There some of the some common mistakes which most of the individuals do during the process of filling their income tax return (ITR), such as:
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Every person who earns money exceeding a certain amount is required to pay to government a tax, known as Income Tax. The income earned by a person can be through salary, interest from savings, income from mutual funds, sale of a property, profit from a business, and professional income.
Income Tax Return is a document by which persons provide information about their income for the financial year to the govt. & pay the tax on the income earned. The Income tax return filing is done electronically on the income tax portal once the final income of the assesse is computed from all the sources & income tax is calculated thereon.
The Income Tax Returns (ITR) should be filed every year within the specific due dates prescribed and in the Income tax formats depending on the category of the Income earned by person.
Below is a list of persons who are required to file their IT Returns:
Non Filling of return (ITR), will attract a hefty amount of penalty & subsequent scrutiny of accounts by income tax authorities. Timely filling of retrun (ITR) will escape from such penalties.
As per the Income tax law, if the Income tax return is filed within the due date, then only you will be able to carry forward losses to subsequent years, and set them off against future years’ income
If tax is deducted on your investments /income (like FD interest, dividend etc), in order to claim refund for same, Return (ITR) filing become mandatory for taxpayers.
Timely filling of ITR improves the credit worthiness of the assesses as the financial institutions/bank places the ITR to be on the top of their checklist before processing any loan document.
Before granting VISA by foreign embassies, they will ask for your ITR (return) to assess your income in order to determine whether you will be able to take care of your expenses at foreign trip. In absence of ITR, VISA applications are rejected.