Benefits of Early Filing of Income Tax Return

Benefits of Early Filing

Faster RefundThe refund of tax is processed on a “first come first serve” basis. This means, if you file your return early, your refund will be processed earlier than those who wait until the end.
Review & ReviseChances of mistake may increase if you file your return just before the due date. Department may issue a defective return notice due to mistake and mismatch. The failure to respond can result in heavy penalties.
Saving InterestYou will have to pay an interest for late filing @ 1% per month or part thereof. Also, interest at 1% per month or part of a month for default in payment of advance tax.
Processing of LoanBanks require your income tax returns to process all types of loans. It is also mandatory to have income tax returns for the processing of any visa and credit card.
Avoid Last Minute SurgeHigh traffic on a website leads to a temporary break-down. In order to avoid this last-minute unorganised chaos and compliance hazard, file your return by taking a suitable buffer in hand.

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