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Income Tax Return Filing Services in Mumbai

Income Tax Return Filing Services in Mumbai

This document covers

    Income Tax Return Filing Agents In Mumbai

    Any income earned through any source is liable to income tax for everyone expressly defined in the Income Tax Act,1961. Usually, any income is taxed on one of two grounds; either on a territorial basis or a residential basis. But at times some income could attract taxes on both the grounds, such taxation is called double taxation. To avoid such double taxation situation, various countries have entered into agreements called OECD. In India, income is taxed on the basis of residential status.

    Income-tax Act, 1961 provides for a variety of ITR forms like ITR1, ITR2, ITR3, ITR4, ITR5, ITR6, and ITR7 to its assesses. These forms are bifurcated on the basis of sources of income, and the assessed is advised to select one of the most appropriate forms from above mentioned ITR forms depending upon their source/nature of income and any other criteria as specified from time to time. As per Income-tax Act,1961 there are many types of assesses namely individuals, partnership firms, trust, business entities, AOP, BOI, companies be it foreign or domestic, etc.

    As the Income Tax Act, 1961 keeps getting amended and/or updated as and when the CBDT and/or the Ministry deem fit, such changes are incorporated as amendments and they form a part of the Finance Bill which-in-turn is a part of the Union Budget of India. This Union Budget is hosted in the month of February and October; and apart from amendments that form a part the Finance Bill, CDBT has powers to make amendments through a notification in the Official Gazette.

    Income tax return filing India

    Keeping your organization's systems abreast to such amendments could pose to be an overwhelming exercise, thus, at Taxcom we provide you with Income Tax return filing services in Mumbai. Our services cover end-to-end compliance procedures for ITR filing on your behalf; this way you don’t have to worry about missing out on anything important.

    Along with managing your return filing needs, we also give you return filing services in Mumbai, tax planning advice from time to time that best meets your financial goals. For example, what's the best course to raise funds in order to acquire an asset; or capital gains could be invested under income tax provisions to claim exemptions of such gains which would result in less or no capital gains; etc.

    Organizations are also required to comply the tax deduction at source provisions under the Income Tax Act, 1961 along with withholding provisions for any payments made to any non-resident. At Taxcom, we have a dedicated team of qualified professionals who advise you the best course of action to meet such requirements of Income tax return filing agents in Mumbai, tax deduction/withholding at sources wherever applicable.

    Benefits of outsourcing your Income-tax return filing services in Mumbai include sound financial advice with respect to investment benefits both for you as an individual assessed as well as for your organization be it Company/Firm/LLP/HUF/Trust, etc.

    At Taxcom our income tax return filing agents in Mumbai are also equipped to issue you 15CA/CB certificates for transactions made between you/your organization and any non-resident party. These certificates are mandatory in nature as they provide details of the amount payable and the taxes to be withheld with the rate at which such withholding is applicable. Banks are obligated to not clear such payments without proper certificates.

    Therefore, at Taxcom, you would not only get your ITR filed on time but also get expert tax planning and saving advice along with TDS return compliance and 15CA/CB certificates as and when needed.

    Following are the documents required to file an online return

    PAN card

    Bank statement

    Certificate of interest from banks or post office

    Proof of tax-saving investment

    Form 16 (For Employees)

    Salary slip

    TDS certificate

    Form 16A

    6 Great Benefits of Filing an e filing income tax india

    Taxpayers get a certificate for filing an income tax return. This is government proof, which shows the annual income of a person. Having registered proof of income helps to prove credit card, loan, or own credit

    ITR required for visa

    A visa is required before moving to another country. When applying for a visa, you are asked for an income tax return. Visa officers can request an ITR of 3 to 5 years. ITR checks the financial status of the person who is coming to or wants to come to our country. That is why it is necessary to fill ITR.

    Income tax refund India

    Many times the income of a salaried person does not come under the ambit of slab tax, however, TDS is deducted for some reason. In that case, if you want a refund, you need to file an ITR. An ITR has to be filed to claim a tax return. After filing the ITR, the Income Tax Department evaluates it. If your refund is given, the department processes it and credits it to your registered bank account.

    ITR is the most important proof of income

    Taxpayers get a certificate for filing an income tax return. This is government proof, which shows the annual income of a person. Having registered proof of income helps to prove credit card, loan, or own credit.

