INCOME TAX FILING

INCOME TAX FILING

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INCOME TAX FILING

It is mandatory for an earning individual/entity to file a return irrespective of the fact that tax has been deducted at source by his/her employer or not, and whether he/she is eligible for a refund or not.

WHAT IS INCOME TAX RETURN ?

The law states that tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), dividends, interest, capital gains or other sources. Tax returns, regardless of whether it relates to an individual or a business, must be filed by a specific date. If the return shows excess tax has been paid during a given year, the assesse is eligible for a ‘tax refund’, subject to the department’s interpretations and calculations.

ADVANTAGE

  1. Easy to get Loans
  1. Avoid paying penalties
  1. Get your excess Money Back
  1. It becomes your standard income proof
  1. Not to forget, it is your obligation. The taxes you pay on your income will work towards betterment of our nation.
  1. For professionals and business organisations, Income tax returns are a must to become eligible to secure certain tenders.

DOCUMENTS REQUIRED FOR INCOME TAX RETURN

Income-tax returns are annexure less. Hence, there is no need to enclose any document(s) along with the return of income.

Note: However, documents like TDS certificate, balance sheet, Profit & Loss A/c, Capital A/c, proof of investments, etc., documents should be retained and have to be produced before the Assessing Officer whenever he requires us to do so.

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