Mediaek
No Result
View All Result
  • Login
  • Home
  • World
  • Opinion
  • Economy
  • Business
  • Culture
  • Politics
  • Lifestyle
    College dorm party

    What should you do when you are you are planning a college dorm celebration

    Things to do on the birthday of your lovely sister 

    Here’s Why Joggers Are The Most Preferred Streetwear

    Here’s Why Joggers Are The Most Preferred Streetwear

    They come in a variety of colors, styles, and materials to suit your needs

    They come in a variety of colors, styles, and materials to suit your needs

    Smile Makeover: Treatment, Cost, And Side Effects

    Smile Makeover: Treatment, Cost, And Side Effects

    10 Interesting Facts About Mallard Ducks

    Trending Tags

    • COVID-19
    • Donald Trump
    • Pandemic
    • Bill Gates
    • Corona Virus
  • Tech
PRICING
SUBSCRIBE
  • Home
  • World
  • Opinion
  • Economy
  • Business
  • Culture
  • Politics
  • Lifestyle
    College dorm party

    What should you do when you are you are planning a college dorm celebration

    Things to do on the birthday of your lovely sister 

    Here’s Why Joggers Are The Most Preferred Streetwear

    Here’s Why Joggers Are The Most Preferred Streetwear

    They come in a variety of colors, styles, and materials to suit your needs

    They come in a variety of colors, styles, and materials to suit your needs

    Smile Makeover: Treatment, Cost, And Side Effects

    Smile Makeover: Treatment, Cost, And Side Effects

    10 Interesting Facts About Mallard Ducks

    Trending Tags

    • COVID-19
    • Donald Trump
    • Pandemic
    • Bill Gates
    • Corona Virus
  • Tech
No Result
View All Result
Mediaek
No Result
View All Result
Home Business

Why should you file ITR and why at the earliest?

admin by admin
June 1, 2022
Reading Time: 3 mins read
0
Why should you file ITR and why at the earliest?

RELATED POSTS

Why hire people in Paraguay

EOR in Thailand

5 Reasons to Include Twitter Feed On Your Website

It is a common misperception that filing an income tax return is entirely voluntary. This erroneous belief can get people in trouble because submitting income tax is not only a moral and social obligation, but also a legal one for anyone earning more than a certain amount. Under section 234A of the Income Tax Act, failure to file an income tax return can result in a penalty for concealment of income ranging from 100 percent to 300 percent. 

There’s a lower possibility of making a mistake when it comes to filing.

Income tax return filing necessitates thorough attention, as taxpayers must carefully examine their tax statements, interest income certificates, and other papers, declare all sources of income, and verify that all Tax Saving investments are declared in the year. Income tax return filing necessitates thorough attention, as taxpayers must carefully examine their tax statements, interest income certificates, and other papers, declare all sources of income, and verify that all Tax Saving investments are declared in the year.

It’s time to revise.

Even though the Taxpayer prepares the Income Tax Return with great care, there may be a need for a revision in order to include a missed Tax Saving exemption or to include income from a previously unknown source. When you file your income tax return early, you have the opportunity to go over it again and make any necessary changes. 

E-verification was done earlier.

Before the ITR form is completely processed, the Income Tax Department conducts an e-verification of critical input data. Income tax returns filed early have a better possibility of being e-verified sooner, giving the taxpayer peace of mind.

Tax refunds are processed more quickly.

Tax refunds are distributed according to a ‘First-Come, First-Served’ system. A faster tax refund would follow from filing your income tax return early.

Avoid paying a late filing fee.

Section 234F imposes a late filing fee on taxpayers who do not file their income tax returns on time. The late filing cost is Rs. 5,000 if the return is filed after the due date but before December 31st. The late filing cost is Rs. 10,000 if the taxpayer files the return after December 31st. However, if the total income does not exceed Rs. 5 lakhs, the late filing cost is restricted to Rs. 1000. Taxpayers can avoid this fee by filing their income tax returns far ahead of the deadline.

Interest should be saved.

Taxpayers with a tax liability of more than Rs. 1 lakh should file their Income Tax Return as soon as possible, as they would be liable to an enhanced interest payment of 1% per month or portion thereof if they do not.

Buy JNews
ADVERTISEMENT

Take advantage of losses that can be carried forward.

The IT Department allows losses to be carried forward from one financial year to the next. However, it is only available to taxpayers who file their income tax returns before the deadline.

Avoid a rush at the final minute.

Every year, towards the conclusion of the Income Tax Filing deadline, there is a tremendous spike in traffic on the Income Tax Portal as a large number of people seek to file their Income Tax Returns at the same time. As a result, the portal is exceedingly slow, causing the submission of the tax return to take an excessive amount of time, or even becoming impossible in some situations. This extra complication and commotion can be avoided by filing your income tax returns ahead of time.

Suggested Read: Income Tax Planning

Tags: Imntax Advisory ServicesIncome Tax Return Filing
admin

admin

Related Posts

Why hire people in Paraguay
Business

Why hire people in Paraguay

January 31, 2023
EOR in Thailand
Business

EOR in Thailand

January 27, 2023
reasons to embed twitter feed on your website
Business

5 Reasons to Include Twitter Feed On Your Website

September 9, 2022
eLearning Mobile App
Business

eLearning in Cloud: Mobile Apps For Interactive eLearning Mobile App?

September 6, 2022
Easy Ways to Buy Cheap Office Cubicle Partition
Business

Easy Ways to Buy Cheap Office Cubicle Partition

September 5, 2022
Business

Where can you buy an existing business?

September 4, 2022
Next Post
Top Commercial & Office Cleaning Services In London Secrets

Top Commercial & Office Cleaning Services In London Secrets

Recorded beneath are 6 reasons bananas are serious areas of strength for a

Recommended Stories

Coronavirus: Warning over easing lockdown measures too quickly

April 1, 2022
Brother Printer Offline

Easy Steps to Troubleshoot Brother Printer Offline Error State

February 18, 2022
Pre-School Gaming

Pre-School Gaming Activities For Children

December 27, 2021

Popular Stories

  • Download Tamil Movies 2022 on Tamilyogi.com.

    Download Tamil Movies 2022 on Tamilyogi.com.

    0 shares
    Share 0 Tweet 0
  • Health Benefits of Different Nuts:-

    0 shares
    Share 0 Tweet 0
  • 5 Most Common Services Offered by Stores for Cell Phones Repair in London, ON

    0 shares
    Share 0 Tweet 0
  • Know: What are the ways to fix Gmail not receiving on iPhone

    0 shares
    Share 0 Tweet 0
  • Haier Refrigerator Price List in India

    0 shares
    Share 0 Tweet 0
Mediaek

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Visit our landing page to see all features & demos.

LEARN MORE »

Recent Posts

  • 10 Reasons to Choose a Vacation Rental With Private Hot Tub
  • Live Like a VIP – Experience the Best of NYC with a Luxury Vacation Rental
  • Why hire people in Paraguay

Categories

  • Business
  • Culture
  • Digital Marketing & SEO
  • Economy
  • Education
  • Furniture
  • Gadgets
  • Gaming
  • General
  • Health
  • Health & Fitness
  • Home Improvement
  • Law
  • Lifestyle
  • Opinion
  • Politics
  • Real Estate
  • Services
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • World

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Subscription
  • Category
    • Business
    • Culture
    • Economy
    • Lifestyle
    • Health
    • Travel
    • Opinion
    • Politics
    • Tech
    • World
  • Landing Page
  • Buy JNews
  • Support Forum
  • Pre-sale Question
  • Contact Us

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In