How Does Timely ITR Filing Affect Your Financial Health and What Are the Consequences of Delay?

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 ITR filing is a vital process for maintaining your financial health. By filing your taxes on time, you ensure that your financial record remains clear and transparent. Timely ITR filing helps you avoid penalties under Section 234F, which can range from ₹1,000 to ₹5,000, depending on how late you file. Additionally, filing on time allows you to claim any tax refunds that may be due to you, especially if excess TDS has been deducted. Failure to file within the deadline can also delay the approval of loans or visas, as financial institutions and embassies often require proof of tax compliance. Furthermore, timely ITR filing allows you to carry forward capital losses to future assessments, helping you reduce your tax burden in subsequent years. Delays can affect your financial future and tax benefits, making it essential to file on time.


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