Income Tax Return Filing

Income Tax Return Filing is the process of submitting your annual financial information and income details to tax authorities for assessment and calculation of your tax liability.

    Overview About Service

    Income Tax Return Filing is the essential annual obligation where individuals and businesses submit their financial details, including income, deductions, and taxes paid, to the tax authorities. This process ensures accurate assessment, compliance with tax laws, and the determination of tax liabilities or refunds, contributing to a transparent and accountable tax system.

    FilingMan streamlines and simplifies the intricate process of Income Tax Return Filing, meticulously compiling your financial information, ensuring accurate calculations, and timely submission. With expert guidance and a commitment to compliance, FilingMan empowers individuals and businesses to navigate the complexities of tax regulations, fostering seamless and hassle-free tax return filing for optimized financial management.

    Income Tax Return for An Employee

    Income tax is the term used to describe the taxes imposed at the established rates on the entire amount of income received during the relevant financial year.

    The purpose of an income tax return is to act as a statement of income earned, allowing for the determination of tax due and the ease of paying or receiving a refund from the government. Reporting income and taxes paid to the government is the main goal of filing the return. Annual income tax returns must be filed by all taxpayers, including individuals, NRIs, partnership businesses, LLPs, Companies, and Trusts. Tax returns may be manually filed or electronically filed (e-filed). Income tax return filing assistance is provided by FilingMan providers.

    Tax Return for Business

    Income tax is the amount of tax paid based on the prescribed rates on the entire amount of income earned during the relevant financial year.

    An income tax return is a declaration of earned income that makes it easier to determine one's tax due and to pay or receive a refund from the government. Reporting our income and the taxes we have paid to the government is the main goal of filing the return. Annual income tax returns must be filed by all taxpayers, including individuals, NRIs, partnership businesses, LLPs, Companies, and Trusts. Forms for income tax returns can be manually filed or electronically filed (e-filed).

    ITR – 1 (Also known as SAHAJ)

    Any person who has any of the following is covered by this provision:

    • Either a pension or a salary
    • Income from a single-family home (barring situations where a loss was moved forward)
    • Other sources of income (not including lottery prizes and horse racing earnings)
    • Without any upper limit, except for agricultural income exceeding Rs. 5000, exempt income

    ITR-2

    Individuals or Hindu Undivided Families who get income from any source—aside from "Profits and Gains of Business or Profession"—are subject to this rule.

    ITR – 2A

    Individuals or Hindu Undivided Families who get income from salaries and multiple residential properties but not from capital gains or profits and gains from their line of work (PGBP) are covered by this provision.

    ITR – 3

    An individual or a Hindu Undivided Family (HUF) who is a partner in a firm is covered by this rule. Their definition of income subject to income tax under the heading "Profits or gains of business or profession" limits it to earnings from the mentioned company in the form of interest, salaries, bonuses, commissions, or other forms of compensation. This category excludes all other sources of income.

    ITR – 4S

    This provision, also known as SUGAM, is applicable to individuals and Hindu Undivided Families (HUFs) who have selected the presumptive taxation scheme under section 44AD/44AE.

    ITR – 4

    An individual or a Hindu Undivided Family (HUF) engaged in a proprietary business or profession is subject to this clause.

    ITR – 5

    Since it is intended for entities other than individuals, Hindu Undivided Families (HUFs), corporations, and those submitting Form ITR-7, Income Tax Form ITR 5 is typically utilised by partnership firms.

    ITR – 6

    It applies to all corporations, with the exception of those that are exempt under section 11 (exemptions under section 11 are available to charitable/religious trusts).

    ITR – 7

    Individuals, political parties, news organisations, institutions, and organisations receiving revenue from property held under trust for charitable or religious purposes all use revenue Tax Form ITR 7.

    ITR – V

    It serves as the acknowledgment of the filed income tax return.

    Procedure for Registration

    Application for Business Income Tax Return (ITR) filing is required for the following business entities:

    1. Any organisation required to keep books of accounts.

    2. Maintaining books of accounts is necessary for small firms and professionals.

    3. Small companies that need a tax audit, such as traders in derivatives and intraday contracts.

    Procedure for Registration

    Step 1:

    Document Gathering a FilingMan Income Tax Expert will compile all the necessary data and papers for the creation of your income tax return.

    Step 2:

    Return Preparation Using the information and documents gathered, we will compile your income tax return and submit it for your review and approval.

    Step 3:

    Return Filing: After you have reviewed the tax return and given your approval, our tax expert will file your tax return with the Income Tax Department.

    Income Tax Return Filing Send Enquiry

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      Income Tax Return Filing Advantages

      Allows in Obtaining Any Loan Facility

      Banks often ask for 2-3 years of income tax acknowledgment when a client applies for a personal loan, home loan, or student loan. Only if the person routinely submits their tax returns by the due date can this requirement be satisfied.

      Processing of Visas and Immigration

      The ITR acknowledgment is proof of a person's sound financial position. The ITR acknowledgment of the previous two to three years is frequently needed to support a VISA application.

      To Request a Refund

      A return must be filed in order to get a refund if an assessed paid more TDS (Tax Deducted at Source) than was necessary.

      Income Tax Return Filing FAQ'S
      What is FilingMan's Income Tax Return Filing service, and how does it work?
      FilingMan's Income Tax Return Filing service assists individuals and businesses in preparing and submitting their annual tax returns. Our expert team gathers your financial information, applies accurate calculations, and ensures timely submission to tax authorities, simplifying the process and ensuring compliance.
      Which types of Income Tax Returns does FilingMan assist with?
      FilingMan supports a wide range of Income Tax Returns, including ITR-1, ITR-2, ITR-3, and more. Our service caters to diverse financial scenarios, ensuring accurate and timely filing for various income sources and complexities.
      How does FilingMan ensure accuracy and compliance in Income Tax Return Filing?
      FilingMan's professionals possess a deep understanding of tax regulations. We meticulously review your financial data, validate calculations, and cross-check entries to ensure accurate reporting, minimizing the risk of errors and maximizing eligible deductions.
      Can FilingMan assist with Income Tax Return Filing for both individuals and businesses?
      Yes, FilingMan's Income Tax Return Filing service is designed to cater to both individual taxpayers and businesses, spanning various industries and scales. Whether you're a salaried individual, a self-employed professional, or a corporate entity, we ensure accurate and seamless filing.
      How can FilingMan's Income Tax Return Filing service benefit me beyond compliance?
      Beyond compliance, FilingMan's service offers a comprehensive understanding of your financial data. By ensuring accurate reporting, we help you optimize eligible deductions, minimize tax liabilities, and provide insights that contribute to informed financial planning and decision-making.