Income Tax

Income tax is a financial charge imposed by governments on the income earned by individuals and businesses. The primary purpose is to fund government activities and public services such as education, healthcare, and infrastructure.

We understand that managing income tax can be complex and time-consuming. Our mission is to simplify the process and provide expert guidance tailored to your unique financial situation. Whether you are an individual taxpayer, a small business owner, or a large corporation, our team is here to help you navigate the intricacies of income tax laws and regulations.Our dedicated team of tax professionals is committed to providing expert advice and comprehensive services to meet all your income tax needs. Whether you’re an individual taxpayer, a small business owner, or part of a larger corporation, we offer tailored solutions designed to optimize your tax situation and ensure compliance with all regulations.

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Documents Required for INCOME TAX

General Documents:

PAN Card
Aadhaar Card
Previous Year Balance Sheet / Audit Report (if applicable)
Bank Statements / Bank Passbook
Income / Deduction Documents (if applicable)
Previous Year Return (if applicable)

Salaried:

Form 16

Business/Profession:

Tally Data / Audit Report / Balance Sheet
GST Returns (if applicable)
TDS Returns (if applicable)
Tax Deposit Challan (if applicable)

Partnership:

Partnership Deed / Reconstruction Deed / Dissolution Deed
Partners’ PAN Card & Aadhaar Card

Company & LLP:

Incorporation Certificate
Memorandum of Association (MOA)
Articles of Association (AOA)

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Avoiding Common Mistakes in INCOME TAX

Incorrect Personal Details
Selecting the Wrong ITR Form
Failing to Report All Income Sources
Neglecting Eligible Deductions and Exemptions
Late Filing or Non-Filing
Discrepancy in Form 26AS and Income Details
Not Verifying Before Submission
Incomplete Disclosure of Assets

FAQ :-

Define Income Tax?

The online process of filing income tax is known as Income Tax which allows every taxpayer to calculate their tax liability with some additional benefits.

Who is eligible to file an Income Tax return?

The eligibility criteria for filing an Income Tax return works according to the Income Tax Act. All those taxpayers whose age is less than 75 years and earn over Rs. 2.5 Lakh are eligible for filing the Income tax.

Am I eligible to file an Income Tax return if my income is less than taxable limits?

Yes, you are eligible to file the Income Tax return voluntarily even if your income is less than the basic exemption limit.

What is the penalty for not paying an Income Tax Return (ITR)?

For non-payment or delayed payment of ITR late filing fee will be applicable while the maximum penalty will not exceed Rs. 5,000/-

What are the key benefits of ITR filing?

The key benefits of filing ITR are easy loan approval, a fast visa process, claiming tax refunds and many more.

Is it mandatory to file an ITR if I own a PAN card?

Under section 139, the ITR must be filed only if you are liable for filing. If you own a PAN card and are not liable for filing ITR then it is not mandatory.

INCOME TAX