When it comes to filing tax, a lot of questions arise in our mind i.e., how to file, what information is required along with what is to be done for future tax obligations.
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Before introducing our tax services, let’s first get to know few things about Income Tax & why it is important to file tax if eligible for same!!!!
What are Taxes?
Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional or national. Tax revenues finance government activities, including such public works and services as roads and schools, or programs like Social Security and Medicare.
In economics, taxes fall on whoever pays the burden of tax, whether this is the entity being taxed, such as a business, or the end consumers of the business's goods.
A tax return is an official form that you fill in with details about your income so that the tax that you owe can be calculated. Each shareholder reports his proportionate share of the loss on his tax return. People complete an annual tax return which shows all receipts and all savings.
Why Return Filing is important?
One of the biggest benefits of income tax return is claiming tax deductions. There are several ways in which you can reduce your overall tax liability. If you have made such tax-saving investments but have paid more income tax in the form of TDS, you can claim a refund for the same by filing tax returns.