Income Tax
What Is Income Tax?
Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations. Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens.
We have Income Tax Audit Clients in
(filing of Income Tax Returns for Financial Year 2018-19 (Assessment Year 2019-20) from 31st July, 2020 to 30th September, 2020 )
- Proprietorship (Salaried, Self Employed)
- Partnership
- Corporate Clients
- Government Clients
- Public Sector Clients
What is E Filing?
E-filing or electronic filing is submitting your income tax returns online. There are two ways to file your income tax returns. The traditional way is the offline way, where you go the Income Tax Department’s office to physically file your returns. The other way is when you e-file through the internet. Over the past few years, e-filing has become popular because it is easier, doesn’t require prints of documents, and can be done for free!
Who are Required to File Income Tax Returns?
It is mandatory to file income tax returns in India if any of the below conditions are applicable to you (as per the Income Tax Act):
- Earn gross annual income more than-
Particulars Amount For individuals below 60 years Rs 2.5 Lakhs For individuals above 60 years but below 80 years Rs 3.0 Lakhs For individuals above 80 years Rs 5.0 Lakhs - Earn income other than salary like house property, etc.
- Want to claim income tax refund from the department.
- Earn from or have invested in foreign assets.
- Wish to apply for visa or loan applications.
- Company or a firm, irrespective of profit or loss