With the tax season in full swing, many individuals are contemplating whether they should file their Income Tax Returns (ITRs) in April and May or wait until later. As per recent reports, over 120,000 ITRs have already been filed out of which 110000 ITR’s are e verified and 3000 ITRs are processed. But what factors should you consider before deciding to file your ITR early? Let’s delve into the benefits and losses associated with filing your ITR in April and May.
Benefits of Early ITR Filing:
- Avoid Last-Minute Rush: Filing your ITR early helps you avoid the last-minute rush and potential technical glitches on the tax filing portals. It allows you to complete the process smoothly and ensures timely submission.
- Faster Refunds: If you are entitled to a tax refund, filing your ITR early increases the chances of receiving it sooner. The Income Tax Department processes refunds on a first-come, first-served basis. Early filers are more likely to receive their refunds ahead of others.
- Compliance and Peace of Mind: Filing your ITR early ensures compliance with tax laws and regulations. It gives you peace of mind knowing that you’ve fulfilled your tax obligations well before the deadline.
Losses of Early ITR Filing:
To know the losses watch this video:
You can contact team of Tax Experts at 9150010300 or visit www.legalsahayk.com
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