ITR 2021-22: Top 5 benefits of filing ITR before the July 31 deadline

ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains, however, the benefits of filing the ITR 2021-22 before July 31 are not limited to this

The last date for filing the income tax return (ITR) for the financial year 2021-22 (FY22) is July 31, 2022. Taxpayers with a net annual income of more than Rs 2.5 lakh are legally required to file the ITR before the deadline or they may be subjected to penalties and fines. 

The penalties and fines are specified under section 234F of the Income Tax Act, 1961. These are imposed by the Income Tax Department (I-T department).

The ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains. However, the benefits