Income Tax Returns – Importance and other aspects

Individuals are required to file their income tax return if the income before allowing deductions under chapter VIA and exemption u/s 10A, 10B or 10BA exceeds the exemption limit. There is misconception among several individuals that after paying tax the obligation completes but the job does not end here, return filing is evenly obligatory. If the Individual, who is liable to file income tax return, failed to file return deliberately can face penal action. The income tax department uses a computer-aided scrutiny system (CASS) for picking up these tax evasion cases and the picked one case will surely come in trouble. The individual should declare true income in their return and file the return accordingly, so that your return is accepted without any question. The income tax department has over the past few years improved on computerisation and made the online facility of E-filing of I.T returns. The income tax department has drastically changed the assessment policy and now almost 98% returns are being accepted without any question. With e-filing your tax returns, the processing speed is really quick and it minimizes the chances for error and thereby makes your filing error free, and accurate. Moreover, e-file submission process helps to keep your personal information private, get instant notification of receipt, check the status of your tax return or tax refund and you get your acknowledgement receipt immediately. Thus you save a lot of precious time, money and energy by opting to e-file. We at Taxmantra.com have the expertise in handling issues relating to individual taxation (Tax Returns + Tax Support+ Tax Planning). Taxmantra.com provides most hassle free tax return filing/ online return filing experience. Once you have collected, your salary certificate and other documents, we request you to please log in to www.taxmantra.com/ereturns or you can also directly mail at info@taxmantra.com to submit the details. Upon receiving the documents, we would contact you to file your return of income.

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