Filing of Income Tax Return involves the filing of the statement of your earnings and expenses/liabilities/losses and tax. The tax has to be submitted under various forms such as ITR1, ITR2, ITR3, ITR 4, ITR 5, ITR 6 and ITR 7 either online/offline to the Income Tax Department under the Income Tax Act, 1961 and Income Tax Rules, 1962. These income tax returns need to be submitted at the end of every financial year as per the nature and amount of our income. Non-filing of income tax return attracts interest, penalty, prosecution, and scrutiny -  all of them at a time, or on a case by case basis from the Income tax department.    Therefore, it is better for filing income tax returns before the specified due date. Every Income Tax Return form is applicable to a certain section of assessees.   Filing of Income Tax Return   Filing of Income Tax Return is beneficial in many ways. Let's find out some of these benefits:-

· Sooner You File the Faster You Get Your Refund

Filing of income tax is like ripping off a bandage and therefore it is important to be quick and save you the pain from penalties. In addition, you will get any refund that you deserve after paying your taxes in tandem as per the income tax provisions.

· Getting Eligibility for All Loan Applications from Banks

In order to grant you the loans, banks need to know about your financial capability and capacity to repay the loans. The income details as shown by you in income tax returns would help the banks in making a final decision to provide you loans as per your requirements. Filing an income tax return for the last three years would help you in submitting them to your bank for the concerned loan requirement.

· For Various Appointments in Judicial and Class One Jobs

In case you are applying for judicial jobs or you are a prospective candidate for Class-I jobs such as for Chartered Accountant, Lawyer there is a need to provide annual professional income at the time of appointment in the form of the post income tax return. In such case, the sooner you file your income tax return the sooner you can show your credibility regarding your income records.

· Helps You Effective Tax Planning

Filing the income tax returns helps you in tax planning as the income tax act provides a long list of items for which you can claim tax deductions. An effective tax planning begins with the choice of the most rewarding categories of deductions thereby helping you in showing your real income status to the bankers or any other institutions requiring a copy of your income tax returns.

· For Immigration Purpose as Part of Obtaining Visa Outside India

The pain of getting a visa will diminish if you provide your income tax return to host country high commissions where you want to travel or settle in. Immigration officers give due prominence to those people who show their genuine source of income through their income tax return.

Conclusion

With the encouragement from the government by bringing in extensive tax reforms and measures to incentivize the disclosure and reporting process more and more people would voluntarily come forward to file income tax returns. Don't miss this opportunity to grab all the benefits associated with income tax return filing.

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CA. Vipul Gandhi

Associate Director

Khandhar Mehta & Shah - Chartered Accountants

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on time! We

Parameshwer Matla

Human Resources

Columbus India

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on The most valuable service that we get from you is "peace of mind." I know that once I submit our payroll information, everything will happen on time, payroll, pay slips, statutory reports, full and final settlement, returns and I know that we are and will be always in compliance with statutory laws regarding payroll.

Ramakrishna Dabbara

Sr. Manager – Finance

Sumtotal Systems

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Abhijeet Shete

SENIOR MANAGER- HUMAN RESOURCE

Altra Industrial Motion India

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Sukesh Baban Dhage

Manager Accounts

Hi Tech BioSciences India Private Limited

On behalf of Hitech Bio Sciences India Pvt. Ltd., Hi Tech Bio Laboratories, Hi Tech Analytical Works & Hi Tech Biosynth Pvt. Ltd., we appreciate your dedication to provide Payroll services to our companies from the approximately last 4 years. We acknowledge the fact that due to COVID-19, situation has become really tough across the globe. We all are forced to stay at our homes and take extra care of ourselves along with family members. It is a privilege to acknowledge you and your consultancy’s efforts and recognize the valuable service that you have provided to us. 

It is always gratifying to work with such great people with extraordinary abilities to provide good and quality service. The kind of response from your side get is fabulous and most memorable with professional culture. Specifically we would like to mention that, your approach towards the client is fantastic, for e.g. response to email is very prompt, continuous touch with client, on time response to queries or questioners’, on time and accurate report sharing. Flexibility to client requirement, Client / customer centric approach etc. Timely payment of salary gives a lot of confidence to all employees and it is due to our partners like Paysquare that Hi tech has never defaulted on its commitment of timely payment of salaries.

Ratnakar Dhakad

Senior Operation Manager

Tecknack Technologies Private Limited

We are very impressed with Paysquare team due to their ability to process payroll very efficiently. We found the implementation team very knowledgeable, supportive and very systematic.

Paysquare is a very matured payroll processing solution and they have well paid down processes to manage first time as well as every month's processing.

Monica Shah

HR Business Partner India

Victaulic Piping Products India Private Limited

Honestly , It has been an amazing experience working with Payroll team as on date . Deepika and Uma has been a strong support to us. They have always been very helpful and co-operative. I congratulate them to run payroll with zero error every month. And I expect the same level of support in future. I am happy to be associated with Payroll team.

Seagate India

Manager

I have been a client of Paysquare for 7 years and their services are fantastic. Migration from the old consultant to Paysquare was seamless. Soon after the migration, Paysquare team was up the learning curve. They never missed the deadlines provided by us. The team is always reachable, and they keep us informed about changes in taxes or government policies which impact payroll. I have complete confidence and trust in their payroll solutions, and we will always recommend them. Any company looking to ease their payroll burden with friendly service and a flexible, secure system should partner with Paysquare.