Last date of income tax: Recently, the government has made a big announcement for the tax payers, whoever pays the tax before the last date will be given some special benefits from the government. Come let’s know the whole news in detail
Taxpayers are required to file ITR within the stipulated time limit to avoid any kind of penalty. According to the website of the Income Tax Department, a fine of up to Rs 5000 is imposed for late filing of ITR (Nirmala Sitharaman). Let us know about the benefits of filing ITR before July 31-
If you have not filed ITR till the last date, then according to the rules you (Nirmala Sitharaman) may have to pay a fine of up to Rs 10,000. Apart from this, you may also have to pay interest on the tax due on delay in ITR filing.
If you file income tax returns continuously, then any government or private bank gets ready to give you loan easily. ITR is an important document for any type of loan approval.
Sections 70 and 71 of the Income Tax Act 1961 contain certain provisions for carry forward of loss of a particular year to the next year. This means that you can carry forward your loss to the next assessment year. The government allows you some deductions when you file ITR. This helps in reducing the burden on taxpayers. This motivates more and more people to file ITR.
