Vikrant Shekhawat : Sep 28, 2021, 05:46 PM
The deadline for filing ITR has extended, but should you file income tax return even if your income is not taxable, that is, tax is not deducted on your income or even if no refund is made? Learn.The last date for filing income tax return is December 31, 2021. On Thursday, September 9, 2021, the Finance Ministry announced that the deadline for filing income tax returns has been extended till December 31. In view of the Corona epidemic, earlier in May it was extended till 30 September. The Finance Ministry issued a statement saying that the CBDT (Central Board of Direct Taxes) has extended the due dates for filing income tax returns and various audit reports for the year 2021-22. If you haven't filed your return yet, do it. You may have to pay a penalty for not filing your return before the due date. Different income groups have to pay different fines.
But the real question is, should you file income tax return even if your income is not taxable, that is, tax is not deducted on your income or even if no refund is made?
Actually yes, if you are filing tax return on your annual income, even if no tax deduction is made or refund is not available, you get many benefits. Your ITR can bring you many benefits in many cases, while it can act as an important document on many occasions.
What are the benefits of filing ITR?
fine not to be paid
First of all, you do not have to pay the prescribed penalty for non-filing of ITR or for late filing. Your record remains clean in the Income Tax Department. At the same time, you are also saved from the hassle of legal troubles. If your annual income is less than 5 lakhs, then you have to pay a penalty of Rs 10,000 on income of Rs 1,000 and above. In such a situation, it becomes your duty to file your tax return.
Helps in credit and loan processing
ITR receipt comes in handy on such occasions. This can help if you ever want to apply for a personal loan in the future. Banks and financial companies give priority to the receipt of ITR in determining your credit. In such a situation, if you have been filing your returns, then you will not face any problems in getting the loan.
But the real question is, should you file income tax return even if your income is not taxable, that is, tax is not deducted on your income or even if no refund is made?
Actually yes, if you are filing tax return on your annual income, even if no tax deduction is made or refund is not available, you get many benefits. Your ITR can bring you many benefits in many cases, while it can act as an important document on many occasions.
What are the benefits of filing ITR?
fine not to be paid
First of all, you do not have to pay the prescribed penalty for non-filing of ITR or for late filing. Your record remains clean in the Income Tax Department. At the same time, you are also saved from the hassle of legal troubles. If your annual income is less than 5 lakhs, then you have to pay a penalty of Rs 10,000 on income of Rs 1,000 and above. In such a situation, it becomes your duty to file your tax return.
Helps in credit and loan processing
ITR receipt comes in handy on such occasions. This can help if you ever want to apply for a personal loan in the future. Banks and financial companies give priority to the receipt of ITR in determining your credit. In such a situation, if you have been filing your returns, then you will not face any problems in getting the loan.