Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and trust to file income tax returns each year. individuals and nr is are required to file income tax return, if their income exceeds rs.2.5 lakhs per annum.
Proprietorship firms and partnership firms are required income tax return – irrespective of amount of income or loss. all companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit. Kashyap & Associates provides income tax efiling services with dedicated Tax Expert support. upload your form-16, sit back and relax. our experts will file your income tax return and provide you the acknowledgement within 1 – 2 business days.
The income tax department sends the notices for various reasons like not filing the income tax returns, any defect while filing the returns, or other instances where the tax department is requiring any additional documents or information. Nothing is frightening or alarming about the notice that is received. But the taxpayer has to first understand the notice, the nature of the notice, the requestor’s order in the notice, and take steps to comply. India filings offers a comprehensive suite of services for families and businesses to help them in maintaining the compliances. In case an income tax notice is received get in touch with the tax expert at india filings to understand the income tax notice and determine a course of action. Let us understand the various types of notices or intimations issued by the income tax department.
Apart from depositing the tax the deductor also has to do TDS return filing. TDS return filing is a quarterly statement that is to be given to the Income Tax department. It is necessary to submit the TDS returns on time. TDS return filing can be done completely online. Once the TDS returns are submitted the details will come up on form 26 as. while filing the TDS returns the various details to be mentioned are:
TDS return filing is done by organizations or employers who have availed a valid tax collection and deduction number (TAN). any person who is making specified payments mentioned under the income tax act is required to deduct the taxes at the sources and they are needed to deposit the tax within the stipulated time for making the following payments.
ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only.
ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs.
ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India.
ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs.50 lakhs of professional income.
ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax.
ITR-6 form must be filed by companies registered in India.
ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research insitutions and colleges or universities.