7 Benefits of Filing ITR on Time

 



Proof of Income & A Financial Record
ITR serves as a legal proof of your income and an useful financial document. It is an employment proof also.

Easy Loan Approval
Banks demand your past ITRs at the time of giving loans or credit cards. It helps them evaluate your credit worthiness. Non-availability may reject the loan application

Quick VISA Processing If you are travelling overseas, income proof would be required. Most embassies & consulates require your tax returns for the past couple of years at the time of the visa application.

Higher Life Insurance Cover ITR acts as a proof of income and proper compliance of tax laws, which helps you get a higher life insurance cover, whenever required.

Claim Tax Refunds ITR would help you claim the refunds of the excess TDS deducted on your income and investments. It is compulsory to file ITR to seek refunds.

Set off & Carry Forward Losses It is mandatory to file ITR, to carry forward the un- adjusted past losses, and set them off with the income in the subsequent years.

Avoid Penalties Ensure that you file ITR every year before the due date to avoid unnecessary penalties.

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

Popular posts from this blog

TDS Chart (Summary)

 TDS Chart (Summary) Section Particular Limit Rate 192 Salaries Slab Basis 193 Interest on Securities ₹ 10000 10% 194A Interest other than from Banking Co. ₹ 5000 10% 194C Payment to Contractors - Single Payment ₹ 30000 1%/2% 194C Payment to Contractors - During the Year ₹ 100000 1%/2% 194D Insurance Commission ₹ 15000 5% 194H Commission & Brokerage ₹ 15000 5% 194I Rent - Land & Building ₹ 240000 10% 194I Rent - Plant & Machinery ₹ 240000 2% 194IA Purchase of Immovable Property ₹ 50 Lakh 1% 194IB Rent - Individual/HUF ₹ 50000/month 5% 194J Fees - Professional/Technical Services ₹ 30000 10% 194M Individual/HUF - Other than 194C,H,J ₹ 50 Lakh 5% 194N Cash Withdrawal in Excess of ₹ 1 Crore ₹ 1 Crore 2% Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall b...
Read more

COVID - 19 impact on Audit reporting

Image
With wide-ranging COVID- 19 travel restrictions all around for an undetermined period,  the companies and their auditors are encountered with uncertainties in a number of audit  areas. Difficulties are also faced by entities in meeting their reporting timelines and the  same extend to auditors and their ability to complete the audit on time due to impediments  presented by COVID- 19. Considering this, auditors may need to perform additional  performance procedures to evaluate the appropriateness of management in assessing  the impact of uncertainties in the business.  Amid the economic turmoil, COVID- 19 is the principal consideration in the auditor's determination in assessing whether one or more Critical Audit Matter (CAM) exists and if exists, how to address those CAMs while reporting financial statements. A lot more doubts are rising till date on part of auditor in fulfilling their reporting requirement. To provide a detailed reporting framework to...
Read more