An Income Tax (IT) Returns is mandatory compliance for all the persons who are having Taxable Income.
Income Tax Returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), dividends, interest, capital gains or other sources.
We will check the provided by you and update it in tally and finalize the Profit & Loss and Balance Sheet
Once it is finalized from your end we will send it for Income Tax Filing
Audit Report will be prepared
We will provide audit report along with financial statements once filing the returns is done
Previous Year Balance Sheet & Income Tax Returns
Bank Statement of Financial Year
Sales Invoices & Purchase Invoices
Statutory payments such as ESI, PF, Professional Tax, GST and if applicable TDS
Rental Deed if rented
Payment Vouchers - Cash/Cheque along with supporting bills
Loans & Loans Statements (interest certificate through bank)
Loans from others & Loans from directors
List of asserts with purchase date and bills
Note: All the above documents are required only if updated tally sheet is not provided.
Income Tax Returns
Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1st April and ending 31st March.
Previous Year is the financial year in which the income is earned. The income earned during this previous year is charged to tax in Assessment Year, which is the year after previous year. For example for the Income earned in Financial Year (Previous Year) 2016-2017 the assessment of tax is carried out in 2017-2018. Thus 2017-2018 is the Assessment Year.
Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes:
A Hindu Undivided Family (HUF)·
An Association of Persons (AOP) or a Body of Individuals (BOI)·
A Local Authority·
Artificial Juridical Persons·
For calculating income tax, notified slab rates are applied to the taxable income of a person earned during previous year. Taxable income is to be calculated as per the provisions and rules contained in the Income Tax Act, 1961. One has to calculate income under various heads of Income and net them after deducting deductions available under Chapter VI-A to get Net Income Chargeable to Tax.
The payment of income taxes can be made to the government by either physical mode i.e. cash/cheque in any designated bank branch or e-payment on NSDL website. Payment is to be made in Challan 280 in both the cases. The challan is to be filled very carefully as its accuracy is important for further processing.
An Income Tax Return is a statement of income earned to calculate tax liability and payment or refund of taxes. Thus, the purpose of filing the return is to report our income and taxes paid thereon to the government.
The type of return form in which you should file your return varies as per the category of Assessee.
For Individuals/HUF: ITR-1, ITR-2, ITR-3, and ITR-4·
For Company: ITR-6, ITR-7·
For other than Individuals and Company: ITR-5·
ITR 1: Salaried Individuals not having capital gain, income from business or profession, income from more than one house property and income from maintaining and owning race horses.·
ITR 2: Salaried individuals/HUF having income from business or profession from a Partnership Firm.·
ITR 3: An individual/HUF having income from business or profession from a Proprietorship Firm.·
ITR 4: An individual/HUF opting for Presumptive Taxation Scheme.·
You can file return in ITR-1 (Sahaj) if you are an individually having
Income from other sources
Income from up to one house
Agriculture Income less than Rs. 5,000
Total Income is less
You can file return in ITR-2 if you are an Individual or HUF having:
Income from items in ITR 1 which is more than Rs. 50 lakh·
Income from capital gains·
Agricultural Income more than Rs. 5,000·
Income from Business or Profession under a Partnership firm.
You can file return in ITR-3 if you are an Individual or HUF having:
You can file return in ITR-4 (Sugam) if you are an Individual or HUF having:
The return can be filed both physically & electronically. For e-filing download the government utility from Income tax portal (in excel format or java utility). Complete all the fields and information required, pay the tax due and generate the xml. You can upload this xml on government portal by logging into your account. Once the xml is uploaded download the acknowledgement in ITR-V. This ITR-V can either be verified using EVC code or can be couriered to CPC Bangalore for further processing.
Yes, a person must have PAN in order to proceed for filing of income tax return.