These days everyone needs to comply with the income tax rules and regulations. It does not matter whether one is a government employee or a corporate house owner. The rules, the compliances and everything are fairly equal for all the employees of the country.
But how does one handle these income tax issues? In some cases expertise is needed to tackle them. That is why; one might need the help of income tax consultant in pune. One must know that deadline is something which is followed very strictly when it comes to the process of income tax filing. If one delays even for a day then also it can cost them some heavy fine or some legal actions. In some cases, one can face both.
The people need to pay their income taxes as the part of their salary so that they can be used for the development of the country. Management of resources and new projects are initiated with the money of the tax payers.
Taxation is an ever changing topic as said by the experts. Hence one may also need experts so that they can take care of the services together. The rules of the taxation procedure keeps changing and sometimes these changes happen not only once but twice or thrice in a single quarter. Hence the consultants who are employed to look after this should be of highest order because they are the only ones who are handling the money. The consultants need to remain updated on a daily basis with all the reports and the alterations. The consultants are always ready to guide their clients when they are planning all the taxation documents. This needs to be done very carefully because even one mistake can lead to the loss of a huge amount of money.
Now what exactly is income tax? If one wants to have a clear idea of it, then they should know that income that is gathered throughout the year is always liable to taxation. There are different slabs that are being maintained for different income levels. And according to these slab rates the income tax is determined. India follows a taxation system which is also based on the residence basis. The financial year here runs from 1st June to 1st June. People who are liable to pay taxes can be classified into 2 categories and they are residents and non residents.
The last date to file an income tax audit report is by 30th September of every year. Once this date is over, the department of income tax starts issuing notices for the people who have not filed it yet. As per tax consultants in pune, one has to be very careful of this date. If one fails to file their income tax even after multiple notices, then it can result to the imposition of penalties. The defaulters mostly need to pay 0.5 percent of their total turnover. But yes, one can also prevent that if they can show some valid reason regarding the missing date of filing their income tax return.