TAXATION & ITR
Taxation:
taxation, imposition of compulsory levies on individuals or entities by governments. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well. This article is concerned with taxation in general, its principles, its objectives, and its effects; specifically, the article discusses the nature and purposes of taxation, whether taxes should be classified as direct or indirect, the history of taxation, canons and criteria of taxation, and economic effects of taxation, including shifting and incidence.
ITR:
Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.
STARTING FROM RS. 1499/-
TYPES OF TAXES IN INDIA
Taxation in India is majorly divided into Central and State Govt taxes with two types of taxes:
1. Direct Taxes
2. Indirect Taxes
While direct taxes are levied on your earnings in India, indirect taxes are levied on expenses. The responsibility to deposit the direct tax liability lies with the earning party, whether individual, HUF or a company.
Indirect taxes are collected majorly by the corporates and businesses providing services and products. Thus, the responsibility to deposit indirect taxes lies with these entities.
ABOUT TAXES AND ITR
WHAT IS DIRECT TAX?
Direct taxes are imposed on corporate entities and individuals. These taxes cannot be transferred to others. For individual taxpayers like you, the most important type of Direct tax is the income tax. This tax is levied during each assessment year (1st April to 31st March). As per the Income Tax Act, 1961, it is mandatory for you to make income tax payments if your annual income is above the minimum exemption limit. You can get tax benefits under various sections of the Act. Before we talk about tax benefits, it is important for you to understand the income tax slab.
WHAT ARE THE DIFFERENT TYPES OF INDIRECT TAXES IN INDIA?
Indirect taxes in India have been the most consistent and largest revenue source for the government. The Indian tax system has had multiple indirect taxes, some of these are still operational:
a) Service Tax
b) Indian Excise Duty
c) Value Added Tax (VAT)
d) Customs Duty
e) Securities Transaction Tax (STT)
f) Stamp Duty
g) Entertainment Tax
Few of the indirect taxes in India like service tax, value-added tax and excise duty have been removed for a large number of goods and services. These taxes have been replaced by a single Goods and Services Tax.
Customs duty tax applies to the goods being imported into India from other countries, and in a few cases on the goods being exported from India.
WHAT IS 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 a 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.
REQUIREMENT FOR FILING INCOME TAX RETURN
DOCUMENTS REQUIRED FOR LLP ANNUAL FILING
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PAN CARD
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ADHAR CARD
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BANK STATEMENT
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LIFE INSURANCE DETAILS
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MEDICLAIM DETAILS
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PPF OR ANY OTHER TAX SAVINGS INVESTMENT
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SALARY SLIP
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SALE-PURCHASE BILLS ( IF BUSINESS INCOME)
DOCUMENTS REQUIRED FOR LLP ANNUAL FILING
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PAN CARD OF FIRM
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BANK STATEMENT
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BALANCE SHEET
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AUDIT REPORT (IF APPLICABLE)
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CERTIFICATES OF THE TAX DEDUCTION ON THE SOURCE (TDS)
PRICING
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BASIC
*STAMP DUTY INCLUDED
₹ 1499/-
ALL INCLUDES
HOW TO FILE IT RETURN
Process of IT Return
DATA VERIFICATION
One of the person from our team will collect all the data for filing IT Return. After reciveing data our expert will verify the same and they will update you time to time for the same.
FORMS FILING
Once the verification is complete our team will file the forms for IT Return and generate the OTP.
FILED FORM
After generation of OTP our team will file it and mail the final filed form to client.
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