Filing your income tax return on time each year is necessary as it can help avoid any unnecessary fines. Do there are multiple ways to file your income tax return every year, it is always quicker and easier with online IT return filing.
In this article, we explain six benefits that come with filing your income tax return on time or ahead of your due date using the online mediums.
Easier Credit
One of the top benefits of filing income tax returns before the due date or ahead of the last date, is being able to have access to a better credit line. This includes getting better offers for credit cards as well.
Further, if you do file your income tax returns early, it can be helpful while applying for health insurance as well. Although, in the case of health insurance, this is mostly applicable for high sum policy terms.
Serves as Proof Receipts
Another huge benefit of filing online income tax returns is being able to to show proper proof of your income and tax returns each year. Compared to form 16, these receipts contain more detail about your income including the outside income sources as well.
Penalty
if you are late with filing your income tax returns or forget to file income tax return in the current financial year, you will be liable to be penalised by the income tax department. Hence, it’s best to file income tax returns before the due date; and it will eliminate the need of standing in long queues to submit your penalties.
Easy Access
No one likes standing in long queues to submit their dues or tax returns. Such options are often exhausting and come without a guarantee of success. The benefit of submitting your income tax return online is, completely eliminating the need for queues.
This means no more standing in lines for hours, no waiting for your turn; all you need to do is login online and file your income tax return. This also leads to a worry-free life throughout the rest of the year.
Save Records
Have you ever had encounters that you lost your physical receipt of a payment when you most needed it. This is often the case with most of our physical receipts; they either get lost over the years or end up being damaged, turning into just an unusable piece of paper.
Whereas, if you file your income tax return or any other payment online, you receive an electronic or digital receipt for your payments. These receipts can be accessed as long as you have the access to these accounts.
These digital documents cannot be lost or misplaced easily. Even if they are, you can always apply for another one without investing most of the time from your day. Further you’ll never need to worry about safekeeping or needing more physical storage.
Easy Management
Compared to physically filing the income tax return, e-filing or online ITR filing are much more manageable. If you make a mistake on the physical form, you will need a completely different form altogether. Remember that even the smallest mistakes can lead to penalties.
In some cases, the income tax return forms will be completely rejected by the income tax department. Whereas when it comes to filing ITR online, you can easily make changes while filling the form.
Although, it is important to keep in mind that you can make changes to your form or application, as long as you haven’t submitted your form to the portal. ITR filing Online offers a lot more benefits and facilities compared to the traditional method of filing your taxes, leading to better manageability overall.
