Why you should file your returns early?
Even though many taxpayers file their tax returns on or about 31st July every year, there is no need to put it off until the last minute. By filing your income tax return at last minute, you might forget to claim all your eligible deductions and end up paying more tax than you actually need to! Even if you don’t file your returns early, you can begin preparing as early as possible. it gives you time to collect all the documents such as your LIC receipts, Bank statements, Interest certificates and so on. You consultant will also have a flexible schedule and can start working on your accounts immediately. Filing you Income Tax Returns (ITR) on time has many benefits. You can save a lot of money by filing your ITR on time, irrespective of whether you have tax payable or losses to be carried forward. Individuals primarily with salary income and certain other tax payers are required to file their tax returns by 31st July, 2020 for the Previous Year 2019-20 (Assessment Year 2020-21).
