for the Income Tax Return record to grant you loan. That’s why filing Income Tax Return is an important process and any one who has Income should consider filing it.
You can buy higher life covers.
These days people are more into buying life covers worth Rs. 50 lakhs to 1Cr. You are supposed to file Income Tax Return in order to buy a life cover, as they verify your annual income through you ITR.