FILING OF ITR
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Filing Income tax returns is the duty of every citizen and it is to be fulfilled every year to the Income-tax department. Filing an ITR is not a job every person can do on its own. They need a sound knowledge of accounts and law. And if not properly handled, fines can be imposed on the individual for various reasons like fraud, late fees, etc. by the income tax department.
Keeping in mind the welfare of the people, the government has come with many schemes which benefit the common people. Farmers are exempted from filing income tax is one of the examples of such schemes. Yet the lack of awareness of such schemes put people in tight situations like paying penalties and heavy interest on it.
But there are also many benefits for filing an ITR as stated below:
- Filing ITR can spare you from paying fines
- ITR receipt is an important document for hassle-free processing of bank loans
- You can even compensate losses in the next financial year
- Visa processing needs ITR receipt
