RETURNS FILING

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Overview

The government mandates that individuals who earn a specified amount of annual income must file a tax return within a pre-determined due date. The tax as calculated must be paid by the individual. Even if you do not have any tax liability, filing a tax return is still a mandate if you are seeking for any deductions for the future. Owning assets (foreign assets) will be much easier: The law mandates any individual to accurately file their income tax returns if they have the possession of any foreign asset.

Income Tax Filling

Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year.

GST Retuns Filling

GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability

TDS / TCS Filling

Tax Deducted at Source and Tax Collected at Source are both incurred at the source of income. TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit.

ROC Filling

ROC filing means the filing of audited financial statements, and annual returns, by the company to the ROC. Under section 129 and 137 of the Companies Act, 2013, every company should file the audited financial statements with the ROC.

How it works

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Fill all the required information requested in the registration form.

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Service Delivery

After the discussion and submission of required documents, service will delivered. Time of delivery may differ based on the service.

Documents Required

PAN card and aadhar copy of all the Directors and Shareholders

Capacity to sue and be sued

Passport size photograph

Photo ID proof of directors, Voter ID or Passport or License

Proof of registered office, Updated gas or electricity bill or Property tax receipt

Passport copy or Bank statementof the Directors and Shareholders of the Company

Copy of rental agreement and no objection certificate from the owner of the property

Frequently Asked Questions

What is Form 16?
Form 16 can be coined as Salary TDS- Tax Deducted at Source Certificate that an executive issue for the TDS subtracted.

How will it be refunded to me if I have paid excess tax?
The excess tax can be demand back as a return by filing your Income-tax return. It will be returned back into your bank account through ‘ECS transfer’. It is necessary to make sure no errors are made while considering bank details such as ‘account number’, ‘IFSC code’ in the ITR form.

Whether 'NIL ITR' is necessary to be filed?
All the company and business entities need file ITR even if their total income or tax due is zero. In a matter of an individual, when revenue exceeds the basic exclusion limit, it is advised to file ITR to avoid investigation from the ‘Income Tax Department’. Additionally, if your tax liabilities is zero and have offered the ITR before, it is essential to be filed.

Is it needed to file a return if there is a visible loss in business income?
Yes, finishing ITR in case of loss would be in your business itself. With online ITR filing, you can move forward the damages/losses to a specific expected financial year to set off losses upon the future profits.

What will happen in Delay Receiving TDS/TCS reports?

If it fails to deposit the TDS/TCS return on the due date appointed, then he shall be responsible for paying a sum of Rs. 200 for every day of the delay, Under Section 234E.

Who Should File an Income Tax Return?
  • Individuals (Indian residents & NRI’s) – Necessary for those whose income is exceeding the prescribed limit.
  • Sole Proprietors
  • Companies
  • LLPs and Partnership Firms
  • The ITR filing is compulsory for ‘Partnerships Firm’, ‘Sole Proprietorship Firm’, ‘Companies’, and ‘LLPs’ irrespective of their turnover, income, profit or loss.
What is the Amended Income Tax Return?
  • Income Tax section allows reducing the ITR if the new ITR includes oversight or wrong report accidentally
  • A taxpayer can register the amended return up to the end of Annual Year (2018-2019, 31 March 2020) or before the conclusion of the assessment whichever is prior 
s it possible to Submit ITR once the last date of filing is left?
In matter you fail to file the return on a scheduled date, there is a prerequisite to filing return up to a particular time. Nevertheless, with a late filing fee and reduced interests, the late arrival can be filed before the end of Assessment Year for the concerned financial year.

What are the advantages of Filing Income Tax Returns?
  • It makes tax payer eligible for loan processing.
  • It helps in claiming TDS refund or any other tax paid in excess.
  • Also, it allows carry forward of losses.
  • It makes individual a responsible citizen.
  • Helps in avoiding penalty provisions.
  • Considered as a financial evidence for availing loan or visa.
  • Helps government in keeping track of the income of taxpayer.
What are the Charges for Default Filling?
  • (Total Income)Exceeds Rs. 5 Lakh ->( Return filed )After 10th Jan 2021 for A.Y. 2020-21 -> (Fee (Penalty)Rs. 10,000/-
  • UptoRs. 5 Lakh ->After 10th Jan 2021 for A.Y. 2020-21 ->Rs. 1,000/-

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