Income Tax Filing is a proof that you have paid your income tax. It contains details about your annual income and the amount of tax you have paid. Every year, Indian citizens who earn taxable income have to file Income Tax Return (ITR). Filing ITR will help you in getting a refund in case you pay more tax than what you are required to pay. If you fail to file your ITR, you might have to face legal consequences.
Now, You can do your income tax returns filing in Vijayawada with us on Tax It Here, Also note that the deadline for e-filing your income tax returns for assessment year 2017-2018 is on or before July 31, 2017and Income Tax filing is made easy on Tax it Here.
A taxpayer is allowed to carry forward losses up to eight years. But this is allowed only if you file your tax return on time. In case you file a late return, you will not be allowed to carry forward any losses.
If you have paid excess tax, you can only claim it back by Income tax filing. Also, if there is a delay in sending you a refund, the tax department is liable to pay interest on the refund from the day tax refund becomes due. But in case you file the return late, interest will only be paid from the date of filing of tax return, till the refund is paid to you. You will not get any interest for the period of delay.
You tax return serves as a proof of your income. When you apply for a loan a bank may ask for your latest tax filing as an income proof or if you are applying for a visa, your income tax returns may be required. All companies are required by the Companies Act 1993 to file an annual return with the Companies Office regardless of whether or not they are trading. Tax it Here can help file the mandatory annual return for your Company and maintain annual compliance with the Ministry of Corporate Affairs.
This procedure of filing income tax returns is referred to as Income tax filing. While filing the actuals, the total amount that should go to the government as income tax is calculated.Income tax filing form ranges from ITR 1 to ITR 7, used for different types of income.Government has prescribed ITR-4, ITR-4S, ITR-5, ITR-6 and ITR-7 for Income Tax filing of business and profession. Depending on the type of business, a particular type of ITR form should be used from the forms mentioned earlier.
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