Section 139(1) of the Income Tax Act, 1961 elucidates the applicability of filing of ITR on every person. This section mandates every person whose total income exceeds the maximum amount which is not chargeable to income tax, to file ITR on/before the due date prescribed by I-T Authorities.
Moreover, every person should file ITR as filing of ITR is a moral duty of every citizen and it also contributes to nation-building.
However, many ITR filers always question that what are the benefits of ITR and what are the benefits of filing ITR?
So the answer is that there are various benefits of filing Income Tax Return Timely for all the ITR filers and few of them are mentioned as under:
- Claim of Income Tax Refund
- Carry forward of losses
- Income and Address Proof
- ITR is an Essential Document
- Easy Loan Processing
- Easy Credit Card Processing
- Hassel Free Approval of Visa Application
- Avoids Penalty
- Excess Interest Can be Avoided
Consequently, every person whether liable to file ITR or not should file ITR every year to avail these ITR filing benefits.
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Benefits of Filing Income Tax Return