The month of July is here, it is the month that is extremely crucial when it comes to filing of Income Tax Return in India. The last date to file ITR is 31st July 2018 for the Financial Year 2017-18 or Assessment Year 2018-19, by filing Income Tax Return you can claim the extra tax that you have paid to the Government of India. Here are the couple of benefits that you can if you file Income Tax Return.
There are heavy penalties for late filing of ITR in case a taxpayer fails to file ITR till 31st December 2018 then he/she is required to pay a penalty of Rs.5000 and someone pays ITR after 31st December then the taxpayer is required to pay Rs.10,000. If a taxpayer’s annual income is less than Rs.5lakh then, in that case, the taxpayer will have to pay a penalty of Rs.1000.
Anyone who has an income in India is required to file ITR. Filing ITR is important as it is the only proof of your Income.
In case you fail to file ITR you will not be able to get a loan from any bank, as Income Tax Return acts like a proof of your Income and you will have to submit it, while you apply for a loan.