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Income Tax
Income Tax is a tax imposed by governments on individuals or entities based on their income or profits. It’s a direct tax, meaning the burden falls directly on the taxpayer.
Income Tax E-Filing
An Income Tax Return (ITR) is a form that taxpayers use to report their income details and tax payments to the income tax department. There are seven different ITR forms available for ITR e filing: ITR 1 through ITR 7. The appropriate form for a taxpayer depends on various factors, including their sources of income, the total amount earned, and the type of taxpayer they are (such as individuals, Hindu Undivided Families (HUFs), companies, etc.). Each taxpayer must accurately complete and submit their income tax filing by a specified deadline to comply with tax laws.
Business Tax Filing
An Income Tax Return (ITR) is a form that taxpayers use to report their income details and tax payments to the income tax department. There are seven different ITR forms available for ITR e filing: ITR 1 through ITR 7. The appropriate form for a taxpayer depends on various factors, including their sources of income, the total amount earned, and the type of taxpayer they are (such as individuals, Hindu Undivided Families (HUFs), companies, etc.). Each taxpayer must accurately complete and submit their income tax filing by a specified deadline to comply with tax laws.
15CA - 15CB Filing
Suppose you are an Indian resident making payments to a foreign entity or receiving payments from a foreign entity. In that case, it is mandatory to comply with the legal provisions of the Income Tax Act 1961. According to the Act, you must file Form 15CA and Form 15CB with the tax authorities before remitting funds to a foreign entity. Filing these 15 CA and CB Forms can be complex, requiring extensive knowledge of tax laws and regulations. IndiaFilings can assist you in navigating the process of filing form 15CA and form 15CB with ease; our team of experts ensures that your compliance requirements are met without any hassle.
TAN Registration
In India, it is mandatory for businesses to have a Tax Deduction Account Number (TAN). This number is issued by the Income Tax Department and is used as a unique identifier for individuals or entities responsible for deducting or collecting Tax at source. It is compulsory to mention the TAN in all TDS returns and on other documents related to income tax procedures. Non-compliance may lead to penalties. Understanding what TAN registration number is, its purposes, and usage to maintain compliance with Income tax department.
TDS Return Filing
TDS stands for Tax Deducted at Source, a method where income tax is automatically deducted from an individual’s payments during certain transactions, such as salary, rent, interest, professional fees, and commissions. Typically, the recipient is obligated to pay the income tax. However, the TDS mechanism allows the tax to be collected upfront from the payments made, ensuring timely tax collection by the government.
Documents Needed
- TDS Acknowledgement
- PAN Card
- Bank Statement
Income Tax Notice Response
An income tax department notice is a formal communication issued by the Income Tax Department to a taxpayer. It can relate to various aspects of income tax filing and compliance, such as requests for additional information, clarification of discrepancies in a tax return, audits, tax payment demands, or refund notifications. The income tax department notice specifies the details of what the department requires from the taxpayer, ranging from submitting specific documents to explaining income or deductions claimed.
Documents Needed
- TDS CertificateTDS certificates, Form 16 (Part A).
- Salary Slips
- Income Tax notice
- Investment Details
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