Tax returns are very crucial and cannot be ignored under any circumstances. So, it is better to pay it on time.
In India, the Central Government controls the power to levy tax on any person who is employed and has an income, except the persons who are employed to the agricultural field. The amount or the percentage for this tax payment however varies depending on the amount of income.
Like every other country of India, the rules for income tax returns Kolkata are same and mandatory. People, however, consider it unimportant to file the tax returns and as a consequence, end up paying a huge penalty or get wrapped up in some legal difficulties. There are quite some benefits of filing the tax returns in time. They are:
- File your tax return as soon as possible:
Although the last date for filing the tax return for the previous banking year is July 31, it is always preferable that the taxes are filed before time. It provides the opportunity of not being messed up when the final moment arrives.
- It is not mandatory to pay the penalty:
Even if the tax payer has failed to file the tax return within the last date that is July 31, he or she is not supposed to pay the penalty. However, for that, the tax payer needs to make sure that he or she does not have any pending liabilities for his or her tax returns. It is most likely that the tax returns are filed as soon as possible even in case the last date goes by.
- Create a good record:
When the tax payers maintains a good track record of paying the taxes on time, every year, the income tax department keeps the history of the tax payer in their records and it help the tax payers in their later life in case of loans and insurances and also when they apply for VISA.
However, for a detailed assistance in all the tax payment related services, it is very important that they hire tax services Kolkata who have the knowledge and the experience to assist them.