Taxcontroll

Income Tax

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Income Tax Return Filling

A business tax return refers to an income tax return for businesses. A business income tax return is a comprehensive report that outlines a business’s income, expenses, and pertinent tax details, all presented in a designated form. It entails the submission of income tax returns for businesses, with the added requirement of reporting Tax Deducted at Source (TDS). This process must be carried out annually. This return serves as a financial statement detailing earnings. It outlays and is a documentation of additional financial components like fixed assets, loans obtained, loans extended, debtors, and creditors within the business.

Document Required

  • PAN CARD
  • AADHAR CARD
  • BANK STATEMENT
  • FOMR 16 (SALARY & TDS)
  • CAPITAL GAIN ASSETS

Corporate Return Filling

Setting up a business and understanding the complexities of filing returns is essential to running a business. A business tax return is an income tax return filing applicable to companies. It serves as a comprehensive record of the business’s earnings and expenses. Both Indian citizens and companies are required to file income tax returns if their Gross Total Income (GTI) exceeds Rs. 3 lakhs (amounts below three lakhs are exempted). These ITR for business income must be submitted annually within the specified deadline.
  • Refund Claims
  • Carry-forward of Losses
  • Loan Applications
  • Compliance with Law
  • Transparency
  • Audit Preparedness
  • Evidence for Transactions
  • Business Growth
  • Availing Tax Benefits

TDS Return Filling

Tax Deduction at Source refers to deducting tax from income at the point of payment. Entities and individuals who engage in tax deductions at the source are legally required to file TDS returns quarterly, detailing the specifics of these deductions. While navigating the intricacies of TDS returns can be challenging, We provides expert assistance to streamline the process. Our team guides you through each step, ensuring your TDS return filing is accurate, compliant, and timely, helping you easily navigate the intricacies of tax regulations.

Who is Required to File a TDS Return?

  • Salary Payment
  • Income on securities
  • Income by winning the lotteries, puzzles, and others
  • Income from winning horseraces
  • Insurance commissions
  • Payment concerning the National saving scheme and many others

Tax Planning

Tax planning is a crucial aspect of financial management for both individuals and businesses. It involves analyzing your financial situation from a tax perspective to ensure maximum tax efficiency. Here are some key strategies and considerations for effective tax planning. Thorough review of the client’s financial situation to identify potential tax-saving opportunities. Analysis of income, expenses, investments, and other financial activities to develop a personalized tax strategy. Identification and maximization of eligible deductions and credits under various sections of the Income Tax Act, such as 80C, 80D, 80G, etc. Assistance in claiming tax benefits on home loans, education loans, and medical expenses.

Consultancy for Income Tax notices, Scrutiny

At N.R. Mantri Taxcontroll Planner (OPC) Private Limited, we specialize in providing expert consultancy for income tax notices and scrutiny. Our dedicated team ensures that your tax issues are handled with precision and professionalism. We offer personalized solutions tailored to your specific needs, ensuring compliance and minimizing liabilities. Our comprehensive approach includes thorough documentation review, representation before tax authorities, and strategic planning to mitigate future risks. Trust us to navigate the complexities of tax regulations and provide you with peace of mind. With N.R. Mantri, you’re in expert hands. Contact us today for reliable and efficient tax consultancy services.

Return Type Applicability
ITR-1 ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by salary or pension and have only one house property.
ITR-2 ITR-2 forms must be filed by NRIs, directors of companies, shareholders of private companies or those having capital gains income, income from foreign sources, two or more house properties, and income of more than Rs.50 lakhs.
ITR-3 The ITR-3 form must be filed by professionals or proprietorship business owners in India.
ITR-4 ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs.50 lakhs of professional income.
ITR-5 ITR-5 form must be filed by partnership firms, LLPs, associations and bodies of individuals to report their income and computation of tax.
ITR-6 ITR-6 form must be filed by companies registered in India.
ITR-7 ITR-7 form must be filed by entities claiming exemption as charitable/religious trust, political parties, scientific research institutions and colleges or universities.