Tag Archives: #TaxReturns2024

Tax planning with reference to financial management decision?

Financial management decision Financial management decision: Tax planning with reference to involves strategically considering and incorporating tax implications into the broader financial strategies of a company or individual. This approach aims to optimize financial management practices while minimizing tax liabilities. Here are some key considerations for tax planning with respect to financial management decisions:… Read More »

ITR for non-salaried person: Which ITR to file for non salaried person ?

ITR for non-salaried person For non-salaried individuals in India, the Income Tax Return (ITR) form to be filed depends on the nature and source of income. Here are the common ITR forms applicable to different types of non-salaried individuals: ITR-1 (Sahaj): This form is applicable if you have income from salary, one house property,… Read More »

What is ITR filings process?

ITR Filings Process The ITR filings process in India generally involves the following steps: 1. Gather the necessary documents: Collect all the relevant documents such as Form 16 (if applicable), bank statements, investment proofs, rent receipts, and any other supporting documents related to your income, expenses, and deductions. 2. Choose the correct ITR form:… Read More »

How to open ITR file?

How to open ITR file To open an Income Tax Return (ITR) file, you can follow these steps How to open ITR file Save the ITR file: Ensure that you have the ITR file saved on your computer or device. The ITR file typically has an XML format and is generated when you complete the… Read More »

What are tax planning in India?

Tax Planning in India Tax planning in India encompasses the deliberate management of financial matters and transactions, aiming to reduce tax obligations while operating within the legal framework. It involves utilizing various provisions and exemptions provided under the Indian tax laws to optimize tax savings. Here are a few prevalent tax planning strategies in… Read More »

How file ITR with form 16?

ITR with form 16 ITR with form 16, to file your Income Tax Return (ITR) using Form 16, which is a certificate issued by your employer summarizing your salary income and tax deductions, you can follow these steps: 1. Gather your documents: Collect all the necessary documents, including your Form 16 and other relevant… Read More »

Can file ITR without form 16?

ITR Without Form 16 Yes, you can file an Income Tax Return (ITR) without Form 16. Form 16 is a TDS certificate issued by your employer that provides details of the salary paid to you and the taxes deducted at source (TDS). However, if you have the necessary information regarding your income and deductions, you… Read More »

ITR filing without tax payment?

ITR Filing Without Tax Payment: Filing an Income Tax Return (ITR) is a legal obligation for individuals and entities whose income exceeds the prescribed limit under the Income Tax Act. However, not everyone who files an Income tax return is required to pay tax. Many people believe that filing an Income tax return… Read More »

Who can sign a Partnership Return?

Partnership Return Signatories What Is a Partnership Return? A partnership is a business entity where two or more individuals agree to share the profits, losses, and management of the company. Partnerships don’t directly pay federal income tax. Instead, they file Form 1065 with the IRS to report their financial activities. Afterward, individual partners report… Read More »

ITR 3 vs ITR 4 difference?

ITR 3 vs ITR 4 difference ITR 3 vs ITR 4 difference are two different income tax return forms in India, applicable to different types of taxpayers. Here are the key ITR 3 vs ITR 4 difference. Applicability: ITR-3: This form is specifically applicable to individuals and Hindu Undivided Families (HUFs) who generate income… Read More »