What is Income Tax Return

India’s Income Tax Laws are enclosing by the Government. The administration enforces an income tax on chargeable profits of all persons. Every person who meets the requirements as an occupant of India is necessary to pay tax on his or her comprehensive income. An income tax return clutch and grasp reports of income, and other appropriate or suitable tax information.

Every person whose Income go beyond the maximum value talks about in income return tax act are necessary to put down tax previous to due date or else, they will include to pay fine or well and interest to the tax authority. Income tax returns are obliged to be filed every year by a person on or before 31st July of the next financial or economic year.

Advantages of Income Tax Return

·         Claim for Refund

·         Processing of Documents

·         Carry-forward of losses

·         Self-employed

·         Government tender

·         Avoid additional interest rates

·         Avoid Penalties

·         Processing Credit Card applications

·         Refund of TDS

Disadvantages of Non-file ITR

·         Loss in interest on refund

·         Penalty

·         Do not carry forward of losses

Reduce time for revising your income tax returns