Income Tax Return may be defined as a document providing the tax collector information about the taxpayer’s tax liability. Taxpayers who are earning more than 5 lakhs taxable income is mandatory for E-filing of income tax return. Income tax is basically a percentage of income that is paid to the government. All taxes are levied which is based on the passing of a law and the Income Tax Act, 1961 governs the provisions for our income tax.You can easily file your Income Tax Return within a day.
Taxes may be collected by the government in 3 ways:
Advance tax and self- assessment tax.
Taxes Deducted at Source.
Benefits of Income Tax Return :
Filing of income tax return in India is not an uncomplicated task.
Filing of income tax return of preceding years is also available.
Filing of Income tax return helps to create a strong financial background.
Filing of Income tax return saves your money, as non filing of returns attracts a penalty with minimum Rs. 5,000 and interest under section 234A.
Submitting income tax returns of past three years even if it is a NIL return to banks or financial institutions for smooth processing of Loans like housing, education, vehicle etc.
A partnership firm can be registered whether at the time of its formation or even subsequently. You need to file an application with the Registrar of Firms of the area in which your business is located.