Filing returns is a sign you are responsible. 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 time for filing income tax returns is once again upon us. Most people regard this task as a burden. But we make this hassle free for our clients. Tax is a central element to the revenue generation system of the Indian government. Among the multitude of taxes present in the system, income tax is the one that deals with the taxation of the earning of every individual, firm or organisation in a financial year. The earning or income could be in the form of regular wages, interest, dividends, capital gains or any other profits.
Income Tax Return is a proof that you have paid your income tax. It contains details about your annual income and the amount of tax you have paid. Every year, Indian citizens who earn taxable income have to file Income Tax Return (ITR). Filing ITR will help you in getting a refund in case you pay more tax than what you are required to pay. If you fail to file your ITR, you might have to pay penalty or face legal consequences.
|ITR 1||For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh|
|ITR 2||For Individuals and HUFs not carrying out business or profession under any proprietorship|
|ITR 3||For individuals and HUFs having income from a proprietary business or profession|
|ITR 4(SUGAM)||For presumptive income from Business & Profession|
|ITR 5||For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7|
|ITR 6||For Companies other than companies claiming exemption under section 11|
|ITR 7||For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)|