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A necessary evil, Tax Return, is a statuary requirement and individuals as well as corporates are bound to follow it.
Though difficult, we would try to enumerate some of the advantages below for filing Tax Returns on time:
Why to file Tax Return on Time?
1- Peace of Mind: We have seen in our professional career that in 95% of cases, defaulters end up getting Tax Notices sooner or later (In some cases, notices are served as late as after 4 years). Hence it is a prudent practice to file Tax Returns on time
2- Assistance in getting Loans: If you are looking for corporate loan or Home Loan/Vehicle Loan, your Tax returns are the most important piece of documents Banks ask for. The better your Tax Record History, higher are the chances of getting loan.
3- Once a year exercise: You pay your returns once a year and can relax for next 12 months. Not a bad deal at all!!!
4- Mandatory for Companies: Proprietor-Partners of Firms/ Directors of Private Limited or LLP companies are liable to do annual compliances for their business and are liable in case of any default. If you are not doing any business in your registered firm, please close down the company rather than risking a notice later on
5- Future Plans: Every entrepreneur has big plans of IPO/Equity Funding. If this is the case with you also, ensure that your Tax Returns are upto date!
Hope this blog was informative for you. Get further updates on not only Accounting/Book-Keeping/Government Compliances but also about all new rules and regulations/opportunities for funds which will be your industry specific
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