CloudInc

Why Income Tax return need to file?

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:

Any private, public, foreign, domestic company.
Any Limited Liability Partnership (LLP) and unlimited liability partnership.
Any total individual income is exceeding the exemption limit.

Advantages of Filling Income tax return

Legal Requirement by Income Tax Act 1961 - for individual & HUF -If gross total income Exceeding 2,50,000/-then shall have to file return

For firm & companies- even if no income return filing mandatory

Claiming refund

Carry-forward of losses

Establishing income proof in compensation cases

Helps the bank loan documentation process easier

Credit Card Processing

For a hassle-free visa application procedure

Makes life easier for freelancers and Professional

Disadvantages of a Non Filling Income tax return

Losses cannot be carried forward.

Deductions under Chapter - VI A cannot be claim

Interest under Section 234

Loss on refund of Taxes (Financial loss)

Best judgment assessment (Assessment under section 144):

Penalty for Concealment of Income

Prosecution for Failure to Furnish Return of Income u/s 276CC

Our Packages

Income Tax Return Salaried

Inclusive Government Fees

Starting at

₹ 1500

GST will be charged at 18%

Salaried Income

House Property Income

Other Source Of Income

Income Tax Return Capital Gains

Inclusive Government Fees

Starting at

₹ 2000

GST will be charged at 18%

Salaried Income

House Property Income

Other Sources Of Income

Capital Gain Income

Income Tax Return Business

Inclusive Government Fees

Starting at

₹ 3000

GST will be charged at 18%

Salaried Income

House Property Income

Other Sources Of Income

Business Income (Turnover)