ITR Filing: Tax experts believe that ITR should be filed as soon as possible. One of the biggest advantages of this is that if you are entitled to a refund, it will be processed and given to you as soon as possible.
ITR Filing: The season of filing income tax returns has started. The last date for filing returns for the financial year 2023-24 is 31 July 2024. Tax experts believe that ITR should be filed as soon as possible. One of the biggest advantages of this is that if your refund is due, it will be processed and given to you as soon as possible. At the same time, last minute problems can also be avoided.
What do experts say
Tax and investment expert Balwant Jain says, taxpayers who are entitled to a refund should file their ITR as soon as possible. Nowadays, ITRs are processed quickly and refunds are also received quickly. In some cases, ITRs are processed on the same day of filing.
He says, a big reason for filing ITR early is that if any mistake is made in filing the return, then you will get enough time to correct it through revised return. Revised return can be filed till 31 December 2024.
You will not get the benefit of Old Tax Regime!
Balwant Jain says, it is important to file ITR within the stipulated time limit because after the last date of filing the return, you will not have the option to file the return in the old tax regime. That is, you will have to file your ITR in the new tax regime only. In such a situation, if you have claimed deduction in the old tax regime, then you may be deprived of it.
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