income tax services
What Is ITR And Why Is It Necessary?
An income tax return(ITR) is a document that you file with the government. This return informs the government about your income, investments and the tax payable.
ITR Filing Is Mandatory In India If Any Of These Conditions Apply To You:
1. If your total income in the year is more than basic exemption limit.
2. If you want to claim an income tax refund.
3. If you have earned from or have invested in foreign assets during the FY.
4. If the taxpayer is a company or a firm, irrespective of profit or loss.
5. If you have a loss from business/profession or under capital gains head, you will only be allowed to carry them forward to the next years if you file the return before the due date.
6. If you have deposited a total of Rs 1 crore or more in one or more current accounts with a bank. However, no such restriction has been placed on deposits made in post office current accounts
7. If you have deposited more than Rs 50 lakh in your 'savings' bank accounts
8. If you have spent more than Rs 2 lakh on foreign travel, whether for yourself or any other person
9. If the yearly electricity expenditure is more than Rs 1 lakh
10. If your tax is withheld in the form of TDS/TCS is more than Rs 25,000. For a senior citizen (above 60 years), this limit is Rs 50,000.
11. Your business turnover is more than Rs 60 lakhs
12. Income from your profession is more than Rs 10 lakhs
List of Common Documents that are required to file ITR
- PAN Card and Aadhaar Card
- Interest certificates from post office and Banks
- Form 16 and Salary Slips -For Salaried Person
- Form-16A/ Form-16B/ Form- 16C
- Bank Account details
- Form 26AS and AIS/TIS
- Home Loan Statement
- Tax Saving Investment proofs
- Proof of Capital Gains
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TYPES OF ITR
ITR -1 RETURN
ITR -1 RETURN
ITR -1 RETURN
ITR - 1 (SAHAJ) can be used by an individual whose total income is below 50lacs includes:
- Income from salary/pension
- Income from one house property (excluding cases where loss is brought forward from previous years)
- Income from other sources (excluding winnings from lottery and income from race horses etc
ITR-2 RETURN
ITR -1 RETURN
ITR -1 RETURN
Form ITR – 2 can be used by an individual and Hindu Undivided Family who is not eligible to fileITR-1 Sahaj and not having income from “profit and gains of business or profession” and also not having income from “Profits and gains of business or profession” in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.
ITR-3 RETURN
ITR -1 RETURN
ITR- 4 RETURN
Form ITR – 3 can be used by an individual or a Hindu Undivided Family who is having income from profits and gains of business or profession.ITR – 3 is also required to be filed by a person whose income is chargeable to tax under the head “Profits and gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm .
ITR- 4 RETURN
ITR-6 & 7 RETURN
ITR- 4 RETURN
Form ITR – 4 (SUGAM) can be used by an Individual/HUF/Firm (Other than LLP) whose total income for the year includes:
- Business income computed as per the provisions of section 44AD or44AE; or
- Income from Profession as computed as per the provisions of44ADA; or
- Income from salary/pension; or
- Income from one house property (excluding cases where loss is brought forward from previous years); or
- Income from other sources (excluding winnings from lottery and income from race horses dividend income in excess of Rs. 10 lakhs or unexplained Income, etc. as referred to in section 115BBE)
ITR-5 RETURN
ITR-6 & 7 RETURN
ITR-6 & 7 RETURN
ITR 5- is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), co-operative society, Estate of deceased, Estate of insolvent, Business trust and investment fund, subject to some condition
ITR-6 & 7 RETURN
ITR-6 & 7 RETURN
ITR-6 & 7 RETURN
ITR6-for all the companies which are not claiming the exemption u/s 11 (Income from property held for charitable or religious purposes).
ITR7- is meant for all Charitable /Religious trusts u/s 139 (4A), Political party u/s 139 (4B), Scientific research institutions u/s 139 (4C), University or Colleges or Institutions or Khadi and Village industries u/s 139 (4D) which are requiring the exemptions.
INCOME TAX AUDIT
A tax audit is a process to verify whether the books of accounts prepared by a taxpayer comply with the generally accepted accounting principles and the provisions of the Income-tax Act. It is intended to ensure that the books of account and other records are properly maintained and correctly compute the taxpayer
INCOME TAX SCRUTINY & ASSESSMENT SERVICES
If you’ve received an income tax notice, our team will guide you through the process, helping you respond effectively and resolve any tax-related issues.
TAX PLANNING & TAX SAVING
We’re not just about compliance; we’re here to help you save money too. Our tax-saving advisors will provide you with strategies and insights to optimize your tax savings.