    Insurance protection

    Insurance companies look at ITR on the condition of providing more insurance cover or on term plans up to Rs 1 crore. Companies request ITR to check the source of income and the status of repayment.

    Get a loan easily

    Proof of your income is also considered when taking out a loan. In the case of home loans, in particular, ITR is required for three years as proof of income. This applies to all government and semi-government banks.

    ITR required to start a business

    It is very important to file an income tax return to start a business. If you want to get a contract from any department, ITR will work. ITR of the last 5 years is required to get the contract in any government department.

    Incometax India efile

    Everyone should file an income tax return filing in Mumbai. The income Tax office will approve this earning statement and returns any excessive charges to the bank. File your income tax returns online rapidly and precisely, more securely on the biggest income tax efiling portal in India. We have solutions for your all income tax efiling related queries. Taxcom is one of the specialists in providing IT return filing services to people, private limited and medium scale companies which are exceptionally powerful.

    Who needs to file an income tax return filing in Mumbai

    The person whose annual income is more than the basic exemption limit. Whatever you are earning income from any source like income from salary, income from space or property, income from the business it should be liable for income tax filing. Nowadays every single person, Pvt ltd companies, small scale & middle scale businessmen who is earning any income needs to assist with tax filing. Income tax return filing is the legal activity of the government of India, so it's compulsory for every taxpayer to pay income tax on his/her income. Taxcom will assist you how to file an income tax return filing in Mumbai on one of the largest platforms in India.

    Guide to Income-tax filing in Mumbai?

    Everyone needs to file their income tax return online. For tax filing, you need form 16, salary slip, Aadhar card, Bank statement, etc...You need to fill out the income tax return form online and submit it. once submitted it will be verified by the income tax department. If you are paying tax on a regular basis then you could be rewarded with a refund by Income Tax Department.

    Why Choose Taxcom for Income Tax filing in Mumbai ?

    Trust

    Since 2009 Taxcom working in Income Tax return Filing. So we are one of the most reliable income tax return filing in Mumbai.

    Less Cost

    We charge very less to our customers for e-filing.

    Fast Services

    We provide Easy, simple & fast e-filing services to our customers within the given time.

    24/7 Support

    We give 24/7 support to our clients with no hassle.

    No Mis-selling

    We do not sell the financial & confidential data of our clients to any third party.

    No Hidden Charges

    We do not hit any hidden charges to our customers.

    Data Security

    We strictly follow the given legal guidelines of the Government for data security. we do not share our customer's sensitive data with others.

    Expertise

    We have a dedicated and professional expert team to provide Income Tax Return Filing Services in Mumbai

    Types of ITR forms

    There are several forms on the Income Tax Department website that are used to file ITRs based on various income taxes and taxpayers. In the assessment year 2020-21, there are seven forms for ITR-1 to

    01. ITR-1 efling

    This form of ITR-1 is also called 'Sahaj'. The file can be easily filed by a person whose income comes from salary, pension, household property, interest, or whose total income is up to Rs 50 lakh.

    02. ITR-2 efiling

    For individuals or HUFs (Hindu Undivided Families) who have income but not from any business or otherwise business profit.

    03. ITR-3 efiling

    For an individual or HUF (Hindu Undivided Family) whose source of income is from any business or business profit.

    04. ITR-4 efiling

    This form is for those who have an estimated (not fixed) income from business or occupation.

    05. ITR-5 efiling

    This form is for all except individuals, HUFs (Hindu Undivided Families), and company payers.

    06. ITR-6 efiling

    This form is for all companies which do not claim an exemption under section 11 of the Income-tax Act.

    07. ITR-7 efiling

    This form is for all persons in business who are required to comply with Section 139 (4A), Section 139 (4B), Section 139 (4C), Section 139 (4D), Section 139 (4E). Is. ) Or file a tax return under 139 (4F)

    How to file ITR-1 online

    Filing your ITR-1 online is a quick and easy process. Here's how to do it:

    By following these simple steps, you can easily file your ITR-1 online.

    1. Visit the Income Tax Department's e-filing website.

    2. Click on the 'Login Here' button

    3. Input your user name, password, and birthdate

    4. Click on the 'Login' button

    5. Click on the 'Profile Settings' tab

    6. Click on the 'ITR Forms' tab

    7. Click on the 'Prepare and Submit ITR' button

    8. Select ITR 1 from the drop-down menu

    9. Enter your personal details

    10. Select the assessment year

    11. Enter your income details

    12. Enter your tax liability details

    13. Verify and submit your return

    How to file ITR-2 online

    Filing your income tax return (ITR) is now easier than ever, thanks to the growing popularity of e-filing. If you're a salaried individual with no other sources of income, then you'll need to file ITR-2.

