LLP ITR filing requirements Limited Liability Partnerships (LLPs) have gained popularity as a flexible and advantageous business structure for entrepreneurs and small businesses. However, like any other business entity, LLPs are subject to certain income tax filing requirements imposed by the tax authorities. Let’s explore this topic to understand the intricacies of LLP ITR… Read More »
Form 15CB Form 15CB is a certificate issued by a Chartered Accountant (CA) in India. It is require for certain international transactions involving the transfer of money to non-resident individuals or entities. Here’s an explanation of Form 15CB meaning: 1.Purpose: Form 15CB is use to certify that the remittance being made to a non-resident or… Read More »
Form 15CA CB purpose Form 15CA CB purpose, The Indian government mandates the use of 15CA and 15CB forms for specific financial transactions involving non-residents. Here’s a brief explanation of each form: 1.Form 15CA: This form is use for remittances (money transfers) that are subject to tax deduction at source (TDS) under the Indian Income… Read More »
Who needs to file an ITR Individuals and entities that are liable to pay income tax in India are required to file an Income Tax Return. Let’s define Who needs to file an ITR Filing Income Tax Returns is necessary because it’s a legal requirement and it helps to declare income accurately, calculates tax liability,… Read More »
ITR for capital gains If you have capital gain, you will generally need to file ITR-2. Income Tax Return-2 is applicable for individuals and Hindu Undivided Families (HUF) who have income from sources other than business or profession. These are typically categorized as “Income from Capital Gains” in ITR-2. However, it is important to… Read More »
ITR Filing is Mandatory Income tax return (ITR) filing is mandatory in several situations in India. Here are ten common scenarios where individuals are required to file their ITR: ITR filing is mandatory in 10 situations: 1. Income above Basic Exemption Limit: If your total income before claiming any deductions exceeds the basic exemption… Read More »
Where to file ITR Where to file ITR, Income Tax Returns (ITR) in India can be filed electronically through the official website of the Income Tax Department of India, known as the e-Filing website. Here are the steps to file ITR in India: 1. Visit the e-Filing website: Go to the official e-Filing website… Read More »
Income Tax filing Income Tax Filing, Income Tax Return (ITR) filing is mandatory under certain circumstances in India. The requirement to file an ITR depends on various factors, including the individual’s income level, residential status, and specific conditions outlined in the Income Tax Act, 1961. Here are some situations where ITR filing is mandatory:… Read More »
ITR Filing Last Date ITR filing last date for filing Income Tax Return in India varies depending on the assessment year and the type of taxpayer. As of September 2021, the general due date for most individuals is July 31st of the assessment year. However, please note that tax laws and deadlines are… Read More »
ITR-3 Form To file your Income Tax Return (ITR) using ITR-3 form, which is applicable for individuals and Hindu Undivided Families (HUFs) having income from a business or profession, you can follow these steps: 1. Gather your documents: Collect all the necessary documents, including your business income details, profit and loss statement, balance sheet,… Read More »