ITR Filings

ITR-filing-expert

Our team of ITR filing experts include Chartered Accountants and Tax Lawyers who assist you in seamless process of ITR Filing. In the process, there is also oral advisory on matters relating to saving your taxes through beneficial provisions in the Act given by the government as an encouragement for economy building initiatives and investments.

According to Section 139 of Income Tax, 1961 –

“Every Person –

  • being a company [or a firm] ; or
  • being a person other than a company [or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,
  • shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed formand verified in the prescribed manner “

ITR Filing is mandatory for every Individual, including companies, firms, trusts, and other bodies, which are liable to tax under the provisions of Income Tax Act, 1961.

Non-filing of Income Tax Return attracts interest, penalty, prosecution and scrutiny from the Income Tax Department. Section 271F of the Income Tax Act, 1961 states that penalty of Rs. 5,000/- is imposed for the failure to furnish return of income as required by section 139(1) before the end of the relevant Assessment Year.

Our team of ITR filing Experts also advises on most appropriate tax structure after understanding the complexities of your business. Government incentivizes on tax front for certain types of businesses for the overall economic growth. AnBac Advisors helps you to take advantage of those benefits at the time of ITR filings.