Services for Individuals
Individuals file income tax returns to disclose their income to the Tax Department. As per the Income Tax Act, every person whose income exceeds the prescribed taxable limit must file their Income Tax Return. The last date of filing ITR is 31st July of Assessment Year each year for Incomes earned in the Financial Year to avoid legal proceedings. Many people have a mindset that Filing Income Tax Returns means paying huge amounts of Income Tax from their pockets, which is precisely not the case. The Income Tax Department wants you to declare your income honestly and has given many options to save your taxes by investing.
You can invest in various things such as Life Insurance, Health Insurance, Mutual Funds, Public Provident Fund, Education loans, House Rent, etc. If you are doing business, then claims for the Department gives all the reasonable expenses from your Gross Earnings, only after that is taxable, which won't 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 you see around yourself, so now you know Why filing Income Tax Returns is vital now before. An incorrect disclosure can attract tax notice.
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Why should you File your ITR regularly?
Most people think that filing tax returns is optional, and it's O.K. not to file the return on time. So they assume it's not necessary and doesn't feel the need to do so. The filing of a tax return is an important and annual event and is a civic and social duty of a responsible citizen.
Filing returns is a sign that you are responsible
The government has made it mandatory that individuals earning the specified amount of income must file an income tax return. Individuals earning less than the prescribed income level can file their income tax return voluntarily if they wish to. If you are eligible for ITR filing and then Fail to pay income tax, it will invite penalties from the Income Tax Department.
What if i do not file my IT return?
What are the Common mistakes that taxpayer commit while filing Income tax return?
Listed below are some of the most common tax filing mistakes you must avoid.
Not reporting all the sources of income
The most common mistake taxpayers make failing to report all the sources of their income. Many individuals forget the income earned on a bank savings account and Fixed Deposits (FDs). This interest income is taxable according to your respective tax slab. Usually, banks deduct 10% as TDS on the interest earned on FD's. But, if you are in a higher tax slab of, say, 30%, you are liable to pay tax accordingly. Not reporting these incomes might attract notice from the income tax department along with demand notice.
Not paying tax on house property
Most people understand that if there is no income from multiple residential properties, then there should not be any tax payable. But, it's a misconception as if you own numerous houses, you're liable to pay tax, even if you're not earning anything from the houses or if it is unoccupied. Tax is not payable only for the house that you occupy. Income is attributed to all other houses, and tax on house property is payable by you.
Providing incorrect postal and email address
Since all the necessary information is communicated by the income tax department via email or post, it is extremely important to enter these details correctly before filing your taxes. A minor mistake in filling these details means that you may miss important notifications. So check and re-check your postal and email address when you file your income tax.
Not reporting income that is exempt
Many types of incomes like long-term gains, dividends, etc. are exempt from tax. Although you do not have to pay any taxes on such incomes, it is important to report them. Remember that the brokerage house or investment company will send these details to the income tax department.
Not checking the form before filing
Whether you have filled your forms manually or online, mistakes are bound to happen. It therefore makes sense to check the filled-up form thoroughly in order to avoid errors. Even if your tax consultant or accountant fills the details on your behalf, you need to personally check the form to ensure accuracy of the information.
Remember that simply taking personal interest in the tax filing process can help you avoid most of these mistakes.