Income Tax Filing for Business Person

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Income Tax Filing for Business Person

The income earned by the individual is subject to tax. The tax levied on a person’s payment is Income tax, which is levied and collected by the Central Government. Such tax on income earned is payable in the same financial year wherein it is accrued in advance tax. However, the Assessment Year is when the notification and computation of the payment and tax due are issued. Income Tax Return is the name of the notification form.

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Benefits of Income Tax Return for Businessman

  • Allows the loss to be carried forward: The majority of firms lose money in their early years. When filing an ITR, a business or capital loss can be carried forward for up to eight years. This loss can also be applied to future earnings, lowering future taxable payments. The taxpayer loses this advantage if an ITR is not submitted. 
  • Define Financial Value: The ITR filed with the Government represents the financial value of the taxpayer. The track of ITR reflects the financial capability and enhances the capital base of an individual. Therefore, the mode of income and economic value is decided by the ITR already filed. Investors and institutions await the filing of returns to know the business’s potential. 
  • Loan Processing and High-Risk Cover: The numbers and capital base defined by the income tax return are helpful for loan processing. The higher the financial value, the easier the loan processing. The same applies to high-risk cover insurance. ITR is an essential document for decision-making in this regard. 
  • Income Tax Refund: The filing of tax returns is not done only to fulfill the moral and social obligations of every citizen of the country. If you want to proclaim an income tax refund, filing an income tax return becomes mandatory.

Documents Required

  • Aadhar Card
  • PAN
  • Tax-Savings Investment Proofs
  • Interest certificates from Post Offices & Banks
  • Home Loan statement from NBFC/Bank
  • Form-16
  • Form 26AS
  • Title of the invention
  • Capital Gains
  • TDS certificates

 

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