They are a Consulting company based in Chandigarh, India providing outsourcing services in the field of Finance & Accounting outsourcing along with taxation, consultancy and financial management services to variety of clients across the globe. Their philosophy is that business owners should concentrate on what they do best – create their products or perform their services for their clients – and leave their non-core functions, such as accounting, to an accounting professional. Their teams are led by Professionals, who are well versed in the financial and accounting practices. Their staff is working on accounting projects is well experienced & qualified accountants with a bachelor’s & Master degree in commerce & Business Administration. Their objective for the coming 10 years is to be the best Accountancy practice based in India providing outsourcing services globally.
They believe in delivering an extremely reliable and quality service, within deadlines specified. Quick and efficient service is the hall mark of our company. They now have the experience to prepare accounts for virtually any industry sector. The mode of working of the partners and employees depends on the business needs of each organization, which are then separately assessed and the solutions tailored as per their requirements. As the company brings within its fold a broad range of clients operations, the partners and employees have been able to benefit from various practical experiences as in Management Consultancy, Taxation (both Direct and Indirect), and Financial Accounting. Today, OM TAX SOLUTIONS INDIA PVT LTD has earned a remarkable reputation among its numerous clients and enjoys their trust and goodwill. We company believe to stay ahead in the vibrant changing economy world to provide you the most consistent and prompt quality services. We not only provide you with business solutions under one roof but also regularly and timely upgrade knowledge and increase awareness.
Filing ITR not only keeps you tax-compliant, but also offers the following benefits:
1. Filing ITR avoids penalties
Effective from FY 2017-18, the Income Tax Department levies a penalty of Rs 10,000 under section 234F on individuals who do not file their income tax return. Filing ITR on time avoids unnecessary penalties. Even though the penalty has been kept at Rs 1,000 if your annual income is not more than Rs 5 lakh, as a law-abiding citizen, it is your duty to file your tax returns.
2. ITR receipt is a very important document
You need to preserve ITR receipts carefully as they are very important proof of your income and of payment of your taxes. It is much more detailed than Form 16. It contains your total income details and has details of your income from other sources.
3. ITR receipt is a useful document for hassle-free processing of bank loans
Most banks and NBFCs ask for ITR receipts of the latest three years when you apply for high-value loans like home and car loans. Lenders consider ITR as the most authentic document supporting an individual’s income. Hence, you should regularly file income tax return if you are planning to avail home or car loans in the future.
4. Visa processing
Embassies of developed countries like the United States, United Kingdom, Canada, and Australia ask for ITR receipts of the past years to process your visa application. They are very particular about your tax compliance and hence, you are asked to furnish past ITR receipts. This helps them assess your income and ensure that you are able to take care of the expenses on your trip.
5. Compensate losses in the next financial year
Individuals cannot carry forward losses of the current financial year to the next financial year until an ITR is filed. As per the income tax law, individuals are not allowed to carry forward losses and set them off against future years’ income if the ITR is not filed within the due date. Hence, it is important to file your income tax return on time in order to claim the losses in future years.
Filing ITR on time is beneficial in many ways while keeping you tax-compliant. The e-filing season has begun for the Financial Year 2020-2021 and extended due date is 31st December 2021. Be a responsible citizen and file your taxes early to avoid the last-minute issues.
For more info please visit our website www.omtaxsolutions.com
