Everything You Need To Know About Filing Taxes

Every year the government mandates everyone who is above exemption limits to file income tax. It isn’t a necessity but an obligation that every Indian citizen who is able to, or has income above exemption limits must fulfill. Unlike the popular myths, you are never put to disadvantage if you file tax returns. Filing returns basically means that you are giving self-assessment of your income to the government, and giving them the right perspective of your taxable income.

Below are some of the things that you must keep in mind:

1. For individuals, the last filing date for the tax returns for the assessment year 2015-16 was extended to August 31^st, but you can file returns even after the last date of assessment but you would incur a penalty of 5,000.
2. You can still claim the refund for this and preceding year; so do not hesitate to file returns. Filing returns is easy if you have a good tax consultant to assist you, if you don’t have one, then urbanclap company can help you, in getting a sound tax consultant.
3. You will get interest on you the tax refund owed to you, right from the start of financial year, so in this case if you say file your returns in September and get refund in the month of December, then you would be eligible to get interest on the refund amount from april to December at 0.5% per month.
4. Usual deductions like 80c, 80g etc. remains, and you would be able to get deductions of them, for 80g, you must have proof of certified charities, as defined by the government of India.
5. If your income is over 5 lakhs, than you have to file taxes electronically, otherwise you can file for it in person.
6. Refund, if any shall be processed in 4-8 months once you file for returns, so the faster you file for returns, the faster you will get the refund.
7. It is advisable to retain the copy of your IT return for at least five years from now. Even though everything is electronic, it is still advisable to keep a copy of it in any eventuality.

With all these in mind, you would be all set for filing your tax returns. Getting a tax consultant has never been easier, and with UrbanClap India, a promising app that redefines the experience of getting tax consultant and makes it easy and fun to get a consultant.

Urbanclap business model is unique, there are neither ads nor any fees that they dock out of you, it all looks very unreal, but the fact is – it is real and helps tremendously in getting professionals across the board. Apart from the tax consultants the app also helps in getting various other professionals, with the total count of over 50 professional services.

So this year, while you get geared to deal with the income tax return, get a professional at no cost through UrbanClap and get away from your financial woes. A good tax consultant will inevitably saves you many time over than what you pay him/her and that’s very crucial. Remember, that both filing taxes and saving money on it is easy, but only as long as you know how to make most out of it, and if you have a financial tax consultant at your disposal.

Disclaimer: It is important to verify everything that we mentioned in the article, as the rules and norms may get changed from time to time, so always consult a tax expert before taking any taxation related discussion. While we have tried to add as much as could have, this is no substitute to an expert’s advice.

We encourage you to fulfill your legal and moral obligation of paying taxes and filing returns in order to steer growth in the country.