Every Individual / HUF assessees having a gross total income of more than Rs. 2, 50,000 during the year are compulsorily required to file Income Tax Returns. However, a person may voluntarily file income tax returns to avail various benefits. The due date to file income tax returns for individuals and HUF is 31 st July. It is advisable to file income tax returns within the due date to avoid late filing fees and penalties.
If you want to carry forward your losses it is necessary to file the income tax within the due date. Income tax return for a particular assessment year cannot be filed after the end of the assessment year. It is beneficial to file income tax returns to get a refund of the TDS deducted. There is no separate income tax return for the proprietary business.
Bank loans like education loans, vehicle loans, and personal loans, can be easily availed as they require the past three years IT returns.
Heavy amounts would be charged for non-filing of income tax returns, and hence, it is always better to file it to avoid legal repercussions.
As immigration centers scrutinize many documents and IT returns, proofs are a mandatory document for visa applicants.
The first step is the collection of all the necessary information you will need to file your ITR.
After the information is collected, we will compute your total taxable income and tax liability.
We shall send the draft computation for your review.
Your
return is filed.
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