All in Solution for
It is mandatory to file ITR if the gross total income of an assesse, be it an individual, Hindu Undivided Family, an association of person (AOP) or a Body of individual (BOI), exceeds the maximum amount not chargeable to tax. Gross total income of a person is the income without considering any exemptions and deductions. The minimum exemption limit for the current year 2019-20 is up to Rs 2.5 lakh for an individual below 60 years. It is Rs 3 lakhs for an individual between 61 and 80 years of age, and Rs 5 lakh in case of individuals who are above 80 years of age.
Even though filing of ITR is not mandatory for some individuals, there are certain benefits that one can avail of provided the ITR has been filed. Here are few of those:
Claiming refund (In case TDS deducted against your PAN )
Processing of documents(In case Applying for bank loan )
Carry-forward of losses( In case of Capital gain losses)
Establishing income proof in compensation cases( In legal proceedings)
Being a law abiding citizen
It is nowhere mandatory to get your returns assisted with some legal professional or institution. You can file all your tax returns by yourself if you have the knowledge of all basic rules and procedures. For those who don’t have a good access to professional tax guides or legal experts, the IT department has appointed small sized subsidiaries/ private individuals to help people file their tax return. They only charge a nominal amount and provide complete assistance in filing.
Yes, we can consult and pay taxes, file our return 100% online.
In case of regulatory compliance and tax audit cases, CA certifications and Corporates income tax then it is advisable to consult auditor.