Major Benefits of Filing Income Tax Returns Online on Time

Posted by Accufile  on December 24th, 2019

There is not a single person in this world who would love to see a taxman at his doorsteps at any point of time. Irrespective of whether you are a businessman or a salaried employee, filing of timely tax returns, is one of the essential requisites, so as to avoid paying a hefty fine for any delays. Although, the income tax department allows a certain grace period for filing tax returns, there are certain benefits which a person or a commercial establishment tends to lose out for late filing of tax returns. You can easily use a tax calculator Canada to get the best results.

Here’s taking a look at some of the advantages of filing online tax returns on time.

Ideal for carrying forward the losses

Any taxpayers, facing losses, gets the ability of carrying forward the losses and adjust the same against the future capital gains, for a period up to eight years. However, this facility of loss adjustment is applicable only to those who file their tax returns well within the stipulated time frame. Defaulters tend to lose out on this benefit.

Timely refund of excess tax amount

In case one pays tax which is over and above the required amount, can easily claim for refund by filing tax returns and get back the same on time. As well, in case there is a delay in refunding your amount by the income tax department, the tax payer is eligible for receiving the refund amount with interest, which is calculated from the due date of the refund. But, once again, this benefit becomes obsolete for the late filers of tax returns.  You can seek help of a CRA My account too.

Tax returns are income proof

Whenever the need arises for the person to submit his income proof, be that for availing bank loan or applying for visa, copy of income tax returns is one of the most ideal options. Tax returns are the best method for ascertaining a person’s financial status.

Save from facing penalties

Any delay in filing tax returns makes a person liable for fine and penalty. More the delay in filing tax returns, higher the penalty amount, it will be for you. Also, in some extreme cases of delays, the defaulters are likely to face prosecution and legal liabilities.

Hence to be ensured of complete peace of mind and free from any stress, filing tax returns on time is of vital importance. Therefore, file your tax returns on schedule and keep the taxman at bay.

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Accufile 

About the Author

Accufile 
Joined: December 17th, 2019
Articles Posted: 17

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