Compliance & Taxation

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Compliance & Taxation

Compliance & Taxation

1. Preparation of Tax Audit
2. Preparing and filing of GSTR-9 & 9C
3. Preparing and filing of GSTR Return (GSTR-1 & 3B)
4. Preparing and filing of TDS/TCS Return
5. Preparing and filing of Income Tax Return…etc various things

Preparing and Filing of Income Tax Return  

An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive an income tax refund from the Income Tax Department.

As per the income tax laws, the return must be filed every year by an individual or business that earns any income during a financial year. The income could be in the form of a salary, business profits, income from house property or earned through dividends, capital gains, interests or other sources.

Tax returns have to be filed by an individual or a business before a specified date. If a taxpayer fails to abide by the deadline, he or she has to pay a penalty.

Is it mandatory to file Income Tax Return?

As per the tax laws laid down in India, it is compulsory to file your income tax returns if your income is more than the basic exemption limit. The income tax rate is pre-decided for taxpayers. A delay in filing returns will not only attract late filing fees but also hamper your chances of getting a loan or a visa for travel purposes.

Who should file Income Tax Returns?

1. Foreign companies that enjoy treaty benefits on transactions made in India.
2. NRIs who earn or accrue more than Rs. 2.5 lakh in India in a single financial year.
3. Individuals who have assets or financial interest entities that are located outside India.
4. Those who wish to claim a refund on the excess tax deducted/income tax they’ve paid.
5. All registered companies that generate income, regardless of whether they’ve made any profit or not through the year.
6. All individuals, up to the age of 59, whose total income for a financial year exceeds Rs 2.5 lakh. For senior citizens (aged 60-79), the limit increases to Rs. 3 lakh and for super senior citizens (aged 80 and above) the limit is Rs. 5 lakhs. It is important to note that the income amount should be calculated before factoring in the deductions allowed under Sections 80C to 80U and other exemptions under section 10.

Documents required to fill ITR : –

It is important to have all the relevant documents handy before you start your e-filing process.

1. Salary slips
2. Aadhar Card, PAN card
3. Bank and post office savings account passbook, PPF account passbook
4. Form-16- TDS certificate issued to you by your employer to provide details of the salary paid to you and TDS deducted on it, if any.