Income Tax: Services

File Income Tax Return | File ITR | File TDS Return

Online File ITR 1 ITR 2 ITR 3 ITR 4 ITR 5 ITR 6 ITR 7 TDS Refund Income Tax Return Delhi, Gurugram, Mumbai ,Kolkata, Hyderabad, Ahmedabad Chennai, Bangalore, Jaipur, Chandigarh Amritsar, Shimla, Himachal Pradesh, Uttarakhand, Punjab, Sonipat, Haryana, Lucknow, Uttar Pradesh, Bihar, Jharkhand, Jammu and Kashmir and other cities across India.

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File Income Tax Return | File ITR TDS Return | Online File ITR 1 ITR 2 ITR 3 ITR 4 ITR 5 ITR 6 ITR 7 TDS Refund Income Tax Return eFiling India

What is ITR Income tax Return ?

ITR or Income Tax Return is an annual document that needs to be filed by taxpayers in India. It is a declaration of the income earned by an individual, Hindu Undivided Family (HUF), company, association of persons, body of individuals, etc. for a particular financial year. It is mandatory for all taxpayers to file their ITR if their annual income exceeds the taxable limit as prescribed by the Indian Government. The filing of ITR helps the Government to track and assess the tax liability of individuals and companies accurately.

The Income Tax Return forms are available in the Income Tax Department website, which is updated continuously. There have been many changes to this form from time to time as per the requirement and convenience of taxpayers. The ITR-1 (Income Tax Return for Individual) was first introduced in 1961 and then revised later on. Since then, a lot of changes were done by various amendments introduced and it has been made simpler now with broader information sharing among individual taxpayers too. File Income tax returns in Delhi, Gurugram, Mumbai ,Kolkata, Hyderabad, Ahmedabad Chennai, Bangalore, Jaipur Chandigarh Amritsar Shimla, Himachal Pradesh, Uttarakhand, Punjab, Sonipat, Haryana Lucknow, Uttar Pradesh, Bihar, Jharkhand, Jammu and Kashmir and other cities across India.

ITR represents Income Tax Return. It is a recommended structure through which the income earned by an individual in a financial year and taxes paid on such pay are conveyed to the Income tax Department. It likewise permits to carry forward the losses and claim refund from Income tax Authority.Different types of ITR forms prescribed in the law for different type of income and class of person where the person declare their income and taxes. These structures can be downloaded from Income Tax India Efiling.

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Who Needs to File ITR / File Income Tax Return In India :

Following person will required to file itr / income tax return through efiling mode:

Individual/HUF who is under 60 years old and has a yearly income more than Rs 2.5 lakh i.e the basic exemption limit, as indicated by the Income Tax Act. For senior residents, the fundamental exemption limit is Rs 3 lakh, and for the individuals who are over 80 years of age, the basic exemption limit is Rs 5 lakh.
For company it is compulsory to file income tax return for every financial year regardless of annual income. Further if there should be an occurrence of organization E - documenting is compulsory.
A firm or an individual or a Hindu Undivided Family (HUF) whose accounts are needed to be audited under section 44AB will mandatory required to file itr / income tax return and should be digitally signed.
An occupant assessee having any resources (remembering monetary interest for any element) situated outside India or signing authority in any record situated outside India will required to file itr electronically with or without digital signature.
Person claiming relief under section 90, 90A or 91 will required to file income tax return electronically with or without advanced mark or by utilizing electronic check code.
If Assessee need to claim refund then he need to mandatory file income tax return
If assessee needs to carry forward losses, at that point itr efiling is compulsory
The itr return must be filed for salary income, pension income, income from renting out property, income from selling property, jewellery and other movable and immovable property, income from business or providing services etc.
You should file ITR in the event that you have gone into any transaction under the Annual Information Return.
A person who is needed to file itr of review under section 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW.

Benefits of efiling ITR / File Income tax Return :

Income Tax Return CAN SERVE AS RESIDENTIAL PROOF

Assuming you document an Income Tax Return, the location referenced in this is utilized to serve you with any correspondence from the Income Tax Department. Thusly, a duplicate of affirmation of personal expense form can be utilized as private confirmation.

Supportive TO GET A BANK FINANCE

Banks compulsorily require Income return form prior to authorizing an advance to evaluate the credit reimbursement limit and worth of the borrower.

