It is the duty of every person who has earned taxable income in any financial year to file the income tax return with the income tax department by disclosing the income and the tax paid.
Filing of Income Tax return helps you on many situations as follows:
1. Funding Requirements
If you are an entrepreneur, you might need funding, at some point of time for meeting your requirements such as working capital, business expansion, branch set-up, meeting improper cash flow and so on.
In such a situation one of the essential documents required for the financial institution (Banks, VC firms etc.) is the IT returns for the last three financial years. IT return is considered to be an important document to check your eligibility for funding.
In the experiences of Cogzidel, we have come across many entrepreneurs who have lost the eligibility for funding due to lack of IT returns.
Hence, as the consulting company, we advice all entrepreneurs to have a proper tax planning and file the IT returns accordingly. This is not only applicable to the entity but also for the Owners/Partners/Directors of the entity. It means that the IT returns have to filed for the Owners and the entity in order to avoid being disqualified for funding.
2. VISA Purpose
We notice that lots of business people travel around the the world for business purposes. In order to obtain a business VISA for the certain countries, the IT returns for the last three years are required as a mandatory requirement.
File your IT return immediately if not done before. Contact us at firstname.lastname@example.org for filling your IT return.