HSK DOCS SERVICES - ITR Filing

ITR FILLING

Ensure secure and prompt filing of your Income Tax Returns with experts at HSK DOCS

Filing your income tax returns is easy and hassle-free when you hire our legal experts for ITR Filing services.

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What is Income Tax Return (ITR) Filing?

An income tax return is a form that a person uses to disclose his earnings and applicable tax obligations for a given period to the Income Tax Department. As per the requirements of the Income Tax Act, 1961, all persons who are liable to pay taxes need to file an income tax return (ITR) after the end of every financial year. Tax filing is the process of preparation and submission of the tax return to the relevant tax authority. The Central Board of Direct Tax looks after the matters related to income tax.

There are diverse forms of income tax returns. Depending on the sources of its income and residential status, a business entity needs to file the appropriate type of tax return.

What is Income Tax Return (ITR) Filing?

Interest and Penalty

1% interest is charged on the tax payable for the period of delay in filing the return. Other penalties of willful default and failure to file can go up to Rs.10,000. An income tax assessment from the tax officials may also follow.

Ineligibility to carry forward losses to subsequent periods

Entities that are non-filers of tax returns may get disallowed from taking forward their losses to the next financial year.

Delays in the refund of tax

You will not be eligible for a refund of excess tax liability paid to the government if you fail to file your tax returns on time.