
Income Tax Return holds immense legal value. It is recorded with the government. It acts as legal proof

To reduce the burden on the taxpayers and to encourage more people to pay their taxes, the government allows certain deductions to you.
When you decide to apply for a loan to purchase something, say a car or a new home for your family or for business, the bank requires you to submit some documents

When you decide to apply for a loan to purchase something, say a car or a new home for your family or for business, the bank requires you to submit some documents


The taxes that apply to you are governed by the Income Tax Act 1961 . Thus, you are required to pay taxes if you fall above the exempt criteria.

Section 70 and 71 of The Income-tax Act 1961 contains some provisions for carrying forwarding losses of a particular year to the subsequent year