ITR is necessary for compliance with the law, declaration of income, claiming deductions, verification of income, and claiming refunds.
Once the TDS or TCS is deducted or collected, the entity that has made the payment is required to file a TDS or TCS return with the Income Tax Department of India.
By filing GST returns on time and accurately, businesses can avoid penalties and interest charges, and also claim input tax credit to reduce their overall tax liability.
Customs duty returns need to be filed by importers or exporters to report their imports or exports and pay customs duty liability.
Filing PF/ESI returns is necessary for compliance with regulations, documentation of contributions, verification of contributions, claiming benefits, and audit purposes.
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