Top 5 Benefits of Filing Income Tax Returns (ITR) – Why You Should File Before the Deadline
Are you ready to file your ITR for the Financial Year 2024–25? The deadline is 15th September 2025 , and missing it could cost you more than just peace of mind. In this blog, we’ll discuss the top benefits of filing your Income Tax Return (ITR) on time and why it’s crucial for every taxpayer in India. ✅ 1. Avoid a ₹5,000 Penalty (Section 234F) One of the biggest advantages of filing ITR on time is avoiding a late filing penalty of ₹5,000 . Under Section 234F of the Income Tax Act, this penalty is levied if you miss the due date. ✅ 2. Save Money with Lower Interest If you have any pending tax to pay, filing ITR early helps reduce your interest liability (@1% per month) . The earlier you file and pay, the less interest you pay. ✅ 3. Carry Forward Losses Filing ITR on time allows you to carry forward business or capital losses to the next financial year. This can help reduce your future tax burden significantly. ✅ 4. Easier Approval for Loans and Visas Planning to a...