New Delhi44 minutes ago
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There are less than 10 days left to file the Income Tax Return (ITR) for the financial year 2025-26. The last date for filing returns for general taxpayers is July 31, 2026.
Many people believe that if their annual income is less than Rs 2.5 lakh and they do not come under the tax net then they do not need to file ITR, but it is not so. Even if you do not come under the income tax net, you should still file the return, because if you file ITR, you get many benefits from it. Filing ITR makes it easier to get a loan.
Tax expert CA Anand Jain is telling you about 5 benefits of filing ITR…
First of all, know what is Income Tax Return (ITR)? Income Tax Return (ITR) is a kind of account which you give to the government. In this you tell how much you earned last year, on which income you have to pay tax and how much tax you have paid in advance. This shows that you will pay some more money to the government in the form of tax or the government will return some money to you.
1. Will be saved from fine
If you do not file ITR within the due date, you may have to pay a penalty. If the annual income of an individual taxpayer is more than Rs 5 lakh, then he will have to pay a late fee of Rs 5,000. If the annual income of the taxpayer is less than Rs 5 lakh, then he will have to pay Rs 1,000 as late fee. This penalty can be avoided by filing ITR on time.
2. There will be no fear of notice
Currently, your income information reaches the Income Tax Department from many sources. If you do not file ITR on time, the Income Tax Department can send you a notice based on that information. To avoid notice hassles, it is beneficial to submit ITR on time.
3. Saving interest
According to income tax rules, if a taxpayer has not paid tax or has paid less than 90% of the total tax due on him, then he will have to pay 1% interest every month as penalty under section 234B. In this way, you can save interest on income tax by filing returns on time.
4. Will be able to carry forward the loss
As per Income Tax rules, if you file ITR by the due date, you can carry forward your loss to future financial years. That means you can reduce tax liability on your earnings in the next financial years.
For example, If there is loss on sale of shares, then it can be carried forward for 8 years. However, if the return is not filed on time, the loss cannot be carried forward and this benefit will not be available.
5. To claim tax refund
If tax has been deducted from your income and deposited with the government, then you cannot get it back without filing ITR, even if your income is within the basic exemption limit in income tax.
If you want to claim tax refund then it is necessary to file ITR. When you file ITR, the Income Tax Department assesses it. If your refund is made, it is directly credited to your bank account.
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