Income Tax Return
A legal document filed to the income tax department reporting your income, profits, and losses of your business and other deductions like tax refund and tax liability. Keeping up with all the accounts and deadlines becomes a headache if not handled properly. Even Albert Einstein couldn’t understand the complexities of paying taxes.“The hardest thing in the world to understand is the income tax.” But with our skilled advocates and accountants, we will make this easier for you.
Some of the complexities that people face are as follows:
1. Which ITR to file?
2. Computation of taxable income
3. Calculating deductions
4. Filling correct tax deducted at source (TDS) in ITR
5. Having multiple Form 16s
6. Not submitting tax proofs to the employer on time
7. Forgetting/knowing your password
8. Last-minute ITR filing
The following are the benefits of filing an income tax return before the due date:
- Filing ITR avoids penalties
- ITR receipt is an important legal document for hassle-free bank loan approvals.
- Avoid Penalty
- ITR return can be used as an important document for passport registrations as Income & Address Proof.