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| Name of the scheme | 1-year back | Invest now | Fund category | expense ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest now | Equity: Big Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest now | Equity: Big Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest now | Equity: Big Cap | 0.25% |
| Axis Nifty 500 Index Fund | , | Invest now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest now | Equity: Mid Cap | 0.28% |
1. Prevention of punishment and interest
According to Archit Gupta, the founder and CEO, Cleartax, if ITR has not been filed, the tax officer has the right to impose an up to up. 10,000. Taxpayers need to pay 5,000 if the return assessment is equipped on or before 31 December of the year. If the assessee files returns between January 1 and March next year, the fine increases to Rs 10,000.
In addition, the delay in filing ITR also makes them responsible for paying interest.
If a assessee does not file ITR at all, a fine can be imposed which is a minimum 50 percent of the assessed tax or a maximum of 200 percent of the assessed tax. The assessee may also face prosecution (ie rigorous imprisonment and fine for a period of up to 7 years), in cases of extreme and high-value.
Read : Belite ITR filing ends tomorrow: important things to know
2. Claim and claim refund
Filing your ITR on time, if you have paid additional tax during the financial year, is the only way to claim refund. For salaried individuals, this often occurs when the tax is cut on the source (TDS) but the real liability is low.
Late filing, however, can delay this refund, which can deprive you of very important liquidity. The ITR for FY23-24 can be filed kurtmet on tomorrow, January 15, 2025, although it will include a fine amount due to late accumulation. The original time limit was scheduled on 31 July 2024.
3. Avoid cutting
Many taxpayers are unaware that some income tax deduction may be rejected by filing returns after the deadline. For example, you cannot claim deduction under section 80C, 80D, and others for the financial year until you enter your ITR within the stipulated time. File on time ensures that you can benefit from deductions related to your insurance premium, retirement fund contribution, education loan, and more.
4. Put forward further losses
If the return is filed within the due date, the taxpayers will be able to pursue further losses in later years, which can be used to set against the income of later years.
For example, if you sell shares for loss during the year and file your returns by the due date, then you can offset these losses against any capital gains in the future, so that your tax liability for those years May be reduced.
5. Easy access to loan
Timely filing ITR helps in setting a track record of financial responsibility and transparency. A well -maintained ITR history can promote your credibility, making it easier to use debt, credit card or mortgage.
6. Quick visa processing
Most embassies and consulates need to submit copies of tax returns for the last few years at the time of visa application. Lack of ITR filing on time can lead to delay or even rejection of your visa application.
7. Equaling future tax filing
ITR filing allows you to maintain an organized and systematic record of all your financial activities. This makes future filing easier and more efficient. By keeping an eye on your income, deduction and tax payments over time, you can quickly refer to the previous filing when needed, when needed, when needed.
8. Contribution to national development
Finally, timely ITR filing contributes to a large picture of national economic development. Taxes collected by the government help in funding essential services like healthcare, education, defense and development of infrastructure. By filing your return on time, you fulfill your civil duties and contribute to the development and welfare of the country.
Read : Income Tax Return: Check Eligibility and Different Forms to File ITR
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