ITR Filing 2025: For the Financial Year 2024-25, the Income Tax Return (ITR) filing window is open. The deadline is now 15th September 2025. Many individuals believe that they are exempted from filing an ITR if their income does not exceed the Rs 2.5 lakh mark. However, this is not the case, as there are numerous advantages, even if you do not fall under the tax slab. Filing returns on time enhances financial stability and mitigates potential conflicts over finances in the future. So, let’s explore the advantages one by one.
ITR serves as your income proof, and is accepted by all government and private institutions. While applying for a bank loan, it is a common practice for banks to request for ITR documents. With ITR’s on record, availing a loan becomes a straightforward process with the bank. Furthermore, other services, besides loans, can be accessed without any hassle from various financial institutions.
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If you legally ought to pay taxes but don’t submit an ITR, you are bound to face penalties, while filing ITR late also has its own consequences. The tax department actively monitors individuals whose earnings are taxable yet avoid paying taxes. Filing taxes is essential towards avoiding financial intricacies and legal battles.
ITR also helps share and mutual fund investors. If you happen to incur losses, it’s mandatory to carry over losses to subsequent years. In however the next financial year should there be a capital gain, losses will effectively offset profits, leading to tax exempted benefits.
ITR would be very helpful for persons who engage in substantial transactions. Filing ITR helps for the risk of receiving income tax notices due to expenses such as after purchasing or selling property, making large bank deposits, or heavily investing in mutual funds.
Filing an ITR is vital if you want to start your venture. For securing projects in certain departments, an ITR is mandatory as well. Government contracts come with the stipulation of ITR submission for the past five years.
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