    Here is a detailed explanation on how to accomplish it:

    1. The first thing you need to do is create an account on the Income Tax Department's e-filing portal.

    2. Once you've logged in, you'll need to select the correct ITR form - in this case, ITR-2.

    3. Once you've selected the form, you'll be taken to a page where you can fill in your personal details, such as your name, address, PAN number, etc.

    4. The next step is to enter your financial details, such as your income from salary, interest income, etc.

    5. After that, you'll need to provide details of any deductions or exemptions that you're eligible for.

    6. Once you've entered all the relevant information, you can then proceed to e-file your return.

    7. You should also keep in mind that you're required to submit certain documents along with your return - such as your Form 16 (if you're a salaried individual) or your bank statements (if you have interest income).

    8. You can either upload these documents online or send them by post to the Income Tax Department

    9. And that's it! You've now successfully e-filed your ITR-2 return for the year.

    How to file ITR-3 online

    Filing your ITR-3 online is a quick and easy process.

    1. All you need to do is log in to the e-filing portal

    2. Select ITR-3 from the list of available forms, and fill in the required information.

    3. Once you have completed and submitted the form, you will receive an acknowledgement number that can be used to track the status of your return.

    4. Additionally, you can use the e-filing portal to pay any taxes due or request a refund.

    5. Filing your ITR-3 online is the simplest and most convenient way to ensure that your tax return is filed correctly and on time.

    How to file ITR-4 online

    It is very important to file your income tax return (ITR) every year. This is because it helps the government assess  your financial situation and see if you are eligible for any tax benefits or refunds. If you are a salaried individual, you  will need to file ITR-4. Here is a detailed explanation on how to accomplish it:

    1. First, log in to the e-filing portal of the Income Tax Department using your user ID, password and date of birth/ pan number

    2. Once you have logged in, click on the 'e-file' tab and then select 'Income Tax Return.'

    3. After that, select the relevant assessment year and form type. For salaried individuals, Form ITR-4 is to be selected.

    4. The next step is to fill out the form. This can be done either manually or by importing data from an excel sheet.

    5. Once the form is complete, verify it and then submit it electronically by furnishing your digital signature.

    following these steps, you will be able to file ITR-4 easily and without any hassle

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    Our services under direct taxes for companies include:

    File an income tax return filing in Mumbai & get given below benefits of ITR Filing

    1. Be a good citizen
    2. Get an easy loan
    3. You can claim a tax deduction
    4. Improve your credibility with the financial bank with income tax return filing
    5. Get Indian visa hassle-free
    6.  Claim your tax refund on excess payments
    7. Keep away from penalizing

    Every assessee must file an income tax return every year declaring the income made and the taxes paid on that income.

    Under the guidance of professionals, you will receive quality services on the entire IT filing process, including Tax Return form submission, the advice of tax structuring, taxation and transaction advisory, and many more.

    Income tax return means tax which you would have to pay on the annual income of the financial year. according to the act of 1961, it's necessary to give information to gov of India about how much you earn from your business & salary. There is a difference between filing an income tax return & paying an income tax return. central govt. central government takes the tax on your annual income that is called income tax return

    All assessees are required to make quarterly advance tax payments on their income during the year. We look at the budgeted income of the year and consider the tax adjustments to minimise interest on tax cost to the assessee by making adequate advance tax payments. We also ensure that excessive funds are not blocked in advance payments when not required

    Non-deduction of TDS from specified payments makes the assessee ineligible for claiming the total amount of those expenses as a deduction to arrive at the taxable income. In other words portion of this expense is added back to the profits. There is also a penal interest implication on late deduction and late payments of TDS. We review your TDS liability, ensure payment is made timely, and TDS returns are filed before the due date.

    These certifications are required for payments against services taken from a non-resident. The certification is mainly for the tax rate, which should be made applicable on the transaction. There are certain incomes of a non-resident company where tax is applicable even if there is no business connection/permanent establishment in India. Banks cannot release payments unless the certifications are available. We advise on the taxability of the transaction, the withholding rate that needs to be applied and co-ordinate and liaison with the Bank for documents/explanations required regarding the transaction.

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