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File Taxes And Enjoy Benefits

 You need to file ITR on time as it benefits in a lot of different ways. Also, it ensures tax compliancy.

When the income of individuals is less than the stipulated bracket, it doesn’t cause any issue, but when the income is more, it is compulsory that they file ITR. Even though tax liabilities is not there, ITR needs to be filed.

It is good to file taxes on time because of numerous reasons. You get good exemptions and this might eventually lead to different benefits in variety of fields. When one files ITR, he can enjoy the below mentioned advantages;

  • No penalties whatsoever.

When you file tax returns, you don’t have to pay any kind of penalties. People who don’t file usually have to file a lot of penalties. Sometimes, the penalties are not more but sometimes they are huge. You have to keep and maintain these ITR receipts with utmost care as they are a proof of tax payment and income. It offers a good detailed statement as compared to Form 16. Even income details are contained in it. Moreover, all the sources of income are mentioned.

  • Good for processing bank loans

There are a lot of NBFCs and banks that need ITR receipts so that bank loans can be processed. You can use these ITR receipts for car loans as well as home loans. ITR are considered to be a very authentic document which gives a proof of the income of an individual. Hence, ITR can be filed regularly if car or home loans need to be availed.

  • Processing of visa

There are a lot of countries which need ITR for processing the visas. Yes, embassies of countries like Australia, Canada, UK and US need ITR receipts for processing visas. These countries are very particular about all tax compliance needs and hence, ITR receipts need to be produced. This way, income can be assessed perfectly and all things can be taken care of.

 

Also, the losses can’t be carried forward to the next year, if one fails to file an ITR. As per the law of income tax, the ITR has to be filed on the given date. This way, losses can be claimed in future.

 

It is always beneficial to file ITR in a timely manner, so that the tax compliances can be kept in check.

 

Find a good accountant who can assist you with filing taxes. He should be aware of all the compliances and should give you the best possible guidance.

For more info:-  Canada Tax Deadline

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