Services for filing income tax returns and tax consultants in Delhi. revenue tax A return is a document that a person submits to the Income Tax Department with information about his income from the previous fiscal year and the tax owed on it. A person can fall under the umbrella of income tax as an individual, HUF, firm, LLP, business, NGO, society, trust, etc. The government has made it mandatory for people and other groups who make a certain amount of money each year to submit their ITRs by the deadlines outlined in the act. Those who make less than the minimum wage may also voluntarily file their taxes.
Many people consider submitting an income tax return to be an unnecessary and voluntary effort and completely disregard the advantages of doing so. The process of filing returns is simple and advantageous; it is not at all onerous. You have a social and moral obligation as a responsible citizen of the nation to file income tax returns each year.
Reasons why to File Income Tax Returns by Individual taxpayers?
There are a lot of reasons as to the filing of returns by the taxpayers. Some significant benefits that accrue to individual taxpayers in filing IT returns are:
Getting Loans and Credit Cards approved
For getting various loans like Housing Loans, Vehicle Loans, Business, personal loans and credit card approvals, copy of ITR is mandatory part without which you can face hurdles in getting such loans approved smoothly.
Quick Visa Approvals
For visa approvals, it is mandatorily required by the Immigration department to produce the proof of Income tax returns along with scrutiny of other essential documents.
To Claim Income Tax Refunds and Business Losses
Any income tax-related refunds and losses in the business can only be claimed from the IT department when a taxpayer duly files a return. It is equally required to carry forward the previous year losses as well.
Avoiding Penalties and Prosecution
There are punitive provisions in the income tax act in the form of fines, penalties and prosecution if a taxpayer fails to file the return of income when he is required to file as per the law. It is advisable to file these returns either on your own or by hiring someone like the income tax consultants who can do this for you.If you are searching for a CA for income tax filing in Delhi or a tax consultant Delhi, you can reach out to us as we are one of the best tax firms in Delhi, and we aim to serve our clients with the most satisfactory services.
