Why not filing ITR (Income Tax Returns) in India can be a costly mistake!

This is why you will not want to skip filing your ITR, even if you don’t fall into the eligible income limit:

1. International Travel - getting a visa for travelling abroad could get tougher without having ITR statements of at least the past 2 years. In extreme cases, the Income Tax Department can even restrict your travel until you clear dues and file your ITR.

2. Credit Score - late ITR filing can hurt your Credit Score. Money lenders see late ITR filing as a financial irresponsibility.

3. Can’t Offset Capital Losses - missing your ITR filing or doing it late means you can’t offset capital losses against future profits.

4. Professional Certificates at Risk - professionals like chartered accountants, doctors, and lawyers risk losing their professional credentials due to late ITR filing.

5. Legal Consequences - if you have a tax liability, you could face imprisonment and fines for not furnishing your ITR. Tax liability exceeding ₹25,000 would attract stricter punishment.

6. Benefits Disqualification - a history of late ITR filing may disqualify you from some government benefits or even loan applications.

7. Scholarship Considerations - some scholarship programs may assess your tax history as an indication of financial stability.

8. Loan Subsidy Eligibility - some government loan subsidy schemes (especially targeted towards entrepreneurs) demand timely ITR filing as eligibility.

Remember, timely ITR filing safeguards your financial future! 💡

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Видео Why not filing ITR (Income Tax Returns) in India can be a costly mistake! канала Rohit Kashyap