Income Tax Return services and income tax consultants in Delhi. Income tax return is a form in which a person files information on their income earned during a financial year and its tax thereon to the Income Tax Department. Under Income Tax, a person can be an individual, HUF, Firm or LLP, company, NGO, Society, Trust etc. The government has made it mandatory for individuals and others who earn a specified amount of annual income to file their ITRs within the due dates prescribed under the act. Those who earn less than the amount chargeable to tax can also submit their returns voluntarily.

A lot of individuals think filing an income tax return an unnecessary and voluntary task and thereby wholly ignore the benefits associated with filing of tax returns. Filing of returns is not at all a burdensome process; instead, it is effortless and beneficial. As a responsible citizen of the country, it is your social and moral duty as well to file income tax returns annually.

We at TaxPro Experts help you in calculating your correct income tax payable or refundable; we provide the best consultancy in reducing your tax liabilities and significant tax reliefs which may get ignored by individuals if a professional is not hired. Our team of experts can assist in income tax return filing in Delhi so that returns can be filed on time. If you are seeking ITR filing in Delhi, NRI return filing in Delhi or tax consultants in West Delhi, our team can approach you as we are placed in Delhi, India.

Reasons why to File Income Tax Returns by Individual Taxpayers?

There are a lot of reasons as to the filing of returns by the taxpayers. Some significant benefits that accrue to individual taxpayers in filing IT returns are:

1. Getting Loans and Credit Cards Approved

For getting various loans like Housing Loans, Vehicle Loans, Business, personal loans, and credit card approvals, a copy of ITR is a mandatory part without which you can face hurdles in getting such loans approved smoothly.

2. Quick Visa Approvals

For visa approvals, it is mandatorily required by the Immigration department to produce the proof of Income tax returns along with scrutiny of other essential documents.

3. To Claim Income Tax Refunds and Business Losses

Any income tax-related refunds and losses in the business can only be claimed from the IT department when a taxpayer duly files a return. It is equally required to carry forward the previous year’s losses as well.

4. Avoiding Penalties and Prosecution

There are punitive provisions in the income tax act in the form of fines, penalties, and prosecution if a taxpayer fails to file the return of income when he is required to file as per the law. It is advisable to file these returns either on your own or by hiring someone like the income tax consultants who can do this for you. If you are searching for a CA for income tax filing in Delhi or a tax consultant in Delhi, you can reach out to TaxPro Experts as we are one of the best tax firms in Delhi, and we aim to serve our clients with the most satisfactory services.

Hindu Undivided Family (HUF) is treated as a separate entity for assessment under the Income Tax Act. HUF does not originate from a contract. HUF is in itself a creation of law. After marriage, as soon as a child is born, HUF comes into existence. HUF consists of fathers, sons, and daughters. Wife is not part of the HUF. Sons and daughters and the father, i.e. Karta are the co-parceners in the joint family and have a right to command partition. The Karta can deliver his share in the co-parcenary to his wife.

If courts make the partition of HUF, the courts will always award equal partitions. However, the family can mutually give effect to the partition without moving to the courts, and that can be unequal as per their agreement.

The provisions of computing income of the HUF are the same for a normal person. TaxPro Experts, one of the best taxation firms in Delhi, can help you in forming HUF as well as in filing the income tax return.

ITR Filing of NGO/Trust/Society

Trusts have a unique tax mechanism. In the case of an assessee who is engaged in business, usually, all expenditures incurred are permissible as deductions as they relate to earning the income. The same is not the case for trusts. In the case of a trust, there is no nexus between the income (i.e., receipts by way of donations, grants, etc.) and expenses (application of money). As a result, the gross revenue of the trust is liable for tax irrespective of the amount expended towards its charitable cause. To become eligible for availing deductions towards the amount applied for a charitable purpose, a trust must get registration under section 12A of the Income Tax Act-1961.

The registration is a one-time procedure. After registering, the trust can claim exemptions provided under the income tax. Trusts and NGOs registered under section 12A can exercise a waiver from paying income tax on their receipts. The amount collected will be free from taxes as the fund used for charitable or religious purposes is deemed to be the application of income. The “application of income” refers to the expenditure towards charitable or religious purposes when computing the income for taxation.

The person registered under this section gets the benefit of setting apart 15% of the receipts for which no restrictions prevail for its application under the act. Such accumulated amount is granted as an application of income under section 11(2) and does not form part of the total income of a trust. Also, once the registration is granted, it lasts till it is cancelled by the Commissioner of Income Tax (Exemption) for any valid reasons. There are no requirements for renewing the registration. Charitable Trusts, Religious Trusts, Societies, and Section 8 Companies claiming exemption under Section 11 and 12 of the Income Tax Act must get 12A registration.

Taxpayers may find it cumbersome to deal with such critical matters by themselves. Therefore, it is equally important to hire the right professional expert who can handle this for them. We, at TaxPro Experts, take the utmost care of such requirements of a client. We, as one of the best tax consultants in India, assist them in filing the income tax returns and meeting other regular compliances as per the provisions contained in the law. As we are placed in Dwarka, we can help in ITR filing in District Centre and income tax return filing in West Delhi.

ITR Filing Services at TaxPro Experts

We are one of the best Chartered Accountant Firms in Delhi. If you are seeking a tax consultant in Delhi to get assistance on how to file income tax returns, you can approach TaxPro Experts. We are considered the best CA for NRI return filing in India and the best income tax consultant in Delhi for delivering quality services to our clients. If you are looking for ITR filing in Vikaspuri, ITR filing in Vishnu Garden, ITR filing in Tagore Garden, ITR filing in Tilak Nagar, ITR filing in Rajouri Garden, ITR filing in West Delhi, ITR filing in Delhi, or a tax consultant in India, you can consider TaxPro Experts as a reliable and trustworthy firm of professionals who care about your confidentiality and integrity.

So if you are looking for the best ITR filing services or a tax filing consultant in Delhi, you can feel free to contact us at info@taxproexperts.in. We will be happy to assist you in filing your returns.