๐จ Multiple Income Sources? Don't Skip Your ITR Filing!
Do you have income from: ๐ผ Salary ๐ช Business (Section 44AD) ๐จโ๐ป Professional Services (Section 44ADA) ๐ Short-Term Capital Gains (STCG) ๐ Long-Term Capital Gains (LTCG)
If you're required to file an Income Tax Return (ITR), don't ignore it.
โ Consequences of Not Filing Your ITR
โ Income Tax notices (where applicable) โ Interest and late filing fees โ Delay or loss of eligible tax refunds โ Inability to carry forward certain business or capital losses (subject to the law) โ Difficulty in getting loans, credit cards, or visas โ Reduced financial credibility โ Risk of further proceedings in cases of significant non-compliance
๐ Important: Sections 44AD and 44ADA simplify the calculation of income, but they do not automatically exempt you from filing an ITR if filing is required under the Income-tax Act.
If you have missed filing your ITR for previous years, eligible returns may still be filed under applicable provisions, including updated returns where permitted.
๐จโ๐ผ Delhi GST & Tax Experts ๐ง info.saj22@gmail.com
Expert Assistance for: โ ITR Filing โ Tax Planning โ Capital Gains Tax โ Business & Professional Taxation โ Income Tax Notices
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