Income Tax Return Filing

Income Tax Return is the form that contains information of income and tax paid of an assessee during a financial year. Income Tax Return filing is done by submitting the income tax form to the income tax department. Different ITR forms are to be submitted for different categories depending on the source of your income to the tax department. The various Income tax forms include ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

Failure to file an income tax return can lead to penalties. Biz pole offers best service for Income Tax compliances with government authorities and advisory services for Individual both Salaried and Businessman, HNI, Firm, Corporate and all other organizations.

Who should file income tax return?

It is mandatory to file a tax return, if the income is above the basic limit, even if the payable amount is zero or refundable. Each category given below has its own taxable slab.

  • All partnership firms regardless of income.
  • Individuals, Hindu undivided families, Association of Persons/ Body of Individuals and artificial juridical persons.
  • A university, college or other institution referred to u/s 35(1)(ii)/(iii).
  • Societies and Trusts - Income gained from property held for charitable, religious purposes or receiving voluntary contribution.
  • Non-resident Indians. Those covered by u/s 115AC and 115G are exempt.
  • Persons who have not filed their return and have received a notice for assessment under Section 142(1) or reassessment u/s 148.
  • Co-operative society, company, and local authority, notwithstanding of income
  • A scientific research institution, news agency, association or institution, fund or trust or university or other educational institution or any hospital or other medical institution or trade union.
  • Units/undertakings claiming deduction u/s 10A 2[or 10B], SO-lA, 80-IAB, 80-IB or 80-IC
  • Any person who has paid TDS or advance tax in excess of tax payable on total income, or who has paid tax but does not have taxable income.
  • Any person who has suffered a loss from a business or profession or speculative business or capital.

Documents required for Income Tax Filing

  • Relevant Bank statements
  • Required Documents on purchase and sale of investments/assets
  • Proof of investments
  • Challan of tax paid such as advance tax or self-assessment tax
  • T.D.S. Certificates in Form 16 or 16A whichever is applicable
  • If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
  • In case not applied for PAN, a PAN application form duly filled in and two passport size photographs
  • For businesses - copies of audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
  • If no regular books are maintained, statement of receipts and payments are required
  • Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. in support for claimed deductions.
  • Annual filings for Private Limited Company Every company registered in India must abide by the provisions of the Companies Act, 2013. All such companies are required to file certain documents with the government authorities annually.
  • Annual filings for Private Limited Company Every company registered in India must abide by the provisions of the Companies Act, 2013. All such companies are required to file certain documents with the government authorities annually.
  • Increase in authorized Capital Alteration of capital of a company can be done by increasing authorized and paid capital of a company. An increase in capital is required for issuing new shares. It is mandatory to comply with the appropriate provision of Companies Act while making an increase to your company’s authorised capital
  • Increase in authorized Capital Alteration of capital of a company can be done by increasing authorized and paid capital of a company. An increase in capital is required for issuing new shares. It is mandatory to comply with the appropriate provision of Companies Act while making an increase to your company’s authorised capital
  • Add a Director The Articles of Association of an organization must include clauses for the addition of Directors. To add a director, the living person appointed must be eligible as per the Articles of Association and give his consent in writing
  • Add a Director The Articles of Association of an organization must include clauses for the addition of Directors. To add a director, the living person appointed must be eligible as per the Articles of Association and give his consent in writing
  • Add a designated partner In case of a Limited Liability Partnership (LLP), at least two individuals who are partners shall act as designated partners. Partners in an LLP are responsible for carrying out the business of the LLP. Designated partners should have a Designated Partner Identification Number and their names must feature in the LLP agreement.
  • Add a designated partner In case of a Limited Liability Partnership (LLP), at least two individuals who are partners shall act as designated partners. Partners in an LLP are responsible for carrying out the business of the LLP. Designated partners should have a Designated Partner Identification Number and their names must feature in the LLP agreement.
  • Change Company Name The name of a company or LLP can be changed only with the approval of the Board of Directors and Shareholders. Once the decision to change the company name has been finalised the same has to be approved by the Registrar of Companies for which all compliances stipulated by the ROC has to be fulfilled.
  • Change Company Name The name of a company or LLP can be changed only with the approval of the Board of Directors and Shareholders. Once the decision to change the company name has been finalised the same has to be approved by the Registrar of Companies for which all compliances stipulated by the ROC has to be fulfilled.

Related Services

We provide all kind of business, finance & consulting services.

Salary Income Only

Salary Income Only

ITR -1 Form is the most widely used form for individuals having income up to Rs 50 lakh. An individual having income above Rs 50 lakh cannot use this form.

Read More

Salary & HP

Salary & HP

The form ITR-2 can be filed by individuals having income from more than one house property, capital gains, holding directorship in any company, or unlisted equity shares.

Read More

Capital Gains

Capital Gains

Capital gain is any profit or gain that comes from the sale of a “capital asset”, ie any kind of property held by an assessee, excluding goods held in the form of stock-in-trade, etc.

Read More

NRI Taxation

NRI Taxation

The residential status of an individual taxpayer plays a crucial role when it comes to filing of Income Tax Return. A non-resident Indian citizen who has any income that is accrued

Read More

Traders

Traders

Trading has become a popular way of investment among taxpayers in the country. Commodities Transaction Tax is applicable for people dealing in trading of commodities.

Read More

Professionals

Professionals

Any income generated from a profession which involves skilled work whether manual or intellectual is considered taxable income. This income comes under “Profits and Gains of Business and Profession”.

Read More

Business

Business

It is mandatory for all businesses operating in India to file an income tax return with the Income Tax Department each year. Bizpole can help file income tax return for your business

Read More

For Share Traders

For Share Traders

Share Trading has become a popular activity amongst the taxpayers, due to the ease of trading via online trading platforms. However, these trading activities also has income tax implications.

Read More

Professionals with Revenue Above 50 Lakhs

Professionals with Revenue Above 50 Lakhs

The benefit of presumptive which was earlier available to specified business has now been extended to professionals. Professionals whose total tax receipts do not exceed Rs. 50 Lakhs in a financial year can claim benefits

Read More

Business with Turnover Above 1 Crore

Business with Turnover Above 1 Crore

Tax Audit is applicable to certain classes which are mentioned under Section 44AB of the IT Act. Thus, as per the regulations of Section 44AB of the Income Tax Act, 1961,

Read More

WE HANDLE IT ALL.

Need more clarity?

TALK TO OUR EXPERTS
CONTACT Logo

Get in Touch