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Fistbump techlings!!! The annual season to look up from your techno wizardry is here. Cast aside your lab coats and don the plain clothes accountant’s role. Tis the season for ITR filing. Sounds a bit of a dampener, don’t it? Hang on, you need not hang up your lab coats just yet. LegalRaasta is t...
We generally see the tax payers running from pillar to post to file their tax returns before 31st of July and them very often get caught in a complex web of tax laws in order to help the tax payers. To make the things simpler, the article will run a series of the things which one should know...
www.legalraasta.com/itr/7-things-need-know-filing-income-...
Procedure for Tax Filings:
This procedure of filing income tax returns is referred to as Income tax filing. While filing the actuals, the total amount that should go to the government as income tax is calculated.Income tax filing form ranges from ITR 1 to ITR 7, used for different types of income.Government has prescribed ITR-4, ITR-4S, ITR-5, ITR-6 and ITR-7 for Income Tax filing of business and profession. Depending on the type of business, a particular type of ITR form should be used from the forms mentioned earlier.
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Clarifications in respect of filling-up of return Forms ITR-5, ITR-6 and ITR-7 for the Assessment Year 2019-20
Here is the dreaded time of the year. Yes, you guessed it, the tax season is nigh well upon us. So, what can we do to ease your burdens? What’s that you say? A few simple steps explaining the entire ITR filing process in Kolkata? Well, the wait’s over folks. The LegalRaasta learning show’s up and...
ITR stands for Income Tax Return. The Income Tax Act, 1961 governs all the ITR forms and procedures to be followed.
Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.
Income Tax Return Filing is the form in which the assessee files information about his/her Income and tax thereon to the Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.
It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:-
1. If your gross annual income is more than the basic exemption limit as specified below-
For individuals below 60 yearsRs 2.5 Lakh
For individuals above 60 years but below 80 yearsRs 3.0 Lakh
For individuals above 80 yearsRs 5.0 Lakh
2. If you want to claim an income tax refund from the department.
3. If you have earned from or have invested in foreign assets during the FY.
4. If you wish to apply for a visa or a loan
5. If the taxpayer is a company or a firm, irrespective of profit or loss.
Advantages of ITR Filing For Company:-
1. Easy Loan Processing
2. Allow Carry Forward Losses.
3. Define Net Worth.
4. Deduction on expenses incurred in setting up a business.
Document Required:-
1. PAN card of the company.
2. Basic details of all the directors and shareholders.
3. MOA of the company.
4. Books of Accounts.ITR stands for Income Tax Return. The Income Tax Act, 1961 governs all the ITR forms and procedures to be followed.
Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.
Income Tax Return Filing is the form in which the assessee files information about his/her Income and tax thereon to the Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.
It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:-
1. If your gross annual income is more than the basic exemption limit as specified below-
For individuals below 60 yearsRs 2.5 Lakh
For individuals above 60 years but below 80 yearsRs 3.0 Lakh
For individuals above 80 yearsRs 5.0 Lakh
2. If you want to claim an income tax refund from the department.
3. If you have earned from or have invested in foreign assets during the FY.
4. If you wish to apply for a visa or a loan
5. If the taxpayer is a company or a firm, irrespective of profit or loss.
Advantages of ITR Filing For Company:-
1. Easy Loan Processing
2. Allow Carry Forward Losses.
3. Define Net Worth.
4. Deduction on expenses incurred in setting up a business.
Document Required:-
1. PAN card of the company.
2. Basic details of all the directors and shareholders.
3. MOA of the company.
4. Books of Accounts.
The #ITR-7 form can be used by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D). The detail information about #ITR7 forms structure before #ITRFiling. Simply fill in the contact form and we will get in touch with you.
An Income Tax is a tax levied upon Income or profit earned by all individuals or businesses. Income Tax Return consist of various form swhich are filed by individual or business to provide information about their income and tax to income tax department. The forms included are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
Read more- www.clickntax.com/income-tax-return