Easiest Quickest and Cost-Effective Way to File Your Income Tax Return

  • Rely on Tax Experts to file your Income Tax Return
  • Help in Minimize your Tax liabilities in legal ways
  • Help in compute correct tax liability and get right refund
  • Filing ITRs of Individual, Companies, Partnership Firms, Trust etc.
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How N Raghu & Co can Help you ?

There some of the some common mistakes which most of the individuals do during the process of filling their income tax return (ITR), such as:

  • Choosing an incorrect ITR form
  • Failure in reconciliation of Form 26AS & TDS information
  • Putting in incorrect information
  • Missing to report source of Income
  • Missing on some Possible deductions that could be claimed

N Raghu & Co take cares of above common mistakes and helps in effective tax planning which will minimize your income tax and optimize your income. Our professionals provide one to one feedback before filling the income tax returns to tax payers and guide them for future years as well. On our dedicated watsapp no. taxpayers can post their queries and our professional provide the solutions for same.

Income Tax Return Filing (ITR)

Every person who earns money exceeding a certain amount is required to pay to government a tax, known as Income Tax. The income earned by a person can be through salary, interest from savings, income from mutual funds, sale of a property, profit from a business, and professional income.

Income Tax Return is a document by which persons provide information about their income for the financial year to the govt. & pay the tax on the income earned. The Income tax return filing is done electronically on the income tax portal once the final income of the assesse is computed from all the sources & income tax is calculated thereon.

The Income Tax Returns (ITR) should be filed every year within the specific due dates prescribed and in the Income tax formats depending on the category of the Income earned by person.

Who has to file the Income tax return (ITR)

Below is a list of persons who are required to file their IT Returns:

  • Every such person who is liable for paying taxes i.e. companies, partnership, HUF, Individuals etc.
  • Every such person who want to carry forward the losses
  • Every such person who wants to claim refund of taxes, TDS
  • Every such person for whom TDS has been deducted
  • Every resident individual having foreign asset or financial interest in foreign
  • Persons having capital gains (long term & short term)
  • Persons trading/investing in shares/commodities/currencies
  • Person investing in crypto currency
  • People interested in filing voluntary Income Tax Return (This will help in the future when taking a loan or any other financial assistance)
  • NRI (non-resident Indian) having any income from any source in India

Advantages Of Income Tax Return Filing

Avoid penalties & scrutiny

Non Filling of return (ITR), will attract a hefty amount of penalty & subsequent scrutiny of accounts by income tax authorities. Timely filling of retrun (ITR) will escape from such penalties.

Carry forward of losses

As per the Income tax law, if the Income tax return is filed within the due date, then only you will be able to carry forward losses to subsequent years, and set them off against future years’ income

Income Tax refund

If tax is deducted on your investments /income (like FD interest, dividend etc), in order to claim refund for same, Return (ITR) filing become mandatory for taxpayers.

Ease in loan processing

Timely filling of ITR improves the credit worthiness of the assesses as the financial institutions/bank places the ITR to be on the top of their checklist before processing any loan document.

Foreign tour : Visa Compliances

Before granting VISA by foreign embassies, they will ask for your ITR (return) to assess your income in order to determine whether you will be able to take care of your expenses at foreign trip. In absence of ITR, VISA applications are rejected.

Basic Documents required for filling Return (ITR)

  • PAN card
  • Aadhar card
  • Form 16 (in case of salaried persons)
  • Bank statement
  • TDS certificate
  • Form 26 AS /Annual Information statement (AIS)
  • Receipts of Investment to claim deduction under various sections
  • Mandatory documents on sale and purchase of assets/investments (like sale deed, P&L statement downloaded from your share broker in case of share trading)
  • Receipt/challan of any tax paid i.e. advance tax or self -assessment tax
  • Copy of all the audit report and balance sheet, income statement, profit and loss account person details of the directors and partners.