Income Tax Return Filing for Individuals in India
Filing Income tax returns is no cakewalk. It is better to seek assistance from experienced professionals from the very outset of the process.
Claiming extra tax, bifurcation of income as per the sources, categorising assets as long term and short term, keeping up with filings’ deadlines, ensuring the proper disclosure and fair reporting of income, annexing proofs and whatnot. It can be a lot of hassle and a single, unintentional calculation mistake might get rewarded with heavy penalties and in some cases, even prosecution.
Income Subject to Income tax
- Income from miscellaneous sources: Interest from bank accounts, fixed deposits (FD), lottery, dividend, etc.
- Income from real estate: Rental income
- Capital Gains: Increase in the value of the real estate, land, stocks, mutual funds, etc.
- Income from business and profession: Income you make as self-employed, e.g. earning as an independently practising lawyer, Chartered Accountant, Freelancer, contractor, etc
Benefits of Filing Income Tax Returns
Few other benefits of filing timely income tax returns are:
- Smooth loan approval
- Claiming tax refunds
- It also serves as income & address proof
- Help for faster Visa processing
- Allows for carrying forward the losses
- Avoid any sort of penalty/ prosecution
Penalties for Late Filing
There are some other consequences for delayed IT returns filing like unable to carry forward losses, the liability of paying interest on the delay returns’ filing @1% and late crediting of refunds.
USAIndiaCFO Advantage
We have dealt with matters from handling return filing for SMEs to complex tax issues for giant corporations and for High Net Worth Individuals (HNWI).
We can do your income tax filing, along with providing a range of other services to take full accountability as your virtual CFO.
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Let us discuss your requirements on a no-obligation discovery call, anytime as per your convenience.