A tax return is a filed form
used for paying tax to the central or state government. The form is
provided by the government (taxation authority) to citizens for filing
in detail the:
- Income earned
- Expenses incurred
- Deductions & rebates
The form helps in computing the actual tax liability. It includes
all the related paperwork that is required while making tax remittance
to the government.
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There are different tax return forms available for:
- Partnership firms
- Local authorities
It is statutory liability that a tax return be duly filled and
signed by the person concerned and in case of a company or partnership
by authorized director or partner respectively.
- In case of an individual, it must be signed and verified by the
person himself. If he is not able to sign due to illness, or any
other reason, it must then be signed by any other person authorized
to sign on his behalf.
- In case of a Hindu Undivided Family, (HUF), the return should be
signed and verified by the karta and, in his absence by any other
adult member of such family.
- In case of a partnership firm, the return should be signed and
verified by its managing partner or an adult partner in his absence.
Accounting firms help individuals, corporations, partnerships firms
and other organizations in filing accurate tax returns and on time.
These professionals also help the companies prepare their tax returns.
Since the document should contain detail on various Sources of Income,
expenses incurred and other items, it is beneficial to outsource tax
return preparation to them.