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Income tax is an essential component of the revenue of any country. It is a tax that is levied on the income earned by individuals or organizations within the territorial boundaries of the country. In India, income tax is levied by the Central Government under the Income Tax Act, of 1961. Income tax return filing  is an annual exercise undertaken by every taxpayer in the country. The deadline for filing income tax returns is July 31st for individuals and September 30th for businesses. In this article, we will discuss the benefits of filing income tax returns. Compliance with the Law The first and foremost benefit of filing income tax returns is that it helps you comply with the law. Every individual who earns income above the specified limit is obligated to file income tax returns. Failing to do so can result in legal consequences such as penalties, fines, and even imprisonment. By filing your income tax returns, you are complying with the law and avoiding any legal repercussions. Clai

Today, businesses are increasingly turning to bookkeep services to help them manage their finances. Bookkeepers can be an invaluable asset for any business, and the demand for  accounting and bookkeeping services  will only grow as more businesses turn towards automation. You may find bookkeeping as numbers or just a book of accounts. However, it is both an art and a science. It is an art that requires creativity, judgment, skills, and science because it is a body of knowledge.