Last Date to File ITR: 31-AUG-2018, 10 Facts you Must Know

GST, ADVANTAGES, PENALTIES, TAX CREDIT AND MUCH MORE…

As the last Date to file the ITR is arriving, people are rushing to banks and CA’s to get their income tax return filed. These are the things to keep in mind for everyone:

 

 

1* The last day to file ITR is 31st August 2018. It is compulsory for everyone who has an income of more than 2.5 lacks per annum to file an ITR before the due date. The Penalty for filing ITR after the due date is ₹5000/-. You can also expect a notice from the Income Tax department regarding the same if you don’t file it at all.

2* Advantages of filing ITR :

  1. It is the best legal proof to tell your income to anyone, in case any type of the similar document is required.
  2. You can get a Tax credit if a TDS (tax deducted at source) is cut on any financial saving such as an FD, BOND, INCOME(less than 2.5 lakhs) or in any other way.
  3. If you have in any way traded in Stock Markets, Mutual Funds, Securities, Currencies, Commodities, Filing an ITR is a must for you or a notice from the income tax department is expected.
  4. If you have in any way made huge transactions (in Lacs) or the overall transactions from your bank account exceeds ₹5,00,000, filing an ITR is a must for you.
  5. It is compulsory for a candidate who has a property or an account overseas, as the income tax department has an eye on all your transactions and wealth abroad.
  6. You can get your losses compensated to an extent, if you file an ITR in a proper way, explaining and displaying the losses incurred.
  7. You can save yourself from the income tax penalty(started from FY 2017-2018)
  8. Income Tax return can get you a loan from the bank easily. The bankers generally require a 3-year income tax return proof from you before giving you loan.
  9. To avail the facility of a credit card, with a high credit limit you need to show your income tax return to the bank.

 

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