1. What is the minimum income required to submit a return?
If the taxable income exceeds Rs 3,50,000 for men and Rs 4,00,000 for women, a tax return must be filed.

 

2. Is return submission required for small or medium businesses?
Yes, regardless of the size of the business, if the taxable income exceeds Rs 3,50,000 for men and Rs 4,00,000 for women, a tax return must be filed.

 

3. "If I have multiple sources of income, do I have to file returns for all of them?"
Yes, you must submit returns for all your sources of income.

 

4. What documents are required to submit the return? (For employees and businessmen). Can returns be submitted with soft copies only?

Here's a List of Required Documents:

 

1. Salary Statement
2. PF (Provident Fund) Statement
3. All Bank Statements (updated from 1 July 2023 - 30 June 2024)
4. Details of other income sources (e.g., business, income from immovable property)
5. Previous Year Return and Statement of Assets (PBSIR)
6. Details of all types of investments during the current year (DPS, FDR, Savings Certificates, Life Insurance, Land/Car/Apartment purchase, any advance deposits/payments)
7. Any type of loan statement (Bank/Personal/Housing/Car Loan)
8. Statement of all income and expenses of the business (for entrepreneurs)
9. Asset and Liability Statement for the current year

 

 

For employees and traders, returns can be submitted using soft copies of the documents.

 

5. "I was once employed and am now retired/business/unemployed. Do I still need to file a tax return?"
If your taxable income exceeds Rs 3,50,000 for men and Rs 4,00,000 for women, you must file a tax return.

 

6. Can there be legal complications if a tax return is not submitted? (For employees and traders)

For employees, the company may stop your salary if the tax return is not submitted. Additionally, not submitting a tax return may affect your ability to secure a job at a new company. For merchants, customers may ask for an acknowledgment copy of the return submission. Also, you need to submit your return to take business loans and invest in new business ventures.

 

7. How long does it take to file a tax return? How often do you submit tax returns?

We take a minimum of 7 days and a maximum of 15 days to submit tax returns. The more organized and up-to-date your documents are, the less time it will take. Tax returns are typically submitted annually.

 

8. Is there any penalty for not submitting the tax return?
If you don't file your return on time, interest will be added at 2% per month on the tax due.

 

9. "I used to work, but now I don't. I am looking for a new job. Do I still need to file a tax return?"
A return must be filed if your taxable income exceeds the threshold. As consultants, we recommend submitting your return if you have a TIN and have filed returns previously, as it can be beneficial.

 

10. Will I get benefits if I submit a return?
Yes, after submitting the return, you will receive an acknowledgment copy, which will help you make investments, take bank loans, register land, or obtain a credit card. You can also avail of 47 additional benefits.