Benefits Of Filing Income Tax Return On Time

In the case of an individual who is planning to travel abroad, during the time of their VISA application and processing the authorities of the immigration department of a particular country would be keen on checking the ITRs filed by the applicant.

2. Application & Processing of VISA

For claiming this TDS as a refund which might be in huge amounts the individual should file ITR which would then get adjusted with the tax payable and refund the balance amount if any after the same.

3. Claiming Tax Refund

An assessee is mandated to enter the name, address, and details of their income from various sources under the ITR. And due to this reason, it would also serve as proper proof for the same.

4. Income and Address Proof

If the individual or taxpayer is earning income during a year that is above the exemption limit specified then, he shall be levied with a penalty by the tax officer which might be up to INR 5,000.

5. Avoidance of Penalty