An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing the actuals, the total amount that should go to the government as income tax is calculated. If you’ve paid more tax than needed for the financial year, you’ll be refunded by the income tax department. Sometimes, you may also see that you have underpaid taxes for the year. In such cases, you must pay the remainder of the tax, and file your income tax returns.
Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some income tax return forms are longer than the others, and they may need additional disclosures such balance sheet and a profit and loss statement information.
Avoid legal repercussions If cash deposited during the demonetization period is greater than Rs 2 lakh in your bank account.
Taxpayers often get served notices from the IT department for delayed & missed return submissions.
Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.
You’d need just a Form 16 and Basic details such as PAN, Aadhaar number, and bank account information.
Computation of tax liability or refund for the Financial Year
Filing of ITR & Generation of Acknowledgment
E verification of ITR acknowledgement
Individual ITR Filing
Obtain help of Professionals & Subject matter experts at CFO Affairs to understand the intricacies involved in the registration. We are more than happy to educate you and make your entity registration a hassle free process.
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