CVBAY ACCOUNT SERVICES is accounts professional who are expert in providing Income Tax Return (ITR) Filing consultancy. Our Income Tax Return (ITR) Filing services is located in Tricity.

WHAT IS INCOME TAX RETURN?

Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year.

As per Section 139(1) of Income Tax Act, 1961

Companies & Firm:- Every Company & Partnership Firm should (MUST) furnish Return of Income in respect of its income or loss for every previous year.

Others :- Every other person being Individual or HUF or an AOP or BOI or Artificial Judicial Person, where the Total Income of any other person in respect of which he is assessable under the Act during the previous year, without giving the effect of Sec. 10A/10AA/10B/10BA or Chapter VI-A exceeds the max amount not chargeable to Income Tax, should also furnish a Return of Income.

INCOME CAN BE OF VARIOUS FORMS SUCH AS :

WHAT ARE THE DUE DATES FOR FILING INCOME TAX RETURN (ITR)?

DOCUMENTS MOSTLY REQUIRED AT EVERY TYPE OF RETURN:-

ITR FILING BENEFITS:-

The benefits of filing income tax returns vary across taxpayers. Depending on the category of taxpayer, we have enlisted the advantages of filing ITR in the following section.

BENEFITS OF FILING ITR IF NOT IN THE BRACKET :-

In addition to this, one can file a NIL income tax return in case his/her yearly earnings fall below the taxable slabs. There are several benefits of filing NIL income tax returns. Some of them are –

BENEFITS OF FILING ITR FOR DECEASED INDIVIDUALS:-

ITR should also be filed for deceased individuals if they pass away in the middle of a financial year. It is calculated on earnings generated till their date of death.

In such a case, their legal heir should file the IT returns. This is important because insurance companies need income proofs to sanction an amount for an accident during court trials. Therefore, by presenting the ITR receipts, one can easily obtain the claim amount.

CONSEQUENCES OF NOT FILING ITR:-

Now that you know about the advantages of income tax return filing, here are some consequences they may face if they fail to file it:

However, there are some individuals who are not required to file an income tax return. Senior citizens above 75 years can get full exemption from ITR filing as per the Finance Minister's announcement in the Union Budget 2021.

By going through this comprehensive guide on the benefits of filing ITR, one can acknowledge the advantages of e-filing tax returns and applying for the same without any delay.

WHY INCOME TAX RETURN FILING WITH CVBAY ACCOUNT SERVICES:-

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If you require any of our services, then Please send email to us at : cvbaytaxsolutions@yahoo.com, ccvbayaccountservicee@yahoo.com, or Call us (India) : +91 8341-00-0081