Income Tax Return: 4 Benefits of Filing ITR Early

The Central Board of Direct Taxes (CBDT) extended the deadlines for filing Income Tax Returns (ITRs) and different audit reports for the Assessment Year 2021-22 till December 31, 2021. Due to the fact that taxpayers have two more months to submit their income tax returns online, the country's largest lender, State Bank of India, has compiled a list of the advantages of doing so early.

Benefits of filing income tax returns early

Yesterday SBI tweeted that "You get exciting benefits on filing your ITR early with Tax2win on YONO. Besides FREE filing, you also get early refunds, enough time to reconcile, and more." According to the bank, the benefits of filing income tax return early are as follows:

• Get the lowest price for early birds
• Early filing, early refunds
• Avoid last-minute hassle
• Get enough time to rectify errors, if any

How to apply for an income tax return with SBI?

SBI customers who want to file their income tax returns early in order to experience the above-said benefits can do so through SBI YONO App for free. Before commencing the filing procedure they are required to keep certain documents handy such as PAN Card, Aadhaar Card, Form-16, interest income certificates, investment proof or records along with tax deduction records. Including the free application procedure of filing ITR, SBI customers will also get eCA assistance at just Rs 199 and the offer is valid till 31st October 2021. To file your income tax returns for free, follow the steps listed below:

• Sign in to your YONO SBI account
• Head to the "Shop & Order" section and click on "Tax & Investment"
• Now click on "Tax2win" in order to proceed further.

Important due dates of filing income tax return you need to know

Apart from the extension of the due date of furnishing of Return of Income for the Assessment Year 2021-22 till 31st December 2021, CBDT in the previous month had also extended the due dates which taxpayers and stakeholders must keep in mind:

• The deadline for filing a report of audit under any provision of the Act for the previous fiscal year 2020-21, which was previously extended to the 31st of October, is now extended to the 15th of January, 2022.
• The deadline for people entering into international transactions or specified domestic transactions under section 92E of the Act for the previous year 2020-21, which was previously extended to 30 November 2021, is now extended to 31 January 2022.
• The deadline for filing the Return of Income for the Assessment Year 2021-22, which was previously extended to 30 November 2021 under sub-section (1) of section 139 of the Act, is now extended to 15 February 2022.
• The deadline for filing the Return of Income for the Assessment Year 2021-22, which was previously extended to the 31st December 2021 under sub-section (1) of section 139 of the Act, is now extended to the 28th February 2022.
• The effective deadline for submitting a belated/revised Return of Income for the Assessment Year 2021-22, which was previously extended to 31st January 2022 under sub-section (4)/sub-section (5) of section 139 of the Act, is now extended to 31st March 2022.