[vc_row css=”.vc_custom_1587532982278{padding-top: 60px !important;}”][vc_column][amwal_section_title title=”Why Income Tax Return Need To File?” text_position=”center”][/amwal_section_title][/vc_column][/vc_row][vc_row css=”.vc_custom_1587533085164{padding-top: 20px !important;padding-bottom: 40px !important;}”][vc_column width=”1/4″ css=”.vc_custom_1481792125454{padding-top: 40px 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Income Tax return filling is legal requirement in India as per Income tax Act 1961 The following taxpayers are required to file a mandatory income tax return are listed below:
* Any private, public, foreign, domestic company.
* Any Limited Liability Partnership (LLP) and unlimited liability partnership.
* Any total individual income is exceeding the exemption limit.
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Advantages of Filling Income tax return
Legal Requirement by Income Tax Act 1961 – for individual & HUF -If gross total income Exceeding 2,50,000/-then shall have to file return
* For firm & companies- even if no income return filing mandatory
* Claiming refund
* Carry-forward of losses
* Establishing income proof in compensation cases
* Helps the bank loan documentation process easier
* Credit Card Processing
* For a hassle-free visa application procedure
* Makes life easier for freelancers and Professional
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Disadvantages of a Non Filling Income tax return
* Losses cannot be carried forward.
* Deductions under Chapter – VI A cannot be claim
* Interest under Section 234
* Loss on refund of Taxes (Financial loss)
* Best judgment assessment (Assessment under section 144):
* Penalty for Concealment of Income
* Prosecution for Failure to Furnish Return of Income u/s 276CC
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Make filing your Income Tax return hassle-free using our service.
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