Not many are aware of the importance of income tax filing and why it is mandatory. The legislature insists that assessee who earns beyond a particular turn out of annual income must file a tax return within a designated date. Our government makes it mandatory to pay penalty if an individual fails to file on or before the date. If an individual earns less than the specified amount then the returns may also be filed. Though it is not mandatory. This era is shaping a cashless mode of payment as we see. The cards we use are also equally critical for filing the tax returns. The company would always want to get the picture of the tax filing if you are planning for a loan (home loan, car loan, etc.). We make this income tax filing process much simpler and convenient. Income Tax refunds are a return of extra numbers of income tax that an individual has paid to the government during the preceding year. According to Section 44AB of the Income Tax Act, any person managing the business with a turnover of Rs. 1 crore must get your files audited by a chartered accountant. Also, business exceeding 2 crores in the preceding years of 3 years must get the book done with audit commensurated with section 44AB.
A Person who working with any organization and is getting salary has to file income tax return with Government of India. If a person received a salary is less than Rs.2.50 Laksh no required to submit the return as its exempted under the Income tax. A person has to file the income tax return in the Form ITR-1.Read More
Any amount received from Rental of House Property, should declare its income when filing the Income tax Return. The amount paid on Water Tax, Property Tax can be deducted from income from House Property. 30% of Standard Deduction applicable on the income addition to the Water Tax, Property Tax DeductionRead More
Presumptive Taxation is introduced for Small Tax payers and who are not willing to maintain the Account under the Income Tax Act. Traders, Manufactures should declare 8% of income on Turnover and 50% of income should be declaring on Services. Under the Presumptive Taxation no required to maintain the Books of AccountsRead More
A individual, Company, Firm doing the business to earn the revenue. The income from Business or Profession submits in the Form ITR4 for individual, Firm and ITR 6 for companies. A Tax slab for company is 30% with 3% education cess. Late fee applicable in case of nonpayment of advance tax if applicableRead More