Tax Filing

Here’s an overview  the tax filing process:

• Gathering necessary documents: Before filing taxes, we ask clients for all relevant documents such as form 16, form 12B, 26AS, AIS TIS CGS, investment statements, mortgage interest statements, and receipts for deductible expenses.
• Choosing the right filing method: We choose the right filing method like ITR-I or ITR-II based on the documents provided by client.
• Calculate taxes owed or refund due: Based on the information provided, calculate the amount of tax owed to the government or the refund due. Tax liability is determined by applying the relevant tax rates to taxable income and subtracting any eligible deductions, credits, and exemptions.
• Submit the tax return: After completing the tax return, we submit it to the appropriate tax authorities by the filing deadline, which is typically in July for individual tax payers.
• Pay any taxes owed: If taxes are owed, make payment to the tax authorities by the filing deadline to avoid penalties and interest charges. Payment options may include electronic funds transfer, credit card, check, or money order.
• Receive acknowledgment or refund: After submitting the tax return, taxpayers will receive an acknowledgment of receipt from the tax authorities if filing electronically. If a refund is due, it will be issued by the government typically within a few weeks of filing, either through direct deposit or by mail.

It’s essential to file taxes accurately and on time to avoid penalties, interest charges, and potential legal consequences. Additionally, keeping thorough records of income, expenses, and deductions throughout the year can streamline the tax filing process and ensure compliance with tax laws.