Why Filing
Your Taxes Is Important
File your returns by July 31 to claim an excess amount paid and receive a full refund from the income tax branch
Refunds Made Easy
Banks require past three years' Form-16 and income tax returns as supporting documents grating loans
Returns as a supporting document
Ensure timely submission of income tax returns, as they are often required as proof of income when applying for visas to countries other than US
For Visa
By selling assets, shares, or mutual fund units, you can offset future losses against long-term capital gains and reduce your tax burden
Offset Losses,
Save Taxes
File your returns to carry forward losses from previous years, allowing you to set them off against future profits
Carry Forward Losses
Be prepared to pay late filing penalties, ranging from Rs. 1,000 to Rs. 5,000, depending on your income
Late Filing
Penalties
Filing your returns after December 31, will attract a penalty of Rs. 10,000
High Penalties
File your income tax returns well in advance to avoid the last-minute rush and ensure smooth processing
Beat the
Last-Minute Rush
Filing your returns on time not only prevents penalties but also helps in maintaining a clear and compliant tax record
Compliant Tax Record