As we, all know Filing a tax return preparation is mandatory for every individual whose previous that is total income is above the mentioned limit. The tax filing procedure is quite tedious and time-consuming process but also inevitable. So definitely, it requires good tax return preparation and well acquaints with tax laws.
The Millionaire Guide On Tax Filing Procedure To Help You Get Rich
Starting with the preparation of invoice, ledgers, trial balance and so on and so forth the list is unending. You should be quite aware of which tax filing form is applicable in your case, how to avail various tax benefits and exemptions, tax return filing due dates, proof of documents to file along with and much more to cost you sleepless nights.
Another criterion is meeting the tax return deadline. Income tax Act has mentioned various time limits for filing your ITR return like Advance Income tax return preparation needs to be filed before the end of the financial year itself. If you miss out that, you will have to bear the consequences of penalty and interest and might not be even eligible for tax concessions.
How to make tax filing procedure can increase your profit!
To make the tax filing procedure simpler and time-saving, it is always advisable to maintain systematic books of account and other supporting documents from the beginning of the financial year itself. If you well converse with tax laws and other statutory regulations, well equipped with latest software and technology then you can opt to file tax returns by yourself or hire a full-time employee accountant in your department only.
There are number of professionals who can help you with systematic, timely and error-free tax. This is suitable for those who do not wish to take any pressure other than concentrating on business improvements. Hire an Accountant may cost you some money but you will be assured of timely and most importantly error free tax return preparation.
Another important point to note here is that it can help you claim some tax concession, exemption or any kind of deductions, which you might not be well aware. As our tax structure and statutory laws keep on changing, it might be possible that you do not converse with the latest updates and might lose on possible tax deductions.