Meaning of Income Tax Return Filing in Makrana
An individual files an ITR to disclose information about their earnings and taxes owed for a certain fiscal year. The information in the ITR should be relevant for a specific fiscal year, which runs from April 1 to March 31 of the following year. A salary, business profits, dividends, capital gains, and interest are all possible sources of income. If you overpay taxes over the year, you will receive a refund.
Why it is important to file ITR?
The procedure to follow for filing ITR is-
- Easy Loan Approval
When applying for high-value loans like home and car loans, most banks and NBFCs require an ITR of the last three years from individuals.
- Avoid penalties
By filing a tax return, you can avoid the penalties imposed on taxpayers who do not file a tax return by the due date.
- Proof of Income
The ITR confirmation form is the best proof of income or finding out the net worth of an individual.
- Claiming Refund
In case you have already paid advance tax or your employer has deducted any TDS or any investments by the authorities, you can claim a tax refund if excess tax has been paid by any concerned authority.
- Required for VISA Application
For those who want to move abroad, the ITR is the most important document required by the foreign embassy. Filing income tax returns regularly is important.
What is the Procedure for ITR Filing in Makrana?
The procedure to follow for filing ITR is-
- Complete a simple questionnaire provided by our team..
- Provide us with all the necessary documents as mentioned above.
- We will analyze all the details and after verification from the client, we will file your tax return before the due date and protect you from any penalty.
- After completing the income tax return, we will inform you further and also provide you with the computation and return form.
What is the penalty for failure to pay income tax?
If the ITR is filed after the deadline, the up to Rs 5,000 late cost for those with yearly incomes over Rs 5,000 might increase to Rs 10,000. In extraordinary circumstances, even if you file your ITR after the deadline, you won’t be penalized if your income exceeds the tax base limit.
