{"id":10534,"date":"2020-04-19T06:25:18","date_gmt":"2020-04-19T06:25:18","guid":{"rendered":"https:\/\/www.onscharter.com\/?page_id=10534"},"modified":"2020-04-22T10:27:07","modified_gmt":"2020-04-22T10:27:07","slug":"individual-income-tax-filing","status":"publish","type":"page","link":"https:\/\/www.onscharter.com\/?page_id=10534","title":{"rendered":"Individual Income Tax Filing"},"content":{"rendered":"

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width=”3\/4″ css=”.vc_custom_1481792131878{padding-top: 40px !important;}”][vc_column_text]<\/p>\n

Income Tax return filling is legal requirement in India as per Income tax Act 1961 The following taxpayers are required to file a mandatory income tax return are listed below:
\n* Any private, public, foreign, domestic company.
\n* Any Limited Liability Partnership (LLP) and unlimited liability partnership.
\n* Any total individual income is exceeding the exemption limit.<\/p>\n

[\/vc_column_text][vc_empty_space height=”20px”][vc_column_text]<\/p>\n

Advantages of Filling Income tax return<\/h4>\n

Legal Requirement by Income Tax Act 1961 \u2013 for individual & HUF -If gross total income Exceeding 2,50,000\/-then shall have to file return
\n* For firm & companies- even if no income return filing mandatory
\n* Claiming refund
\n* Carry-forward of losses
\n* Establishing income proof in compensation cases
\n* Helps the bank loan documentation process easier
\n* Credit Card Processing
\n* For a hassle-free visa application procedure
\n* Makes life easier for freelancers and Professional<\/p>\n

[\/vc_column_text][vc_empty_space height=”20px”][vc_column_text]<\/p>\n

Disadvantages of a Non Filling Income tax return<\/h4>\n

* Losses cannot be carried forward.
\n* Deductions under Chapter \u2013 VI A cannot be claim
\n* Interest under Section 234
\n* Loss on refund of Taxes (Financial loss)
\n* Best judgment assessment (Assessment under section 144):
\n* Penalty for Concealment of Income
\n* Prosecution for Failure to Furnish Return of Income u\/s 276CC<\/p>\n

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Make filing your Income Tax return hassle-free using our service.<\/p>\n

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Request a Call Back<\/h2>\n

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width=”3\/4″ css=”.vc_custom_1481792131878{padding-top: 40px !important;}”][vc_column_text] Income Tax return filling is legal requirement in India as per Income tax Act 1961 The following taxpayers are required to file a mandatory income tax return are listed below:…<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.onscharter.com\/index.php?rest_route=\/wp\/v2\/pages\/10534"}],"collection":[{"href":"https:\/\/www.onscharter.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.onscharter.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.onscharter.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.onscharter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10534"}],"version-history":[{"count":6,"href":"https:\/\/www.onscharter.com\/index.php?rest_route=\/wp\/v2\/pages\/10534\/revisions"}],"predecessor-version":[{"id":10794,"href":"https:\/\/www.onscharter.com\/index.php?rest_route=\/wp\/v2\/pages\/10534\/revisions\/10794"}],"wp:attachment":[{"href":"https:\/\/www.onscharter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}