Important TO AVOID INTEREST AND PENALTY

If you have not filed income tax return, you may need to bear the burden of penalty and interest. Accordingly, to evade punishment and interest installments, one should file itr / income tax return annually.

Efiling IS MUST TO GET Income tax Refund

In the event that you look for a refund from the income tax department. For instance, if your employer has deducted excess TDS from your salary or the Bank has deducted excess TDS from your interest income, at that point you need to file income tax return and claim refund.

Fundamental FOR GETTING VISA

For allowing you VISA, there is a need to show your income proof. Income tax Return are utilized as proof of your income.

To Get Home, Business or Personal Loan

Mostly banks demanded 3 previous assessment years income tax return to review your annual income and payback strength of loan of yours. Without income tax return, banks or nbfc cannot proceed to sanction your loan application

Applying for a higher insurance cover

Nowadays disaster protection organizations requests ITR receipts on the off chance that you select to purchase a term strategy with whole safeguarded of Rs.50 lakh or more. Government delicate: If you intend to begin a business and need to fill an administration delicate, you should show your expense forms of the earlier years. This, once more, is to show evidence of your monetary status and if you can uphold the installment commitment

Work as Net Worth Certificate

Salaried people get Form 16 as their pay confirmation however financial specialists, advisors and accomplices of firms don't get Form 16. Henceforth, ITR receipts become a much more significant record for them, turned out their yearly revenue surpasses the essential exception cutoff of Rs 2.50 lakh. For a wide range of monetary exchanges, ITR receipts will be the lone verification of pay and duty installment for the independently employed

Documents and Details Required to File ITR / Income Tax Returns :

Filing an income tax return (ITR) in India is a mandatory process for all individuals and organizations who have an income. It is important to understand the documents and details required to file ITR in order to ensure that the process is done correctly. This article will provide details on the documents and information needed for filing ITR in India. It will also discuss the use cases of various forms such as ITR-1, ITR-2, ITR-3, etc., and how they can be used to accurately file income tax returns in Delhi, Gurugram, Mumbai ,Kolkata, Hyderabad, Ahmedabad Chennai, Bangalore, Jaipur Chandigarh Amritsar Shimla, Himachal Pradesh, Uttarakhand, Punjab, Sonipat, Haryana Lucknow, Uttar Pradesh, Bihar, Jharkhand, Jammu and Kashmir and other cities across India. In order to file an income tax return in Delhi, Gurugram, Mumbai ,Kolkata, Hyderabad, Ahmedabad Chennai, Bangalore, Jaipur Chandigarh Amritsar Shimla, Himachal Pradesh, Uttarakhand, Punjab, Sonipat, Haryana Lucknow, Uttar Pradesh, Bihar, Jharkhand, Jammu and Kashmir and other cities across India, the following documents are required:

PAN card,
AADHAR card,
Complete Bank Statement / Bank passbook of Financial Year,
Income Tax Login Credentials.
Form 16
Purchase and sale deed of Property.
Demat account statement for share mutual funds income.
Housing loan Statement.
Books of accounts maintained:-
Sale book, Purchase book, Expense Voucher book, Complete Bank Statements, Stock register Book, Fixed Assets Book, Audit Report
TDS Returns.
GST returns.
Fixed Deposit Interest certificate.
LIC Premium Receipt.
Tuition fees receipt.
Health insurance premium receipt.
Donation receipt.
PF / ESI Passbook.

Types of ITR Forms / Income Tax Return Forms :

Filing taxes in India can be a daunting task, especially for those who are unfamiliar with the various ITR forms. In this article, we will discuss the different types of ITR forms available in Delhi, Gurugram, Mumbai ,Kolkata, Hyderabad, Ahmedabad Chennai, Bangalore, Jaipur Chandigarh Amritsar Shimla, Himachal Pradesh, Uttarakhand, Punjab, Sonipat, Haryana Lucknow, Uttar Pradesh, Bihar, Jharkhand, Jammu and Kashmir and other cities across India. and how they can help you file your income tax returns accurately and efficiently. We will also discuss the use cases of each form and how to choose the right one for your specific needs.

