INCOME TAX FILINGS (ITR & TDS)


There are double filings or returns under Income Tax Act, 1961.

  •  TDS Returns  –  TDS returns are due quarterly and its payment on monthly basis. TDS deducted in salary and other than salary payments. It is mandatory compliance for business holders.
  •  Income Tax Returns  –  ITR’s are mandatory for all persons who have source of income and profits. All income taxable under Income from Salary, House Rental Property, Business & Professional Income, Capital Gain (Sale of Capital Assets) and other sources like Bank Interest.
Tax Account Number (TAN) would be required for TDS returns. Non-Compliance attracts heavy penalty and interest

BENEFITS OF INCOME TAX FILINGS


  • ITR FILING BENEFITS
  •    It is treated as Income Certificate.
  •    Important document in Loan Processing.
  •    Regulatory Compliance for everyone who has income.
  •    Claiming Refund, Carry forward of losses, etc. are the benefits of ITR filings.
  • TDS FILING BENEFITS
  •    Regulatory compliance in cases of specific payments.
  •    Avoid heavy penalties and interest..
  •    Form 16 and 16A generated after filings.
  •    Support in improving the economic development of the country.

RECOMMENDATION


Tax planning should be done before Income Tax Return filing and timely compliance of TDS filing.
Additional opinion please contact with our advisor at zero fee.

DOCUMENTATION UNDER INCOME TAX FILINGS


  • INCOME TAX RETURN
  •    All Sources of Income.

    𝗮.   Form 16 (Salaried Income)
    𝗯.   Form 16A (Income other than Salary)
    𝗰.   Bank Statements (All Persons)
    𝗱.   Sale Bill (Business & Professional Income)
    𝗲.   Any other documents available.
  •    All deductions under Chapter VI-A and u/s 10.
    𝗮.   All Savings & Investments
    𝗯.   Interest Certificate (Home & Education Loan)
    𝗰.   Expenses deductible (Tuition Fees, Insurance Premium, etc.)
    𝗱.   Any other documents available.
  •    All expenses in case of Business & Professional Income.
    𝗮.   Purchase, Expenses, Assets Bill.
    𝗯.   Challan or any other expenses.
  •    All Sale Deed and Purchase Deed in case of Capital Gains.
    𝗮.   Sale Deed
    𝗯.   Purchase Deed
    𝗰.   Cost of Construction Documents
    𝗱.   Any other relevant documents
  • TDS RETURN
  •    Copy of Monthly Challan deposited by Business Entity.
  •    Details of Entity like PAN, TAN, Name, Address, Responsible Person details, etc.
  •    Details of Deductee like Name, PAN, Payment Amount, TDS deduction, etc.
  •    Any relevant details if available.

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Salaried ITR (Other Income) Business ITR (Presumptive Basis) Capital Gain ITR (STCG+LTCG) Business ITR (Proprietor/Partnership) Company ITR (Companies, LLP) Society ITR (Trust, NGO, Sec.25)
ITR 1 ITR 4 ITR 2, 3 ITR 3,5 ITR 5,6 ITR 5,7
All Form 16 BusinessIncome Capital Gain Details Business Income Details Business Income Details Business Income Details
Deductions under Chapter VI-A. Deductions under Chapter VI-A. Deductions under Chapter VI-A. Deductions under Chapter VI-A Deductions under Chapter VI-A. Deductions under Chapter VI-A.
Other Income Other Income Other Income Other Income Other Income Other Income
Home Loan Home Loan Home Loan Home Loan Docs. Request Docs. Request
Starting Rs. 500/- onwards Starting Rs. 749/- onwards Starting Rs. 2,499/- onwards Starting Rs. 2,499/- onwards Starting Rs. 4,999/- onwards Starting Rs. 4,999/- onwards
Income Tax Return Income Tax Return Income Tax Return Income Tax Return Income Tax Return Income Tax Return
Computation Computation Computation Computation Computation Computation
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