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We file ITRs of individual, Companies, Partnership firms, Trust etc.
Advantages of filing ITRs
All major banks in India ask for a copy of income tax return before approving the loan, hence it is important to file income tax return as one cannot foresee the requirement of loan.
In case if excess TDS is deducted by the employer or the person making the payment refund can be claimed for this excess tax paid only if income tax return is filed.
Carry forward of losses
As per the provisions of Income Tax Act 1961 to carry forward any type of losses (except house property losses) it is mandatory to file income tax return, hence if the return is nit filed the losses cannot be carried forward for that particular financial year.
The filed income tax return serve as a legal document and can be produced in front of any authority like income tax department, visa authorities, financial institutions etc.
Documents Required for Income Tax Return Filing
Income Tax Return Filing: A Step-By-Step Guide
Submit the documents as requested
We compute your tax liability/refund
We fill up your income tax return
We file/submit your return and get it verified
We email you the the proof of your filing
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Frequently Asked Questions
It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.
Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year.The year in which income is earned is called as previous year and the year in which the income is charged to tax is called as assessment year.e.g., Income earned during the period of 1st April, 2017 to 31st March, 2018 is treated as income of the previous year 2017-18. Income of the previous year 2017-18 will be charged to tax in the next year, i.e., in the assessment year 2018-19.
Experts at caonweb will do this work once you submit the requested documents with them.
At caonweb, team of chartered accountants directly advise clients on such requirement. All you have to do is go to ask free question section and write, Professional will answer your query.
Advance tax follows the concept of pay as you earn. Payments have to be made in installments as per the due dates provided by the income tax. If your total tax liability is Rs.10000 or more in a financial year, you have to pay advance tax It applies to all categories of taxpayers except for senior citizens who are 60 years or older and do not run any business.
Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:
- a) In case of all the assessees (other than the eligible assessees as referred to in section 44AD and 44ADA) :
- i) Up to 15 per cent – On or before 15th June
- ii) Up to 45 per cent – On or before 15th September
- iii) Up to 75 per cent – On or before 15th December
- iv) Up to 100 per cent –On or before 15th March
- b) In case of eligible assessee as referred to in section 44AD and 44ADA:
Up to 100 per cent – On or before 15th March
Note: Any advance tax paid on or before 31st day of March shall also be treated as paid during the same financial year. The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.
If you are earning, You must pay taxes as applicable. You need to get registered with Income tax for which you need pan card and also aadhar card. While filing up the return-details of your income and bank account details is required.
Yes you can if it is a simple one, For example you have only one source of income that is salary, in this case it is a simple procedure as there are no technicalities involved. However in cases such as income from capital gains, income from business, You may not have an idea about carry forward of losses, allowability or disallowabilty of expenses, exemption clauses. So in that case it is best to get your ITR filing done from a professional.