The process of submitting your income tax returns to the government is known as tax filing. Tax filing involves the information regarding your income, expenses, and other financial information in a financial year to determine the taxable amount and the refunds you entitled to receive.
Why tax filing is necessary ?
It is necessary to file your taxes accurately and with in appropriate time line as,
- Compliance with laws
The process of tax filing ensures the compliance with Income Tax Act of India and helps in avoiding legal penalties and fines.
- Claiming refunds and credits
Tax filing is necessary for claiming refunds for excess TDS and to take the advantage of tax credits and deductions to reduce tax liability.
- Financial responsibility
Filing accurate taxes to the government shows your financial responsibility towards nation and hence you are contributing to the nation’s revenue and supporting public services.
- Easy access to loans
Your proper tax filing provides your verified income records and financial stability that can be helpful to you while asking for loans from the banks .
- Government benefits and subsidies
You can avail various government benefits and subsidies such as education grant and health care subsidies by accurate filing of taxes.
Tax filing is a fundamental service of every financial planning as you are contributing towards economic growth and stability of your Nation.
The services and guidance of Mr.Arun Narang will be helpful to you to file your taxes timely and accurately .
