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Should you be filing your ITR already?

The following are the predetermined criteria for people eligible to file ITR:

  • Any individual earning more than ₹2.5 lakhs, ₹3 lakhs or ₹5 lakhs
  • Individuals who are salaried and have gross incomes that are greater than the exemption amount (as defined by sections 80C to 80U).
  • Every business, whether private limited, LLP, or partnership, is required to file IT returns regardless of profit or loss.
  • Directors of Private Limited Companies and partners in Limited Liability Partnerships.
  • People who receive dividend payments from stocks, bonds, mutual funds, fixed deposits, interest, and other sources.
  • People who receive income from voluntary contributions, charitable or religious trusts.
  • Individuals and businesses seeking tax refunds
  • NRIs, tech experts on onsite deputies, and anyone with assets or income abroad.

5 Reasons to opt for IT Returns

Here are the major reasons why people opt for this service:

01
Bank loans can be availed easily and in a hassle-free manner.
02
Most visa application centers and embassies require you to submit IT returns along with other documents as proof.
03
Proper filing of IT returns allows you to carry forward your losses to subsequent years.
04
It is always preferable to file income tax returns in order to avoid legal repercussions and hefty fines.
05
To avoid late fee and penalty for non filing of ITR

IT Returns made easy

Here’s everything you need to know:

For people or businesses that aren't being audited, the deadline to file income tax returns is July 31st.

Those organizations or businesses that are subject to audits are required to submit their IT returns by October 31st

Individuals and businesses should submit their late returns by March 31st.

  • With the Registrar of Companies
  • As per the prescribed format of LLP Form 11
  • Within 60 days from the close of the financial year, or the 30th of May of each year
  • Such that the requirements are met even in the absence of business activity, a closed LLP, or an absent business bank account
  • Investment proofs
  • Asset purchase/sale documents
  • TDS certificates provided by banks
  • Interest income statement
  • Receipts regarding donations mutual funds and other forms of investments

For employees

  • PAN card
  • Form 16 provided by your employer
  • Salary slip (each month)

For business owners:

  • Trading report
  • Business account details
  • Financial statements / Books of accounts
  • Bank statements

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I had zero knowledge of procedures or the legal parts of LLP. Consulting Bizpole was one of the best decisions I took. From incorporation to IT filing operation, they helped me out with everything. I am thoroughly satisfied with their service.

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