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Income tax return is the amount of money which you have to pay to the government, if your earnings for the year exceed the figure; pre-decided by the government; according to income tax 1961. Income tax return filing is a plain and basic process, which you can do it online. It can be done from your office, home or wherever you are; according to your convenience. You don’t have to take a special day off to file your income tax returns. Sometimes dealing with the taxes is quite challenging and time consuming, so people prefer to call professionals to do the task.
Now a day there are several professional companies, which are just one call away to help you with your income tax return filing and make all your income tax return filing a hassle free task. WHO HAS TO FILE THE INCOME TAX RETURNS? Individuals, NRIs, partnership firms, LLPs, Companies and trust have to file income tax returns every year on the basis of their PAN (Permanent account number), which is essential to file the income tax return.
Every taxpayer is supposed file their income tax returns before the due date, if they fail to do so in any case; then they are charged with the late payment fees under the penalty provision. LATE CHARGES OF INCOME TAX RETURN FILING
Filing income return requires few forms to be filled, ranging from Income Tax Return1 (ITR1) to Income Tax Return7 (ITR7). You need fill the every minute detail of your possessions and earnings, which may take little longer time than expected and some additional disclosures. ADVANTAGES OF INCOME TAX RETURN FILING Many of us overlook the mandate of Income Tax Return filing, without knowing the benefits of maintaining it. Here are the few basic perks and benefits to the income tax payers.
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