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… Read More »
ITR filing of individual ITR filing of individual: To file your Income Tax Return (ITR) as an individual, you can follow these steps: Gather your documents: Collect all the necessary documents, including your PAN (Permanent Account Number), Aadhaar card, bank statements, Form 16 (if applicable), investment statements, and other relevant financial documents. Determine the… 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 »
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 »
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 1 Vs. ITR 4 ITR 1 Vs. ITR 4 are two different income tax return forms in India, applicable to different types of taxpayers. Here are the key differences between ITR-1 (Sahaj) and ITR-4 (Sugam): Applicability: ITR-1: It is applicable to individuals who are residents of India and have income from salary, one house… Read More »
Prepare TDS To prepare TDS (Tax Deducted at Source), you can follow these general steps: Determine Applicability: Identify the transactions and payments on which TDS is applicable as per the provisions of the Income Tax Act, 1961 and related regulations. Consider the nature of the payment and the threshold limits for TDS applicability. Obtain… Read More »
Standard Deduction in income tax The meaning of “standard deduction” in the context of income tax rules, refers to a fixed amount of deduction that is applicable to the gross income of salaried individuals, regardless of the actual expenses incurred. The purpose of the standard deduction is to reduce the tax liability and provide relief… Read More »
