Regardless of how much someone tries to
convey that they know everything there is to know about income tax, the fact
would remain that not everybody knows everything. In addition, there have crept
in certain myths and associated themselves with income tax returns in Kolkata. Discussed below are these myths and
a quick look at the authenticity thereof.
Why You Should Stop Believing These Myths About Income Tax Returns
- No Profits, No Returns
There is just one simple fact; income taxes
have to be paid by any and all individuals if their income is in excess of the
amount exempted. Whether it is an individual, HUF, firm or LLP, if it is an
income-generating venture, it has to file for income tax returns in Kolkata (visit : www.smgupta.co.in). It does not matter if your company
has made a profit or incurred a loss; you have to pay income tax either way.
- Filing Can Only Be Done Away From Residence
Another thing that many people wrongly
believe is that they will not be able to file their income tax returns from
their own home. This is completely incorrect because, in fact, you can file
such returns irrespective of where you are in the country. One thing that you
have to understand is that your record is maintained by the income tax
department in accordance to the data on your PAN card, so it would not matter
where you are filing the returns from.
- E-filing is Not the Secure Option
In today’s world, there can be no escaping
the internet, so if you think that filing your returns over the internet is not
the safest option, you are mistaken. In fact, it can even be said that e-filing
is safer than offline methods, as the returns go directly to the IT department’s
server. However, you also need to bear in mind and check the trustworthiness of
the website you are filing through. Even if you do file offline, the final
payment will be done online anyway.
- PAN Card is Required for Filing
First things first; the PAN card is only
required if you are filing through offline means. In case you have lost your
PAN card, you can simply reapply for it and show the online copy when you file.
However, there is absolutely no need for the PAN card if you are doing the
filing over the internet. But you do need to ensure that you have the number
with you in any case.
There you have it! These are the myths that
everyone wrongly believes to be true. Now that you know better, you can stop
believing in them and let others know as well.
