Income Tax Filing

ITR Filing Startd for Assessment Year 2020-21(FY 2019-20).

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File Your Income Tax

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Package

₹ 1000.00


File Your Income Tax

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Package

₹ 1000.00


File Your Income Tax

package- filing

Package

₹ 1000.00


File Your Income Tax

package- filing

Package

₹ 1000.00


File Your Income Tax

package- filing

Package

₹ 1000.00


File Your Income Tax

package- filing

Package

₹ 1000.00


File Your Income Tax

package- filing

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Know More About Income Tax Return

Under Income Tax Act it is mandatory for every person to file income tax return in India if any one is these is application to the person. Income Tax act status that under the following situation, it is mandatory for the person to file income tax return:
  • If income fall above the exempted limites according to age
  • Entity registered under company act irrespective of loss of profit
  • To claim refund on TDS deducted
  • Resident Indian holding assets in a foreign destination or signing authority in a foreign bank
  • Need to carry forward losses in the book
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FAQ'S

Income Tax is a duty that is levied by the government of India on the income of individuals under the Income Tax Act 1961. Income tax is calculated on income generated from various sources in the financial year counted from 1st April to 31st March every year.
Every individual has to file ITR if your income exceeds the exempted limits, you have to pay certain percentage of excess amount in the form of tax and according to the scheduled rules.
  • An Individual
  • A Hindu Undivided Family(HUF)
  • A Company
  • A Firm
  • An Association of Persons (AOP) or a Body of Individuals (BOI)
  • A Local Authority
  • Artificial juridical persons.
Income Tax Return is a valuable statement which is filed to the Income Tax Department by the taxpayer. This document carries all the information regarding income source, calculation of taxable income, tax payable, and amount due or amount of refund are also illustrated on the ITR. In short, it is the report card of your income stating how much tax liability you owe to the government.
Different structures are adopted or notified by the government of India to collect income tax. A certain amount is exempted in the law specified in Income Tax Act 1961. This exemption limit can be changed by the ruling government as per societal needs. Above these exemption limits, some percentage of the earnings generated by an individual is taxable as Income Tax. Presently, exemption limits are:
  • Rs. 2,50,000 for individuals of less than 60 age
  • Rs. 3,00,000 for individuals between age group of 60-80 years
  • Rs. 5,00,000 for individuals of more than 80years age

Compulsory Income Tax return needs to be file under the following conditions

  • If income fall above the exempted limits according to age
  • Entity registered under company act irrespective of loss of profit
  • To claim refund of TDS deducted
  • Resident Indian holding assets in a foreign destination or signing authority in a foreign bank
  • Need to carry forward losses in the books
The government has introduced certain exemptions or tax reliefs to small taxpayers under some sections. Presumptive taxation scheme is introduced in Income Tax 1961 for the taxpayers who maintain books properly and pay their taxes regularly.
  • Small taxpayers involved in businesses except hiring, plying, or leasing goods carriages under section 44AD.
  • Small taxpayers earning from profession under section 44ADA
  • Small taxpayers involved in hiring, plying, or leasing goods carriages under section 44AE

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