Income tax is a direct tax imposed by government on taxable income of those who are called Persons i.e.  Individuals, Hindu Undivided Families (HUFs), companies, firms, association of persons, body of individuals, local authority and any other artificial judicial person. Indian Income Tax Act, 1961 levies and governs income tax.

Advantages of Filing:

As a Responsible Citizen of India, One should file Income Tax return every year so as to comply with Income Tax laws, avoid legal proceedings & penalties and contribute to nation building.

The Following are some other advantages of filing an ITR:

• Hassle free loan processing
• Processing credit card applications
• Refund of TDS
• Carry forward of losses
• Visa processing

Documents Required 

• Bank account details
• PAN Card
• Financial Statements (Balance Sheet and Profit and loss account)
• Directors Details with DSC of Authorised Director
• Auditor’s Details
• Annual Report