ITR 1 (Sahaj):

This form is for Individuals being a Resident (other than not usually occupant) having complete pay upto Rs. 50 lakhs, having Income from Salaries, one house property, different sources (Interest, and so on), and farming pay up to Rs. 5,000. This form isn't for a person who-

has resources (remembering monetary interest for an element) situated outside India; or
has pay from any source outside India; or
is a Director in any company; or
has held any unlisted value share whenever during the earlier year; or
possesses more than one house property, the pay of which is chargeable under the head "Pay from House Property"; or
has pay under the head "Pay from Other Sources" in the idea of:-
winning from lottery;
activity of owning and maintaining race horses;
pay available at exceptional rates under Section 115BBDA or Section 115BBE; or
have carry forward of losses or to set off the losses; or

ITR 2 : This ITR is for Individuals and HUFs not having income from business.

ITR 3 : This form is for Individuals and HUFs having income from business.

ITR-4 (Sugam):

ITR 4 is applicable on individual, HUF and firms, which is resident and having total income upto Rs. 50 Lacs, not maintaining their books of accounts and want to pay tax on presumptive basis as per the provisions of the Income Tax Act, 1961. This excludes person who-

has resources (remembering monetary interest for an element) situated external India; or
has pay from any source outside India; or
is a Director in any organization; or
has held any unlisted value share whenever during the earlier year; or
claims more than one house property, the pay of which is chargeable under the head "Pay from House Property"; or
has pay under the head "Pay from Other Sources" in the idea of:-
rewards from lottery;
action of purchasing and keeping up race ponies;
pay available at unique rates under Section115BBDA or Section 115BBE; or
has any presented misfortune or misfortune to be conveyed forward under any head of pay; or
is assessable for the entire or any piece of the pay on which duty has been deducted at source in the possession of an individual other than the assessee.

ITR 5 : This form is for people Other than an Individual, HUF, Company and person filing return in Form ITR 7 .

ITR 6 : This form is for Companies other than organizations exemption under Section 11 of the Income Tax Act, 1961.

ITR 7 : This structure is for people including Companies needed to outfit return under Sections 139(4A) or 139(4B) or 139(4C) or 139(4D) of the Income Tax Act, 1961 in particular.

Precautions should be taken while filing the ITR / Income Tax Return

Filing an Income Tax Return (ITR) in India is a crucial process that requires great attention to detail and accuracy. It is important to take the necessary precautions while filing your ITR in order to avoid any penalties or fines. This article will discuss the precautions one should take while filing their ITR in Delhi, Gurugram, Mumbai ,Kolkata, Hyderabad, Ahmedabad Chennai, Bangalore, Jaipur Chandigarh Amritsar Shimla, Himachal Pradesh, Uttarakhand, Punjab, Sonipat, Haryana Lucknow, Uttar Pradesh, Bihar, Jharkhand, Jammu and Kashmir and other cities across India. including understanding the rules and regulations, keeping accurate records of income sources, and ensuring all documents are up-to-date. Additionally, this article will provide information on significant advances/focuses/safety measures to be remembered while documenting the arrival of pay

The followings are the significant advances/focuses/safety measures to be remembered while documenting the arrival of pay:

The above all else safety measure is to record the arrival of pay prior to the due date. Citizens ought to dodge the act of recording late return. Following are the results of deferral in recording the arrival of pay/Loss (other than house property misfortune):
a. Misfortunes can't be conveyed forward.
b. Toll of interest under section 234A.
c. Late documenting charges under segment 234F is required for return recorded from A.Y 2018-19 onwards. Late documenting expense of Rs. 5,000 will be payable if return outfitted after due date however before 31st December of the evaluation year. In different cases, late documenting expenses of Rs. 10,000 is payable.
Anyway measure of late recording charges to be paid can't surpass Rs. 1,000, if all out pay doesn't surpass Rs. 5 Lakh.
d. Exceptions under area 10A, segment 10B, are not accessible.
e. Derivation under 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, are not accessible.
f. Derivation under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB are not accessible. (From A.Y 2018-19)
Taxpayer ought to download Form 26AS and ought to affirm real TDS/TCS/Tax paid. Assuming any inconsistency is noticed, appropriate move ought to be made to accommodate it.
Compile and cautiously study the records to be utilized while documenting the arrival of pay like bank explanation/passbook, premium testament, speculation confirmations for which derivations is to be guaranteed, books of record and asset report and P&L A/c (if material), and so on
No archives are to be appended alongside the arrival of pay. The citizen ought to recognize the right return structure material for his situation. Cautiously give all the data in the bring structure back. Affirm the computation of all out pay, allowances (assuming any), interest (assuming any), charge obligation/discount, and so forth
Ensure that different subtleties like PAN, address, email address, ledger subtleties, and so forth, are right.
After filling every one of the subtleties in the arrival of pay and after affirmation of the multitude of subtleties, one can continue with recording the arrival of pay. On the off chance that return is recorded electronically without computerized signature and without electronic confirmation code remember to post the affirmation of documenting the arrival of pay at CPC Bangalore 120 days of filing of ITR / Income Tax Return.

