Income Tax Return is the proof of Income of any person. It is a form of information about your sources of income which is to be submitted to the Income Tax Department in a stipulated manner. It shows the total Income earned by the assessee during the year for which the return is being filed. Properly filed return creates a good financial credibility of any person. Some of many key features of filing of Income Tax Return are as under.
- A Person can easily use (legally) their money for any work at any time and any place to the extent the source is shown on the return of income.
- Income Tax Return is essential for obtaining Loan for any purpose, buying of LIC Policy, taking VISA for foreign countries, etc.
- Losses and set off of losses can be claimed if the return is filed within the prescribed time in a prescribed manner.
- If any data are missing in original return, it can be revised or rectified with the correct database.
- It can also be filed even after a due date as a part of Belated Return, but a belated return cannot be revised.
- To claim the refund of excess tax from the source of income, return filing is an essential procedure.
Transcend Consultants are available for those seeking assistance in the filing of Income Tax Return. We submit the return within the prescribed date and authority. Tax Planning and Management is the constitutional right.
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