ITR Big News: Benefits of filing ITR before last date

Income Tax Return: The process of filing Income Tax Return for the financial year 2021-22 has started. As per the current income tax laws, the last date for filing ITR for individuals, Hindu Undivided Families (HUFs) is 31st July. 31st July 2022 The last date for filing ITR is applicable for those taxpayers whose accounts are not required to be audited.

This is the last date

At the same time, individual income tax payers are required to file income tax by 31 July. If you file income tax after this, then penalty can also be imposed. If someone’s age is less than 60 years and his income is less than 2.5 rupees per annum, then such people do not have to pay tax but still such people can file income tax return. Income tax can be filed even if the income is not taxable.

keep documents with you

At the same time, let us tell you that for the income tax filing process, you do not need to upload any document while filing the income tax return. It is a process in which documents are not uploaded. However, in case of any inquiry through the prescribed officer, documents and certificates should be with you so that you can avoid any action.

Benefits of filing ITR

  • Ease of availing loan.
  • Can claim TDS.
  • ITR copy can be used as a document for loan or credit card application.
    Visa application process can be easy.
  • Comes to work to show proof of income.
  • ITR is also used to show identity
  • Penalty can be avoided.
  • Loss of capital gains may be covered.
  • May also indicate loss or damage to property.