File your tax returns on time; avoid penalties, get refund early
Kota: Filing tax returns is an essential task for all those whose income falls within a certain bracket. While people often wait till the last minute to file their returns, experts advise against it. Filing returns on time not only helps avoid penalties but also ensures that refunds are received quickly.
Avoid Penalties and Interest
If you miss the deadline of July 31, you will be liable to pay penalties and interest on your tax dues. Filing returns on time helps you avoid these additional charges.
Get Refund Early
When you file your returns on time, you are more likely to receive your refund quickly. The Income Tax Department prioritizes returns that are filed on time, ensuring that refunds are processed faster.
Easy Loan and Visa Applications
Your income tax return is proof of your income and tax payment. It is often required when applying for loans or visas. Filing returns on time ensures that you have this document ready when you need it.
Correct Errors
Filing returns on time gives you the opportunity to correct any errors or discrepancies in your returns. This helps avoid any potential issues that may arise later.
Demonstrate Compliance
Filing tax returns on time is a responsibility that every citizen must fulfill. It demonstrates compliance with the law and contributes to the development of the country.
Expert Talk
Avoid Last-Minute Hassles
"Filing tax returns can be a complex process. Waiting till the last minute can make it even more challenging. Avoid the hassle and file your returns on time," advises Ankur Nagar, a tax consultant.
Benefits of Early Filing
"Filing returns before July 31 helps you avoid penalties and interest. You also get your refund early, and loan and visa applications become easier," says Palash Bansal, a chartered accountant.
Don't Wait Till the Last Minute
"People often wait till the last minute to file their tax returns, but filing on time provides relief and ensures that refunds are received quickly," advises Sunil Dubey, a tax consultant.
(Reporter: Mukesh Gaur, Kota)
