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The last date to file ITR is July 31st. You have less than a month to file taxes and avoid penalties. If you miss the deadline and file ITR between August 1st 2018 and December 31st 2018, you will have to pay a penalty of Rs 5,000.
What if you miss even this deadline? Well, if you file ITR between January 1st 2019 and March 31st 2019, you will have to pay a penalty of Rs 10,000. If your total income doesn’t exceed Rs 5 Lakhs, then the fee/penalty must not exceed Rs 1,000.
But, let’s not talk about taxes. Let’s talk about the benefits of filing income tax returns (ITR) early. Want to know more on Tax Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
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Yes, it’s your duty to file income tax returns in time. But, can there be any benefits of doing so? Yes, there are and let’s take a look at some of them.
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