Income Tax Return Filing Agents in Kolathur
Looking for reliable income tax filing services in Kolathur? Our experienced Stax Solutions professionals provide comprehensive and accurate tax filing solutions tailored to your needs. Save time, avoid penalties, and maximize your returns with our expert assistance. Contact us today for a hassle-free tax filing experience in Kolathur.
We will discuss about what is Income Tax and how you can file your Income Tax Return. There are few types of Income Tax forms which means different form is for different person or Businessmen or women so before filing Income Tax Return you need to understand the Income Tax Form applicability and then go to file your ITR Filing process. Income Tax is the Tax which Government charge on your certain income and to disclose about your income to the Government is Income Tax filing which is also called ITR Filing.
How to Find ITR Filing Agents in Kolathur
If you are looking for Income Tax Return filing Consultant in Kolathur, contact us and our expert will help you to make you understand about your Income Tax and filing process. We at S Tax Solutions Firm provide all income Tax filing services for its clients.
Eligibilities for Income Tax Return Filling in Kolathur
Please go through the table which will help you to understand the Income Tax Form applicability on you. There are 9 types of form of Income Tax which are filed by Tax payers as per their applicability. We are discussing few of them below which are commonly filled.
- ITR1 is always filed by Individuals who are in Job
- ITR2 is for Individual and HUF
- ITR3 is for Individual (Director too) and HUF
- ITR4 is for Individual, Firm and HUF
- ITR5 is for AOP, BOI, LA, Firm, Trust, AJP, Government
- ITR6 is for Company
- ITR7 is for Trust
These are the types of ITR forms, kindly go through them and identify which form is suitable to you and which form should be filled by you to comply the regulations. If you feel any difficulty in filing the Income Tax Return (ITR) or not able to identify which form is suitable for you or not much aware about the process, contact us and get expert advice to file you Income Tax Return.
Documents Required for Income Tax Return Filing
- If you are individual and doing job then you need to arrange Form 16 (If Any) from your Employer
- Bank Statement
- PAN
- Aadhar
- Deduction Proofs
- Investment Proofs
Who cannot file ITR 1
- Total income exceeding Rs 50 lakh
- Agricultural income exceeding Rs 5000
- If you have taxable capital gains
- If you have income from business or profession
- If you are a Director in any company
- Having income from more than one house property
- Having foreign assets or foreign income
- If you have had investments in unlisted equity shares at any time during the financial year
- Owning assets outside India) if you are a resident, including signing authority in any account located outside India
- If you are a resident not ordinarily resident (RNOR) and non-resident
If you are assessable in respect of income of another person in respect of which tax is deducted in the hands of the other person
Income Tax Filings in Kolathur”?
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I) Proprietorship Tax Return Filing
Proprietorship firms are required to file Income Tax Return Filing in Kolathur like LLPs and Companies registered in India. Since proprietorship firms are considered to be one and same as the proprietor, the Income Tax Return Filing in Kolathur of the proprietorship firm is the same that of the proprietor.
*Tax Audit for Proprietorship Firm
An audit would be required for a proprietorship firm if the total sales turnover is over Rs.1 crore during the financial year. In the case of a professional, audit would be required if total gross receipts is more than Rs.50 lakhs during the financial year under assessment. Also, an audit would be required for any proprietorship firm under presumptive taxation scheme irrespective of turnover if the income claimed is lower than the deemed profits and gains under the scheme.
II) Partnership Firm Tax Return Filing
*Partnership firms are required to file Income Tax Return Filing in Kolathur – form ITR 5. Like all other income tax forms, ITR 5 is an attachment less form and there is no requirement for submitting any documents or statements along with a partnership firm tax return. However, the taxpayer must save all records pertaining to the business and produce the same before tax authorities when requested.
Audit Requirement for Partnership Firms
Partnership firms that conform to any of the conditions below would be required to get the accounts audited:
1. Carrying on business and total sales exceed Rs.1 crore in the previous year.
2. Carrying on a profession and gross receipts in profession exceed Rs.50 lakhs in any previous year.
In addition, there are other conditions applicable which could make an audit mandatory for a partnership firm.
If a partnership firm entered into international transactions or specified domestic transactions a report must be furnished in Form No. 3CEB under section 92E. For partnership firms required to furnish Form 3CEB, the deadline for filing tax return is 30th November.
III) Private Limited Company Annual Filing & Compliances
* All companies registered in India like private limited company, one person company, limited company, and section 8 company must file MCA annual return and income tax return each year. Before filing annual return, the company must conduct an Annual General Meeting at the end of each financial year. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meetings should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company’s annual return would be due on or before September 30th.
* In addition to MCA annual return, companies must also file income tax return irrespective of income, profit or loss. Hence, even dormant companies with no transactions are required to file income tax return each year. Private limited companies, limited companies and one person companies would be required to file Form ITR -6. The due date for filing income tax return for a company is on or before the 30th of September.
IV) LLP Annual Filing,
LLPs must file income tax return using Form ITR 5. Form ITR 5 can be filed online through the income tax website using the digital signature of the designated partner. The deadline for LLP tax filing in India is July 31st if tax audit is not required. LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practising Chartered Accountant. The deadline for tax filing for LLP required to obtain audit is September 30th.
Areas We Serve :
Anna Nagar, Aminjikarai, Ambattur, Kodambakkam, Kolathur, Nungambakkam, Perambur, T.Nagar, Vadapalani, Egmore.
Related Services :
Tax Auditors ,Private Limited, MSME registration, EPF registration, GST registration, Income Tax Filing ,ISO Company Registration
Income Tax Return Consultants in Kolathur
If you are looking for Income Tax Return Filing (ITR) Agent, Consultant CA, you can reach us and we will help you to file your Income Tax return and will guide you how you can same money. Our Income Tax Expert team will help you to calculate your TAX properly. We at S Tax Solutions firm always provide experts Advice for your Income Tax Return (ITR).
