We are one of the best GST/GST registration Consultant in dhanbad, but we are also serve our service to different cities like Bokaro, Giridih ,Ranchi, Deoghar. So, we provide our client online service at home place.
Return of Income is nothing but an evidence of the income earned by a person (individual, company, LLP, AOP, BOI, and HUF etc.). It is merely mode of determination of the income and other specified details of the person such as the mode of income and the taxability on his income. It is a form in which one has to report his income and capitals, and details of the allowances and relief claimed, for a particular tax year.
Filing of returns is voluntary on one hand but mandatory on the other hand. If a person is having an income which is taxable, but he is an escapist, his income becomes "black money" as he is not adhering to the law of his country.
Why is Income Tax Return Filing important?
1. A mandatory concept has been introduced for every person to file his return even if it is below the exemption limit,
2. Any transaction can be legally entered into because the government is having records of the income and it is collecting tax on it.
3. Payment of taxes helps every citizen to participate in the contribution towards national income and consequently in the appraisal of the national economy
What are the advantages of Income Tax Return Filing?
1. Return filing facilitates easy and speedy processing of housing, education, vehicle loans etc. as banks would not provide any loan if the borrower has not filed his return for three years even if it is a NIL return (NIL return filling return with zero tax liability).
2. Return filing is mandatory for visa processing.
Documents to be upload for our expert help
1. PAN card
2. Bank Passbook front page (for bank account number proof)
3. Address proof
4. Calculate interest from bank of relevant year
5. LIC or any insurance for which premium is paid(if any)
6. Children school or tuition fees receipt (if any)
NOTE: these documents are required for basic calculation of tax we need more information if required.
3. Return filing facilitates quick registration of immovable properties vallued 5 lakhs or more
4. Credit card will not be issued by the banks unless the applicant regularly files his return