Income Tax Filing
Income Tax Filing (Individuals & Businesses)
Income tax filing is a critical financial responsibility for both individuals and businesses. In India, the process of filing income tax returns (ITRs) is mandated by the Income Tax Department and governed by the Income Tax Act, 1961. Every individual earning above the exempted limit and every business generating income must file their returns annually. This not only ensures legal compliance but also helps taxpayers maintain a financial record that can be useful for future loans, visa processing, and government subsidies.
- Businesses Must File: All businesses generating income are required to file tax returns regardless of their profit or loss.
- Regulated by Government: The process is overseen by the Income Tax Department of India.
- Ensures Legal Compliance: Filing returns helps taxpayers comply with Indian tax laws and avoid penalties.
- Financial Documentation: Filed ITRs serve as important financial documents that support loan applications, visa processes, and access to government schemes or subsidies.
