Income Tax Return Filing
The Income Tax Act, 1961 states that any person falling under the purview of the tax act has to pay tax on the income earned in a particular financial year. The assessee might be an individual, partnership, Hindu Undivided Family, or other business entity. The taxpayers are categorized to ease the compliances. Each category of the taxpayer has got to compute the taxable income within the manner because it is laid down within the tax Act,1961. Post computation the Income-tax returns are filed on the income tax portal in the prescribed form as applicable to the taxpayer.
Our services include:
- We manage tax computation for tax withholding, advance tax and tax filings. Our team is experienced in representations before revenue authorities. In our NRI desk, we also provide assistance in obtaining various registrations for non-residents such as registration with foreign regional registration office (FRRO), permanent account number (PAN) etc.
- We assist organizations in corporate tax returns filing, advising on tax planning opportunities, tax compliances, opinions and representations. We also provide opinion on complex tax issues and assist in review of tax strategy vis-a-vis business strategy.
- We assist in filing income tax returns of Trust, Registered Societies as per the relevant law.
ITR Filing – In any of the following situations (as per the Income Tax Act) it is mandatory for you to file an Income Tax Return in India:
- Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000 in the FY 2017-18
- This limit is Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old) or Rs 5,00,000 for super senior citizens (who are more than 80 years old)
- You are a company or a firm irrespective of whether you have income or loss during the financial year.
- You want to claim an income tax refund.
- You want to carry forward a loss under a head of income.
Proof of return filing may also be required at the time of applying for a loan or a visa.