02/07/2022
ITR filing has many financial and non-financial benefits in terms of ease of access to loans, avoidance of interest and penalties on late filing, the claim of tax refunds, hassle-free visa processing, carrying forward your losses, etc.
Nowadays various databases getting linked like Income Tax department, GST authorities, SEBI, and tax authorities receiving information from various sources, coupled with the increased automation and digitization, most of the information is or will be readily available with the tax authorities. Therefore, there is no escaping the tax man.
