Email Us On : info@legaltaxindia.in, help@legaltaxindia.in
QUICK ENQUIRY
LEGALTAXINDIA.IN

Get Online

Income Tax Business Person

Our CA / Expert makes sure your return is filed flawless and every required disclosure is perfectly made in your return that mean you can enjoy your weekends.
Your documents always are in the secured hands

Start With Confidence

Income Tax Business Person

Income Tax Business Person

Income tax return is a form of filing the information of income and tax to the income tax department directly. The taxpayer's liability is totally based on his or her income. If an individual or taxpayer has paid excess tax, he or she will be eligible to get it claimed by ITC or as a refund from income tax department directly.

As per the law of income tax department, ITR should/ must be filed every year as in financial year if the company or business or individual gets any kind of income during the financial year. Income could possibly be in the form of gain from house property, business gains, salary, dividends, interests, etc.

There is rule that taxpayer should have to file the income tax return before the specific date (deadline)of filing. If in case, he or she fails to remember the date of filing he or she should have to pay the penalty for being delayed!

Income tax return : mandatory to file or not?

yes, it is mandatory to file the income tax returns because, In India laws related tax are very strict and if your income is more than the exempt limit, then the tax rate will be decided prior. If taxpayer delays to file the returns it will result into the penalties on taxes and the taxpayer will also has to suffer from the chances of getting loans and travel visa hampers!

For whom it is compulsory to file ITR??
Age Exceeds Income from
Up to 59. 2 lakhs
60-79. 3 lakhs
80 and above. 5 lakhs

Other :-

  • All the registered companies, whether they earn profit or not they have to pay the tax.
  • Those who wanted to claim the refunds from the paid tax.
  • persons who has their entities outside the India.
  • foreign entities whose business is settled in India.
  • people from outside the India or NRI are supposed to file ITR if they are earning 2.5 lakhs per financial year.

Following Documents are needed for ITR filing :-

  • Bank Account Details
  • Aadhar card
  • Pan card
  • LIC, PPF, Insurance , C apital Gain , Shares, etc (If Any)
  • Home loan / Car loan etc (If Any)
Advantages Of ITR filing:
  • Receipt of ITR is most important document
    • ITR receipt is more detailed in accordance with form 16. It is contained of taxes and incomes and revenues from other sources.
  • Address proof
    • ITR receipt is delivered at your registered address, which can be used as address proof.
  • Makes loan process easier
    • For loans banks generally asks for returns of taxes from past 3 years to ensure the capacity of the loan payer. It makes the bank, process easy for the individual who is applying for loan.
  • Useful for compensation of next financial year
    • me you cannot recompensate you or losses of the previous year to the current year, until you file the ITR. Thus, For the losses which are carry forward to the future adjustment, ITR is must be compulsory.
  • Avoids penalties from tax department
    • Since 2017-18, the tax department had started to collect the penalty of rs.10000 for not filing ITR.
  • Processing of credit card
    • processing of credit card will become easier after ITR filing.
  •  Processing of visa application
    • If you have filed the ITR, the procedure for visa application become much better and way easier for you.