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CVBAY INCOME TAX RETURN FILING SERVICES



Income Tax is one of the taxes that is levied directly on your Personal Earnings or Income. Income Tax is a tax you pay on your earnings. We can consider Income Tax as one of the most well-known and least understood aspects of Personal Finance.

Why an Individual has to pay Income Tax?


Income tax is one of the key sources of funds that the government uses to fund its activities and serve the public.

So, is it mandatory for everyone who earns to file income tax returns? What are the guidelines?
What is Income Tax Return?


Every tax payer has to declare his/her income to the Income Tax Department at the end of a Financial Year in a prescribed form by the Govt. This prescribed form is known as ITR. It is a summary of incomes earned during a particular Financial Year
These incomes can be:-


  • Income from Salary or Pension
  • Income from Business or Profession
  • Income from other sources like interest income etc.,
  • Income from Capital Gains
  • Income from House property etc.,
The ITR gives a standard proof of income to a person and helps to establish a record with the tax department. When you file your ITR, it is proof that you have an income for which you have paid tax.
Should I file Tax Return even if I have no Taxable Income?


Filing of Income Tax Returns has its own benefits. If you are planning to take a Loan or apply for a Visa, a proof of income tax return filing may be required from you. Even if you have no taxable income, you can file your tax return. You can build proof of your finances/income.

Another scenario can be, your income might be below the taxable limit but your employer would have cut TDS (tax deducted at source) OR you might have earned some income through part-time consultancy work and the company would have deducted TDS at 10 per cent. So, in this case you are entitle to get ‘refund’ of TDS as your income is lower than the taxable limit. For claiming this refund, you have to file your tax return.

Do note that non-disclosure of income & non-filing of ITR may attract penalties and also has severe consequences. So, file your income tax return on time.

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If you need the income tax return filing services with us then we will take care for all of your tax needs 24*7*365 Days. You can contact us at cvbaytaxsolutions@yahoo.com

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