Income Tax & TDS

Income Tax Return

An income tax return is a form where taxpayers have to declare their taxable incomes from all sources, eligible deductions, and tax payments if any. This is called ITR Filing Procedure. All citizens need to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. It is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, and trusts to file income tax returns each year. Individuals and NRIs are required to file an income tax return if their income exceeds the exemption limit. Filing ITR in India is completely online and paperless. There is no need for you to submit a physical return at the local income tax offices. All documents, wherever necessary need to be submitted online.p>

Benefits of Income Tax Return

Enhanced Credibility

Filing an Income tax Return enhances your credibility & credit availing capacity from the bank's perspective as it is the only document that serves as proof of your income.

TDS Refund

On filing Income Tax Return you can claim your TDS credit and get a refund back excess TDS deducted from your net tax liability.

Avoiding Tax Notices

By filing the Income Tax correctly and on time, you can easily avoid all the hassles related to income tax notices.

Types of Income Tax Return

ITR 1

This return is for individuals whose income from Salary, Pension, House Property, or Other Sources is up to INR 50 Lakhs.

ITR 2

This return is for Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income, or other sources.

ITR 3

This income tax return is for Individuals & HUF having income from profit and gains of business or profession (PGBP).

ITR 4

This ITR Filing is for Individuals or HUF who have income from PGBP but have opted for a presumptive income scheme.

ITR 5

This return is for Firms, LLPs, Body of Individuals (BOI), and Association of Persons (AOP).

ITR 6

This return is for all types of companies such as Public Limited Companies, Private Limited Companies, and OPC, except Section 8 Companies.

Who Should File Income Tax Return

Proprietors below the age of 60 years with a total income exceeding Rs? 2.5 lakh.

Proprietors over the age of 80 years and above are required with a total income exceeding Rs.5 lakh.

Proprietors over the age of 60 years but below 80 years with a total income exceeding Rs.3 lakh.

All Partnership Firms, Companies, and LLPs irrespective of income or loss.

Why Choose Us?

When it comes to services relating to income tax, Taxspare has been the market leader. We have assisted both individuals and businesses with their year-end tax questions. This service is governed by the Union Government's revenue and finance ministries in India.

The phrase "income tax" refers to a variety of distinct things. Under this heading, taxes may be levied on businesses, trusts, cooperative organizations, and individuals. The determination of the payment amount is difficult, though. Here's where Taxspare can be of use. In addition to examining our clients' revenues, our staff also looks at their investments and deductions.

We are knowledgeable with the most recent market trends. Our team is aware of the investing strategies that can help our clients save on taxes. Additionally, we help our clients with each stage of the filing procedure. This entails making sure all paperwork is in order, figuring out the exact revenues, and—most importantly—determining if the client is entitled to a refund.