INCOME TAX RETURNS AND COMPLIANCES
An income tax return is a form used to file income tax returns with the income tax office. Income tax is a tax levied by the central government on a person’s income.Income tax filing is the responsibility of every citizen.
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ABOUT INCOME TAX RETURNS AND COMPLIANCES
An income tax return is a form used to file income tax returns with the income tax office. Income tax is a tax levied by the central government on a person’s income.Income tax filing is the responsibility of every citizen. The IT department checks these tax returns and if an amount has been overpaid, the department refunds the amount to the appraiser’s bank account. All entities must report taxes on time to avoid penalties.The form containing the assessee’s income and tax-paid information is called the Income Tax Return. Income Tax Department of India has various forms like ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7. GSTBOY provides the best service and helps you to fill it correctly. form. time
Document Required Income TAX
PAN Card
Your Permanent Account Number (PAN) card is a unique identification number that you’ll need for tax purposes. It’s a crucial document for filing your income tax return.
Aadhar Card
In many countries, including India, linking your Aadhar Card with your PAN card is mandatory for filing income tax returns.
Bank Statements
You may need bank statements for all your savings and current accounts to reconcile your income and expenses. These statements can also serve as proof of income and expenses.
Previous Year's Tax Return
Having a copy of your previous year’s tax return can be helpful, especially for reference and to report any carry-forward losses or tax credits.
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Frequently Asked Questions
If you are still thinking about opting for GSTBOY.COM for your loved ones, you can always check out the common queries about our service and support.
The government mandates that individuals who earn a specified amount of annual income must file a tax return within a pre-determined due date. The tax as calculated must be paid by the individual. Failure to pay tax will invite penalties from the Income Tax Department.
ITR can be filed even if you have nil income or your gross total income is below the minimum taxable limit.
The basic exemption limit is Rs.2,50,000 for assesses below the age of 60 years (i.e.before allowing deductions under section 80C to 80U).
E-filing or electronic filing is submitting your income tax returns online. The traditional way is the offline way, where you go the Income Tax Department’s office to physically file your returns. The other way is when you e-file through the internet.
Our services in Direct tax are as under:
- PAN/TAN Registration.
- Income tax return filling.
- Income tax computation/payments/refunds.
- Representation before the Income tax authorities for completion of assessment, reassessment, etc.
- Tax Audits
- Consultancy on various Income tax issues.
- Effective tax management, tax structuring and advisory services.
- Tax Planning for Corporates and others.