Income Tax return in India filed to the Income Tax department by individuals, Hindu Undivided Family (HUFs), Body of Individuals (BOI), Association of Persons (AOP), firms, companies, & businesses. Everyone whose net total income is above exemption limit is liable to pay income tax.
Income Tax returns in India should be file before or on due date otherwise it involves monetary penalties. Therefore, to ensure you file your returns before or on due date Income tax return services are provided by Taxmaazra. Taxmaazra assist you & provide the list of all the important documents for filing your returns. Every assessee should have documents related to his/her income, Form 16, investment, various certificates for claiming deductions, information about residential status, details of bank accounts, etc before filing the IT returns.
Income Tax is the main source of revenue for the Government of India. In India, the Income Tax Act came into force in 1961, but it has been amended several times according to economic, social and financial requirement. As per the Income Tax Act, there are 2 types of taxes in India - Direct Taxes and Indirect Taxes.
There are seven forms of Income Tax return in India and classified as ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. These forms are provided by IT department to file income tax returns. Taxpayers should be careful while choosing their ITR form & relevant heads while filing ITR through as specific heads contain specific deductions, exemption & tax rates.
There are many advantages of filing ITR. Few advantages are mentioned below:
· Proof of Income,
· Easy approval of Foreign VISA,
· Claim Losses,
· Use as address proof, etc.
· Get loans from bank, etc.
Income Tax return services by Taxmaazra make easy to file ITR once you understand basics of income tax. Taxmaazra team ascertain your taxable income & provide you tax planning to ensure saving taxes on your Income.
Income Tax return services by Taxmaazra check ITR multiple layers before submitting ITR to save you from notices & penalties. Taxmaazra committed to resolve all your queries regarding IT returns before or after filing Income Tax return in India.
In the event that an individual gives wrong data or submits botches un purposely while documenting his/her personal government form, at that point it might prompt entanglements later on and he/she needs to give explanation to the Income Tax Department alongside the privilege and remedied subtleties.
An individual needs to record his personal assessment forms every year as indicated by the law and it doesn't make a difference whether the concerned people are gaining their yearly pay through a month to month ordinary pay or capital or some other sources.
These days because of the digitalization on an ascent in India, the annual government forms can be recorded online as well.
No compelling reason to go into the Income Tax's office to record your annual government form yet you can likewise document it effectively by filling in an online application.
Peruse our rundown of the most well-known five missteps made while recording Income Tax returns and attempt to evade them while documenting yours.
Mistaken number of salary sourcesThis is additionally a mix-up that Income Tax filers will in general make while recording Income Tax Returns.
