Income Tax Return
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Income Tax Return
The income earned by the individuals and companies is subject to tax liability therefore, they have to file income tax return with the income tax department as per the provisions of Income Tax Act, 1961. The tax levied on the income is collected by the Central Government.
Who is Eligible to file an Income Tax Return?
- Individuals (Indian residents & NRI’s) – Necessary for those whose income is exceeding the prescribed limit.
- Sole Proprietors
- LLPs and Partnership Firms
- (The ITR filing is compulsory for ‘Partnerships Firm’, ‘Sole Proprietorship Firm’, ‘Companies’, and ‘LLPs’ irrespective of their turnover, income, profit, or loss.)
- Individuals getting income from mutual funds, bonds, stocks, fixed deposits, income from interest, house property, etc.
- Individuals obtaining income from property under charitable trusts, religious trusts, or income from voluntary contributions, and also who want to claim tax refunds.
- Salaried persons whose gross income before deductions under section 80C to 80U exceeding the exemption limit.
- All individuals with foreign income and assets, NRI’s and technology professionals on onsite projects.
Compay Incorporation Process
How long does it take?
How does it works?
- Our expert will understand your requirements
- They will provide basic details and documents list required for registration
Make the Payment
- You make the initial fee payment through secure payment gateway towards stamp duty and out of pocket expenses.
Application for company registration
- Application for company name registration under SPICe+
- Procurement of Digital Signature Certificate (DSC)
- Documents drafting including MOA and AOA
- Application for Company registration
- Application PAN and TAN
What is the Procedure for Filing Income Tax Return?
Collection of necessary documents such as Form 16 (TDS Certificate issued by the employer in case tax is deducted from salary), Form 16A (It is issued by the bank for TDS deducted on the interest payment on the fixed deposit) in the TRACES format & capital gain statement. TDS certificate should be digitally signed by the taxpayer
Step 1: Download Form 26AS & cross check with TDS certificate to ensure that tax deducted from your salary or from your interest income is deposited with the government.
Step 2: In case of any error, rectify Form 26AS. If the error is not rectified, taxpayer won’t be able to claim credit on deducted tax.
Step 3: Next step is to calculate total income chargeable to tax
Step 4: After this, taxpayer needs to calculate tax liability
Step 5: Once all the taxes are paid, you can proceed for Income Tax Return filing. You can only claim for refund if you file income tax return.
Step 6: Receive e-verification acknowledgement
Step 7: Department will process your return and will communicate through mail.