Overview Individual Income Tax Filing

Income gained by an individual is subject to tax, and Income Tax is the tax that the Central Government levies on the income of the person. Therefore, it is mandatory, and it is the responsibility of the individual earning certain income to file for their Income Tax Returns. The taxes on income earned is payable in the same financial year where this tax is accrued as advance tax. But the intimation, the calculation of income, and the tax liability are furnished in the Assessment Year, and this intimation is known as the Income Tax Return.

Our team of highly qualified professionals at Taxrepair will help individuals file their returns in a timely manner. In addition, we ensure that all the documentation and filing of the income tax is as per the rules, policies and procedures, thereby helping the individuals to file their taxes hassle-free.

Documents Required for Individual Income Tax Filing

• Self-Attested PAN Card and Aadhar Card
• Bank Statements of the Individual
• Proof of Investment done by the Individual
• TDS Certificate in Form 16 or 16 A (if applicable)
• Copy of documents on purchase or sale of assets or investments
• Challan of tax paid, i.e., advance tax or self-assessment tax
• Receipts of the mutual funds, NSCs, insurance premium payment, rent, NSS, provident fund deposit and many more items claim deductions.

Benefits Individual Income Tax Filing

Ease in the Approval of Loans

All the banks and financial institutions ask for the Income Tax receipts of the past year or years at the time of processing the loan application. Therefore, if the individual considers getting a vehicle or house on loan, ensure that the Income Tax Return is filed without fail.
Income tax return helps Self-employed and salaried individuals immensely as they just need to provide only the Income-tax returns as a way of income proof and get the approval for their loans.

Help Claim Tax Refunds

By filing the Income-tax return, an individual can claim a tax refund from the Income Tax Department. The tax refund is beneficial, especially to the self-employed and salaried person falling under the high tax bracket.

Ease in Visa Processing

The Income Tax Return receipt is an important document for the purpose of getting the visa, as most of the consulates and embassies ask for copies of the tax return of the past couple of years when the individual applies for the visa.

Avoid Penalties

Timely filing of Income-tax returns helps the individuals avoid paying a hefty penalty. Thereby it is advisable to file for the Income Tax on or before the due date on a regular basis to prevent any legal repercussion.

Claiming Losses

By filing the Income Tax return on time, an individual taxpayer can claim losses that they can carry forward in the future years. For instance, if an individual has made a profit by selling their mutual fund units or equity shares, they can adjust these profits earned with the previously incurred losses by filing the income tax return on time.

Timelines of Individual Income Tax Filing

We at Taxrepair believes in the timely delivery of the services that we undertake for our clients. Therefore, we ensure that while filing the returns of the individuals, all the documentations are in place so that they get their refund and avoid paying any penalty.

Contact our team of professionals for consultation or for partnering with us for all your tax filing needs.