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Direct Tax by Mighty Advisors

Income Tax Return filing

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Description :

An Income tax return (ITR) is a structure used to record data about your income and tax to the Income Tax Department. The tax liability of a citizen is determined on the Basis of their Income. On the off chance that the return shows that excess tax has been paid during a year, at that point the individual will be qualified to get a refund from the Income Tax Department. According to the income tax laws, the return must be recorded each year by an individual or business that earns any income during a financial year. The income could be in form of salary, business profits, income from house property or earned through dividends, capital gains, interests or other sources. Tax returns have to be filed by an individual or a business before a specified date. If a taxpayer fails to abide by the deadline, he or she has to pay a penalty. According to the tax laws set down in India, it is necessary to record your income tax returns if your Income is more than the essential exclusion limit. The income tax rate is pre-chosen for citizens. A deferral in filing returns won't just pull in late documenting expenses yet in addition hamper your odds of getting a credit or a visa for movement purposes.

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Rs   2100

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