Income Tax: Fill the return before July 31, there will be five benefits including getting a quick refund

The last date for filing an Income Tax Return (ITR) for the financial year 2023-24 or assessment year 2024-25 for taxpayers is July 31, 2024. If you do not file the return by this period, you may have to suffer many types of loss including penalty. However, if you fill out the ITR before July 31, then there will be five benefits including getting a quick refund.

Filing income tax returns ahead of time allows you to gather all of the necessary documents and information. This ensures the accuracy of your income tax return and reduces the likelihood of errors. Aadhar card, PAN card, Form-16, salary slip, interest certificate from a bank or post office, tax-saving investment proof, and health insurance premium receipts are all important documents.

Filing the return is only half of the procedure. After that, you must also verify it. The current tax laws require you to verify it within 30 days of filing the ITR. Filing the return early gives you enough time to double-check it and correct any mistakes.

There will be no penalty for filing the return before July 31. However, late fees may have to be paid for filing the return after this and before December 31, 2024. If the annual income is more than Rs 5 lakh, then a fine of up to Rs 5,000 may have to be paid. The amount of penalty can increase to Rs 10,000. However, there will be no penalty if the annual income is less than Rs 5 lakh.

Filing income tax returns without delay can speed up the process of tax refund. This means that by filing income tax returns before 31 July, taxpayers can get their due refund quickly, which can provide them with the necessary financial relief on time.

If you do not file income tax returns by the due date, the Income Tax Department can send you a notice and start an investigation. This may lead to additional problems like interrogation. These problems can be avoided by filing returns before time.