ITR Filing in Rajsamand

Advantages of ITR Filing in Rajsamand

Need of Income Tax Return Filing in Rajsamand

• Avoid being penalizedIndividuals and businesses can avoid penalties by filing ITR on time. If the deadline is over, you may be charged a late fee of up to INR 5,000. It is over and above any other interest imposed by law. In addition, you may be asked to pay penalty interest.
• Proof of incomeFiling an ITR is its ability to act as proof of income. Since detailed information about your annual income and the taxes you have paid is available on the ITR, it is one of the most widely used income documents. So if you are required to submit proof of income somewhere, file ITR and submit receipt as your proof.
• Carry forward losses In case you have incurred losses during the financial year, filing ITR will allow you to carry forward those losses. You can offset these losses against future profits to reduce your tax liability in future years.
• Required for VISA application For those who want to move abroad, ITR is the most important document required by the foreign embassy. Filing income tax returns regularly is important.

Documents required for Income Tax Return Filing in Rajsamand

It is important to understand the documents and details required to file ITR to ensure that the process goes smoothly. The following documents are required for ITR filing in Rajsamand:

• PAN card
• AADHAR card
• Complete account statement/bank passbook for the financial year
• Income tax credentials Login
• Form 16
• Real estate purchase and sale agreement
• Demat account statement for mutual fund returns
• Home loan statement
• Account books maintained by Sales Ledger, Purchase Ledger, Expense Voucher, Complete Bank Statements, Stock Ledger, Fixed Asset Ledger, Audit Report
• TDS return
• GST return
• Fixed deposit interest certificate
• Receipt of LIC Premium
• Receipt of Tuition fee
• Certificate of premium for health insurance
• Donation receipt
• PF/ESI passbook

Procedure for Income Tax Return Filing in Rajsamand

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.

Final words

Taxpayers should ensure that they file their ITR within the stipulated time to avoid adverse consequences and penalties for late filing of income tax returns. In case of late filing, they should pay the necessary penalty and try to file another ITR within the due date. The Income Tax Act, 1961, and the Income Tax Rules, 1962 are the two governing statutes making it mandatory for an assessee to file a tax return with the Department before the due date at the end of every financial year.