Why You Should Be Filing Income Tax Returns

All individuals having total income above the limits prescribed under the Income Tax Act have to file their income tax returns within the due dates prescribed. Its always advisable that the filing is done well before the prescribed dates due to the following apparent advantages that follows which includes requirements for immigration process, bank loan approval, tax deduction, assistance in obtaining government tenders etc.

If you are likely to submit your income tax returns, you may experience a number of complications and some filing difficulties. In this case, VBV Associates, the leading Income Tax Consultants in Kochi, Kerala, will help you file your income tax return and offer the most effective tax-saving strategies for your company.

1. By submitting ITRs on time, individuals and businesses can avoid penalties and interests under various section of the Income Tax Act

2. Frequent ITR filing proves steady income and the individual’s ability to pay taxes on time. Financial institutions and banks look for the applicant’s previous year ITRs when approving loans and other credit lines.

3. To avail setting off of your losses, the income tax act states that losses for a year cannot be carried forward unless the return for that year is filed well before due date.

4. If you have a refund of TDS due deducted previously, you must file tax returns to claim it . If you file an ITR, you can save money on taxes on term deposit income, and you can also save money on your dividend income.

5. Visa applicants’ tax return files are income proof. When the embassy will verify the information and make sure he/she is capable to travel, if you did not file your income tax return, the Visa application won’t be processed.

For all type of financial transactions, income tax return filing record will be the only proof of your income and tax payment.

We are one of leading Tax Consultants in Kochi, Kerala and can help you with tax compliance. As a business consultant that works closely with your firm and is aware of your business goals, we can advise on the best areas to focus on and ways to expand. For further assistance, please contact us at vbvassoc@gmail.com or call +91 980 901 2123.