Tax Filing Made Easy for Businesses, NGO & Freelancers
Income tax Return is a form in which a person files information on his income earned during a financial year and its tax thereon to the Income Tax Department. Under Income Tax, a person can be an individual, HUF, Firm or LLP, company, NGO, Society, Trust etc. The government has made it mandatory for individuals and others who earn a specified amount of annual income to file their ITRs within the due dates prescribed under the act. Those who earn less than the amount chargeable to tax can also submit their returns voluntarily.
We at Jain Rajiv Associates help you in calculating your correct income tax payable or refundable; provide the best consultancy in reducing your tax liabilities and significant tax reliefs which may get ignored by individuals.
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 of your own or by hiring someone who can do this for you.
Call us to discuss the best services and packages we offer.
