💡Understanding Tax Returns💸 and Why Tax💲 Compliance is Important in 🇮🇳Bharat ?
1- who tax return? 2-why tax is important? 3-will tax be deducted every month? Introduction : Filing tax returns is an annual obligation for individual taxpayers as well as businesses in India. In this blog post, we will discuss the concept of tax returns, the different types of tax returns, procedures involved and why it is essential to pay taxes on time. What are tax returns? Tax returns refer to documents that taxpayers need to submit to the Income Tax department, providing details of their income and deductible expenses. Based on the income level and compliance requirements, there are different types of tax returns like ITR1 , ITR2 , ITR3 etc. that need to be filed by the prescribed due dates. Procedures for filing tax returns To file tax returns, taxpayers need to collate relevant documents like Form 16, interest certificates, capital gains statement etc. for the financial year. They then need to either fil...
