Tax Return filing is mandatory for individuals, NRIs, Partnership Firms, Companies, Trust and LLPs every year. Individuals and NRIs are required to file income tax return, if income exceeds Rs. 2.5 lakhs per annum. Proprietorship and Partnership are required to file income tax return irrespective of income or loss. Whereas companies and LLP are required to file return irrespective of turnover or profit. Non filing of tax return attracts penalty and interest is also charged on late payment of income tax.
The due date for income tax return filing is 31st July of every year for individual whereas for companies and taxpayer requiring audit ( mandatory for turnover above 1 crore and for professionals income having more than 50 lakh) is 30th September.
THE PENALTY ON LATE FILING OF RETURN IS AS FOLLOWS
1. Late filing between 1st August and 31st December – RS.5,000
2. Late filing after 31st December – Rs.10,000
3. Penalty if taxable income is less than Rs.5 lakhs – Rs.1,000
TAX DEDUCTIONS
Various deductions under different sections of Income Tax Act is given to the taxpayer. Section 80C, 80D, 80EE, 80E, 80G are some common deductions for taxpayers to relieve their tax liability.
INCOME TAX FILING WITH COMPEX
Compex gives you the best service for your income tax return filing. We make sure that all the filings are completed within the stipulated time to avoid any penalty and interest on our clients. We regularly follow up with clients for the necessary information and documents required for tax return preparation. Based on these information our team prepares return and get it approved from the client. After the acceptance of client, the return is filed with the department. We provide a free consultation on tax return filing to our new clients.
Full Administrative Tax Services Management
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s