Services for Individuals
Income tax returns are filed by individuals to disclose their income to the Tax Department. As per the Income Tax Act, every person whose income exceeds the taxable limited as per the Income Tax Slab is legally bound to file their Income Tax Return within 31st July of Assessment Year each year for Incomes earned in the Financial Year, to avoid any legal proceedings. Lot of people has a mindset that Filing of Income Tax Returns means paying huge amount of Income Tax from their pockets, which is exactly not the case. Income Tax Department wants you to declare your income truly and also has given a lot of options to save your taxes by investing in various things such as Life Insurance, Health Insurance, Mutual Funds, Public Provident Fund, Education Loan, House Rent, Conveyance Allowance as well.
If you are doing business then claims for all the valid expenses are given by the Department from your Gross Earnings, only after that is taxable, which wont be too high of-course.
All of the taxes are then used to develop the Nation as a whole in terms of Infrastructure, Hospitals, Highways, Roads and everything that you see around yourself, so now you know Why filing Income Tax Returns are so vital now than ever before. An incorrect disclosure can attract tax notice.
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