TDS Return / TCS Return

What is TDS Return / TCS Return ?

The idea of TDS Return / TCS Return was acquainted with a point with gather charge from the actual type of revenue. According to this idea, an individual (deductor) who is obligated to make installment of determined nature to some other individual (deductee) will deduct charge at source and transmit something very similar into the record of the Central Government. The deductee from whose annual duty has been deducted at source would be qualified for get credit of the sum so deducted based on Form 26AS or TDS authentication gave by the deductor.

TAX DEDUCTED AT SOURCE (TDS) / TAX COLLECTED AT SOURCE (TCS) is a framework presented by Income Tax Department, where individual answerable for making determined installments like compensation, commission, proficient charges, interest, lease, and so on is obligated to deduct a specific level of assessment prior to making installment in full to the collector of the installment. As the name proposes, the idea of TDS is to deduct charge at its source.

TDS Return and TCS Return are two important documents in Delhi, Gurugram, Mumbai ,Kolkata, Hyderabad, Ahmedabad Chennai, Bangalore, Jaipur Chandigarh Amritsar Shimla, Himachal Pradesh, Uttarakhand, Punjab, Sonipat, Haryana Lucknow, Uttar Pradesh, Bihar, Jharkhand, Jammu and Kashmir and other cities across India. that are used to report income tax deductions made by individuals or businesses. TDS stands for Tax Deducted at Source and TCS stands for Tax Collected at Source. Both these documents are required to be filed with the Income Tax Department of India on a quarterly basis, or as per the due date specified in the relevant Act. They contain information about the amount of taxes deducted from an individual or business, which is then paid to the government. The filing of these returns is mandatory as it helps the government keep track of all taxes collected from individuals and businesses.

When TDS / TCS is required to be deposited in Government Account:

In Delhi, Gurugram, Mumbai ,Kolkata, Hyderabad, Ahmedabad Chennai, Bangalore, Jaipur Chandigarh Amritsar Shimla, Himachal Pradesh, Uttarakhand, Punjab, Sonipat, Haryana Lucknow, Uttar Pradesh, Bihar, Jharkhand, Jammu and Kashmir and other cities across India, the Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) is required to be deposited in a Government Account. This is done to ensure that the taxes are collected and paid timely by the taxpayers. The TDS/TCS is deducted from salary, pension, commission, professional fees, interest payments etc. and deposited with the Government of India on a quarterly basis. The details of TDS/TCS should be provided to the payee in Form 16A within 15 days from the end of quarter in which it was deducted.

When is the tax paid without an any Challan - On that very day (relevant if there should arise an occurrence of book change.)

TDS made during the period of March - On or before 30 April.

TDS made during months other than March - On or before 7 days from the month's end.

TDS on acquisition of enduring property (1941A)* - On or before 30 days from the month's end of deduction.

Results for Non-Filing of TDS Return / TCS Return, late filing, filing wrong input in TDS Return :

In Delhi, Gurugram, Mumbai ,Kolkata, Hyderabad, Ahmedabad Chennai, Bangalore, Jaipur Chandigarh Amritsar Shimla, Himachal Pradesh, Uttarakhand, Punjab, Sonipat, Haryana Lucknow, Uttar Pradesh, Bihar, Jharkhand, Jammu and Kashmir and other cities across India, it is mandatory for all taxpayers to file their TDS Returns and TCS Returns on time. Non-filing of these returns or late filing can lead to financial penalties. Additionally, filing wrong input in the returns can also have serious repercussions. Therefore, it is important for taxpayers to be aware of the results of non-filing or late filing of TDS Returns / TCS Returns as well as the consequences of filing wrong input in the returns. In this article, we will discuss the results for non-filing or late filing of TDS Return / TCS Return and also look at how one can avoid financial penalties by avoiding wrong input in these returns.

