ITR filing: Submitted your return before due date? Now, enjoy these benefits

This year, the government is unlikely to extend the last date beyond the existing July 31 deadline.

Published on: Jul 27, 2022, 10:11:14 IST

By HT News Desk, New Delhi

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Taxpayers should file their income tax returns (ITRs) on time not only to avoid last-minute issues or to avoid being penalised by the IT department for late submission of ITRs, but also to make sure that they do not miss out on benefits of timely submission of returns.

The deadline to file ITR is July 31 (Representative Image)

Also Read: ITR filing due date for AY 2022-23 is near. Check fine for missing deadline

The last date to close ITRs for financial year 2021-22 and assessment year 2022-23 is July 31. This year, the central government is unlikely to extend the due date for tax payment.

Here are the benefits of filing tax returns on time:

Easy approval of loan: Since banks require a copy of the ITR statement to verify income of loan seekers, having a record of submitting timely returns makes approval of loan simpler. On the other hand, those who do not close their returns on time, may find it difficult to get their loan approved.

Also Read: Are you a salaried employee? You should use this form for income tax return

Less tax on future income: The income tax regulations allow for carrying over of losses to the upcoming financial year. This means that tax payers will have to pay less tax on their future income.

Also Read: Which form should individuals use to file their returns? Details here

Quicker visa: Most foreign embassies demand ITR history of visa applicants when they apply for visas. Now, in case you have a history of submitting returns on time, it will help in faster processing of your visa application as it clearly shows your income and acts as a proof document.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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