BUSINESS TAX RETURNS
Income tax return filling is legal requirement in India as per income tax act 1961 the following taxpayers are required to file a mandatory income tax return are listed below:* any private, Public, Foreign, Domestic company.* any limited liability partnership (llp) and unlimited liability partnership.* any total individual income is exceeding the exemption limit.
Income Tax return filling is legal requirement in India as per Income tax Act 1961 The following taxpayers are required to file a mandatory income tax return are listed below:
* Any private, public, foreign, domestic company.
* Any Limited Liability Partnership (LLP) and unlimited liability partnership.
* Any total individual income is exceeding the exemption limit.
Document Required
Copy of Last ITR Filed if any
Bank statements for the financial year
Income and Expense statements
Copy of PAN Card and Aadhar Card
Process Involved
DOCUMENTS
Receipt of the required documents
COMPUTATIO OF INCOME
Preparation of Computation of Income based on the information and documents provided
TAX PAYABLE
Calculation of Tax Payable and Payment of Taxes
PREPARATION OF RETURN
Filling of data in the ITR form
SUBMISSION OF RETURN
After ITR is being prepared the same is being submitted to Income Tax Site through XML schema and receiving Acknowledgement for the return filed.
Package Includes
Account Summary - P & Land Balance Sheet
Advance and Self Assessment Tax Payment
Expert Assisted Tax Filing for business and professionals
Tax Savings & Planning Advice
Documented follow up
Frequently Asked Questions
Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to case) prior to the current financial year. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.
Prior to return filing, a summary consolidating all financial transactions is prepared. Day to day bookkeeping and audit does not form part of the plan.
Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan.
Filing of return with digital signature is mandatory for: (a) Every company; (b) A firm or an individual or HUF who are required to get their accounts audited under section 44AB; (c) A Political Party its income exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax]
Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.