Why Timely ITR Filing Matters for Mumbai Salaried Professionals

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 Living in Mumbai often means dealing with high costs and complex finances. Timely ITR filing is crucial for salaried individuals to claim deductions under Sections 80C, 80D, HRA, and LTA. Missing the July deadline can lead to penalties up to ₹5,000 and loss of refund eligibility. For professionals paying rent, accurate HRA claims in the ITR can offer significant tax savings. Mumbai’s financial ecosystem is evolving, with many preferring online portals or advisors for accurate filings. Start early—collect Form 16, check TDS credits via Form 26AS, and verify pre-filled data. Early ITR filing ensures faster refunds, smoother home loan processing, and a clean compliance record.

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