With effect from 1 July 2012, if the deductor failed to file tds / tcs return in the prescribed time, then the deductor required to pay
via section u/s 234E, an amount of Rs. 200 for every day during which the default continue.
With effect from 1 July 2012, the filing of erroneous data in the tds return by the deductor would make him responsible to a penalty, which will not be not as much as Rs. 10, 000 however which may reach out to Rs. 1 lakh.
In the event of late filing of tds / tcs return is over one year from the defined date, at that point the deductor will be also responsible to take care of a base penalty of Rs. 10,000 which may stretch out to Rs. 1 lakh.
Inability to apply for TAN or provide right TAN by the deductor may bring about a punishment of Rs. 10, 000.

Who are Liable to deduct TDS and File TDS Return ?

In Delhi, Gurugram, Mumbai ,Kolkata, Hyderabad, Ahmedabad Chennai, Bangalore, Jaipur Chandigarh Amritsar Shimla, Himachal Pradesh, Uttarakhand, Punjab, Sonipat, Haryana Lucknow, Uttar Pradesh, Bihar, Jharkhand, Jammu and Kashmir and other cities across India., all individuals and organizations who make payments that are taxable under the Income Tax Act, 1961 are liable to deduct TDS (Tax Deducted at Source) from the payment. This includes payments made to contractors, freelancers, consultants, vendors and other entities. These entities have to then file their TDS Return with the Income Tax Department. In order to do this, they must ensure that they have all the required documents such as Form 16A and Form 26AS. It is also important for them to keep track of due dates for filing TDS Returns as late filing may lead to penalty or interest charges.

Following deductors need to file TDS Return in the forms indicated in electronic system. Deductors can be:

The ofﬁce of the Government
A Company
An individual who is needed to get his records audited under area 44AB in the quickly going before financial year
Where the quantity of deductee's records in the quarterly proclamation for any quarter of the financial year is equivalent to or more than twenty

Note: if there should arise an occurrence of some other deductor, outfitting the quarterly assertion in electronic structure is discretionary.

Why ITR Expert / Income Tax Expert is Important

INCOME TAX Consultant is an expert in their field and have deep knowledge about the INCOME TAX application, what documents required for INCOME TAX Return, what are the set formats of documents as per rules and regulation of INCOME TAX under which only the businessmen is allowed to prepare the documents and attached in the application. Businesses are not aware about the right documents and defined formats and face rejection of INCOME TAX Return in a case they applied for INCOME TAX Return without the help of INCOME TAX Expert.

This is where an ITR Expert or Income Tax Expert comes in. They are professionals who specialize in taxation laws and regulations in India, helping individuals, companies, and organizations to file their taxes correctly. They can also provide advice on how to reduce tax liability, thereby saving money for the taxpayer. With their expertise and knowledge of the Indian taxation system, they can help taxpayers save time and money while ensuring that all their tax obligations are met.

Following are the benefits to hire the INCOME TAX expert / INCOME TAX consultant :

Assist in preparation of INCOME TAX RETURN.
Assist in preparation of documents and details which need filing INCOME TAX RETURN. ITR will be prepared as per the set formats defined under INCOME TAX rules and regulations.
Assist in expedite the process of scrutiny of documents and file the ITR in 3 days.
Time to Time update regarding new rules and regulation published at INCOME TAX Portal.
Conduct Audit and Inspect the premises of the business and suggest the checklist points which the business need to comply with to avoid heavy penalties and imprisonment penalties.

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Get in Touch

File Income Tax Return | File ITR TDS Return | Online File ITR 1 ITR 2 ITR 3 ITR 4 ITR 5 ITR 6 ITR 7 TDS Refund Income Tax Return eFiling India

Call or Whatsapp Now at +91 8800463370

Who Needs to File ITR / File Income Tax Return In India :

Benefits of efiling ITR / File Income tax Return :

Documents and Details Required to File ITR / Income Tax Returns :

Types of ITR Forms / Income Tax Return Forms :

Precautions should be taken while filing the ITR / Income Tax Return

TDS Return / TCS Return

When TDS / TCS is required to be deposited in Government Account:

Results for Non-Filing of TDS Return / TCS Return, late filing, filing wrong input in TDS Return :

Who are Liable to deduct TDS and File TDS Return ?

Why ITR Expert / Income Tax Expert is Important

Why Choose Raag Consultants

Call or Whatsapp Now at +91 8800463370

Income Tax Return Services and Locations

Why Choose
Raag Consultants