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What is Income Tax Return?

Income Tax Returns are the Forms required by persons to file with the Income Tax Department about the income and tax applicable. According to Direct Tax Laws, Income Tax return is required to be filed every year by an individual or business which earns any income during a Financial Year. Income could be earned in form of salary, Rental Income, Business Profits, or through interests or dividends, capital gains. Income Tax returns is required to be filed by taxpayer before due date. If a taxpayer fails to abide by the due date, a penalty will be attracted.

Is it compulsory to file Income Tax Return?

As per the Income Tax laws, it is mandatory to file Income Tax Return if your income is more than exemption limit. The Income Tax Rate is pre-decided by Income Tax Department. Delay in filing returns will attract late fees and also hamper your chances of getting Loans or adjusting past losses in coming years.

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Learning Center

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As we Know, a Company is a legal person, which is managed and controlled by group of individuals called board of directors. Among the directors, an individual appointed to handle various important work, fulfil stakeholder’s expectation and maximise the wealth of the company

Post Incorporation Compliance Of Newly Formed Companies
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In today’s scenario incorporation process of company has become easier under ease of doing business but after the incorporation some mandatory compliances has to be followed by companies under Companies Act, 2013. Every Company has to know and must followed the compliance un

Most important clauses of a Shareholders Agreement
18-09-2021 05:13

A Shareholders Agreement (SHA) is vital for the long-term growth of company because it not only contains the relation between shareholders but also the necessary obligations. In general, having a Shareholders Agreement seem not necessary but once difference of

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