This is one of the busiest month for the Chartered Accountants and financial team all over India because of the Tax month. 31st July is the last day to fill your tax returns and claim or pay any taxes.
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For a salaried employees all the tax is being taken care by the employer. But still if you have an FD, Crypto or Equity profit or loss you have to file the tax returns. Most people give the tax now or get the returns if they have paid extra. Like for the financial year 2022 to 2023, we have done some investment, taken out some investment. So whatever tax we have to give to the government have to file it now before 31st July.
I used to do my tax filling myself, but from last 3 years I have asked chartered accountant to file the tax for me. This is mainly because they know the process better and can do everything perfectly. Till now I have not initiated the process of filling the tax and I have to ask my Chartered Accountant to know my tax details. Whether I have to pay the tax or will I get the returns back.
Mainly the problems come for business owners because for them this is the season where they have to file the tax by themselves or by their CAs. Now the problem is for them who have not paid the single tax for the whole year. Because if you have a tax liability you have to pay in every quarter. If not paid then you will have to pay the interest rate and the rate is quite high.
So that's why people usually pay their advance tax so that they do not have to pay any interest. If there is extra they can get by filling for return.
