Income Tax Filing
Income-tax return filing is not just a formality; it supports compliance, refunds, loss carry-forward, and financial record continuity. We help individuals and businesses prepare accurate returns based on the relevant disclosure and reporting requirements.
Forms Filing
- Return Forms - ITR - 1, 2, 3, 4, 5, 6, 7
- Other than ITR forms - 15CA, 15CB, 15H, etc
- Tax Audit Forms
What is Income Tax Return Filing?
Income-tax return filing is the process of reporting income, deductions, tax payments, and other required disclosures for the relevant financial year in the format prescribed under the Income-tax Act.
What are the Benefits of Income Tax Return Filing?
Easy Loan Approval:
Filing the ITR will help individuals, when they have to apply fora vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns.
Claim Tax Refund:
If you have a refund due from the Income Tax Department, you will have to file an Income Tax Return to claim the refund.
Income & Address Proof:
Income Tax Return can be used as a proof of your Income and Address.
Quick Visa Processing:
Most embassies & consulates require you to furnish copies of your tax returns for the past couple of years at the time of the visa application.
Carry Forward Your Losses:
If you file return within due date, you will be able to carry forward losses to subsequent years, which can be used to set off against income of subsequent years.
Avoid Penalty:
If you are required to file your Tax returns but didn’t, then the tax officer deserves the right to impose a penalty of up to Rs. 10,000.
Details Required in case of Income Tax Return Filing
- Basic information such as PAN, Aadhaar details where applicable, and the current address will be required.
- Bank account details relevant to the return year are generally required, as bank-account disclosure forms part of the income-tax return process.
- Other disclosures regarding income from salary, fixed deposits, savings bank account are also required.
- Information regarding deduction claimed under Section 80.
- Information regarding TDS and advance tax payments.
