INCOME TAX FILINGS (ITR & TDS)


Introduction


There are double filings or returns under Income Tax Act, 1961.


1. TDS Returns – TDS returns are due quarterly and its payment on monthly basis. TDS deducted in salary and other than salary payments.It is mandatory compliance for business holders.


2. Income Tax Returns – ITR’s are mandatory for all persons who have source of income and profits.All income taxable under Income from Salary, House Rental Property, Business & Professional Income, Capital Gain (Sale of Capital Assets) and other sources like Bank Interest.


Tax Account Number (TAN) would be required for TDS returns.Non-Compliance attracts heavy penalty and interest


BENEFITS OF INCOME TAX FILINGS


ITR FILING BENEFITS
TDS FILING BENEFITS
1  It is treated as Income Certificate. 1  Regulatory compliance in cases of specific payments.
2  Important document in Loan Processing. 2  Avoid heavy penalties and interest.
3  Regulatory Compliance for everyone who has income. 3  Form 16 and 16A generated after filings.
4  Claiming Refund, Carry forward of losses, etc. are the benefits of ITR filings. 4  Support in improving the economic development of the country.

RECOMMENDATION


Tax planning should be done before IncomeTax Return filing and timely compliance of TDS filing. Additional opinion please contact with our advisor at zero fee.




DOCUMENTATION UNDER INCOME TAX FILINGS


INCOME TAX RETURN TDS RETURN
1  All Sources of Income.
a. Form 16 (Salaried Income)
b. Form 16A (Income other than Salary)
c. Bank Statements (All Persons)
d. Sale Bill (Business & Professional Income)
e. Any other documents available.
1  Copy of Monthly Challan deposited by Business Entity.
2  All deductions under Chapter VI-A and u/s 10.
a. All Savings &Investments
b. Interest Certificate (Home & Education Loan)
c. Expenses deductible (Tuition Fees, Insurance Premium, etc.)
d. Any other documents available.
2  Details of Entity like PAN, TAN, Name, Address, Responsible Person details, etc.
3  All expenses in case of Business & Professional Income.
a. Purchase, Expenses, Assets Bill.
b. Challan or any other expenses.
3  Details of Deductee like Name, PAN, Payment Amount, TDS deduction, etc.
3  All Sale Deed and Purchase Deed in case of Capital Gains.
a. Sale Deed
b. Purchase Deed
c. Cost of Construction Documents
d. Any other relevant documents
3  Any relevant details if available.

DOCUMENTATION FOR REGISTRATION


Salaried ITR (Other Income) Business ITR (Presumptive Basis) Capital Gain ITR (STCG+LTCG) Business ITR (Proprietor/Partnership) Company ITR (Companies, LLP) Society ITR (Trust, NGO, Sec.25)
ITR 1
All Form 16 Details
Deductions under Chapter VI-A.
Other Income
Home Loan
ITR 4
Business Income Details
Deductions under Chapter VI-A.
Other Income
Home Loan
ITR 2, 3
Capital Gain Details
Deductions under Chapter VI-A.
Other Income
Home Loan
ITR 3,5
Business Income Details
Deductions under Chapter VI-A.
Other Income
Home Loan
ITR 5,6
Business Income Details
Deductions under Chapter VI-A.
Other Income
Docs. Request
ITR 5,7
Business Income Details
Deductions under Chapter VI-A.
Other Income
Docs. Request
Starting Rs. 299/- onwards Starting Rs. 749/- onwards Starting Rs. 2,499/- onwards Starting Rs. 2,499/- onwards Starting Rs. 4,999/- onwards Starting Rs. 4,999/- onwards
Income Tax Return
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