Why Filing Your ITR is Important?
Filing your Income Tax Return is not just a statutory obligation; it is also crucial for various financial benefits:
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Compliance with Law
Filing your ITR ensures that you are in compliance with the tax laws of the country. It helps you avoid penalties and legal consequences.
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Financial Record
An ITR serves as a comprehensive record of your income and taxes paid. This can be useful for future financial planning and loan applications.
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Claim Refunds
If excess tax has been deducted from your income, filing your ITR is the only way to claim a refund.
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Carry Forward Losses
By filing your ITR on time, you can carry forward losses to future years, which can be adjusted against future income.