Why Timely ITR Filing Can Save You From Penalties

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Filing your ITR (Income Tax Return) on time isn't just a legal obligation—it’s a smart financial habit. When you delay your ITR filing, you expose yourself to penalties of up to ₹5,000 under Section 234F. Late filing also means you may miss out on certain deductions and carry-forward losses. Banks may ask for your ITR while sanctioning loans, and missing one can create red flags. Whether you're salaried, self-employed, or a freelancer, early ITR filing ensures you avoid last-minute glitches and system failures on the portal. It also gives time to verify your Form 26AS and AIS data. If there are mismatches, you can correct them before submission. Timely ITR filing builds credibility with financial institutions and keeps you compliant with tax laws.

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