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Income Tax / ITR

Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March.

Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes :

  • 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

The payment of income taxes can be made to the government by either physical mode i.e. cash/cheque in any designated bank branch or e-payment on NSDL website. Payment is to be made in Challan 280 in both the cases. The challan is to be filled very carefully as its accuracy is important for further processing.

ITR Retruns

The type of return form in which you should file your return varies as per the category of Assessee.

  • For Individuals/HUF: ITR-1, ITR-2, ITR-3, and ITR-4

  • For Company: ITR-6, ITR-7

  • For other than Individuals and Company: ITR-5

LegalRaasta ITR filing software helps in the correct selection of form for you. You just need to fill the details relevant to you and LegalRaasta will itself generate the correct XML.

On the basis of source of Income an Individual can file return in form ITR-1, ITR-2, ITR-3 and ITR-4 :

  • ITR 1: Salaried Individuals not having capital gain, income from business or profession, income from more than one house property and income from maintaining and owning race horses.

  • ITR 2: Salaried individuals/HUF having income from business or profession from a Partnership Firm.

  • ITR 3: An individual/HUF having income from business or profession from a Proprietorship Firm.

  • ITR 4: An individual/HUF opting for Presumptive Taxation Scheme.


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Frequently Asked Questions

What is Income Tax?

Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March.

Who is liable to pay Income tax?

Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes : 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

What is Income tax Return?

An Income Tax Return is a statement of income earned to calculate tax liability and payment or refund of taxes. Thus, the purpose of filing the return is to report our income and taxes paid thereon to the government.

Identity and Address Proof

Identity and address proof will be required for all directors and shareholders of the company to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months old.

Registered Office Proof

All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.

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