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Income Tax Returns

ITR-1

To make tax compliance easier, the Income Tax Department has divided taxpayers into groups according to their sources of income and level of income. In India, individuals with incomes up to Rs. 50 lakh are required to file ITR 1 Returns.

ITR-2

NRIs, company directors, private company shareholders, as well as those with overseas income, capital gains, two or more residential properties, or income of more than Rs. 50 lakhs, are required to file ITR-2 forms.

ITR-3

Individuals and HUFs who make money through running a business or from practising a profession must complete Form ITR-3.

ITR-4

In accordance with Sections 44D, 44DA, and 44AE of the Income Tax Act of 1961, taxpayers who have chosen the Presumptive Taxation Plan must complete Form ITR 4. However, this is contingent on the business turnover cap; if the turnover exceeds Rs. 2 crore, the taxpayer must file ITR 3 Form.

ITR-5

The taxpayers are required to file income tax forms. Associations of people, limited liability companies, bodies of people, estates of the deceased, artificial judicial persons, business trusts, estates of the insolvent, business trusts, and investment funds must file ITR 5 Forms.

ITR-6

Under Section 11 of the Income Tax Act of 1961, they must submit an ITR 6 Form in order to electronically file their income tax returns. Businesses that receive income from real estate held for charity or religious purposes are eligible to seek an exemption under Section 11 of the Income-tax Regulations.

ITR-7

ITR taxpayers have several options for completing the ITR 7 Forms, including barcoded forms, paperback forms, digital signatures, and the filing of return verification via ITR Form V.

TDS Return Filing

Employers or organisations that have obtained a valid tax collection and deduction number file TDS returns (TAN). Any individual who is making the payments listed below must withhold taxes at the sources and deposit them within the allotted time frames.

Form-16

Form 16 provides a thorough breakdown of the salaries given to the employees and the TDS that was withheld. TDS All the information required to complete and submit an income tax return is contained on Form 16.

 
     
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