Income Tax Return in India
Our Services for Tax Return Filing Services in india
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Income Tax Return Services and tax Consultant , Filing of Income Tax Return (ITR) at My Financial Advisory
Every Indian citizen who has an income over the prescribed taxable limit is compulsorily required to discharge the tax liabilities and file income tax returns on time. Section 139(1) of the IT Act, 1961, makes it mandatory for prescribed individuals or organizations to file ITR. Correct and timely filing of income tax returns is the biggest contribution in building a nation.
Many individuals consider filing tax returns to be an unnecessary and voluntary act and thus completely overlook the advantages related to filing tax returns. Filing returns isn’t a cumbersome process at all; instead, it’s intuitive and beneficial. As a responsible citizen of the country, it’s your social and moral duty to file tax returns annually.
Income tax return filing service in India
As the financial year begins, the search for income tax return filing services has intensified in Delhi. If you are looking for help in filing Income Tax Return in India, you have come to the right place. Both direct and indirect taxes are checked by us. Individuals and registered entities have to pay income tax, and the details included in the slabs are mentioned in the income tax return filing services in Delhi. Online Income Tax Return filing in Delhi services have been introduced online with My Financial Advisory so that your tax submission is fast and accurat We offer support when it involves filing related services:-
Online Self Service – We draft the proposal appropriately and prepare the paperwork for e-filing.
CA Support – My Financial Advisory provides online support through competent CAs working under our banner who investigate critical concerns affecting professionals, firms, and corporations. As a result, you will have easy access to the largest number of services from the firm.
GST Schemes – you’ll also file your indirect taxes through us and file your GST and other taxes online.
Preparation of TDS – If you are associated with us, the accounting data required by a firm as well as a professional person will never be an issue.
Reasons for filing tax returns by individual taxpayers?
There are many reasons for taxpayers to file returns. A number of the important benefits that individual taxpayers enjoy in filing IT returns are:
Approving Loans and Credit Cards
For availing of various loans like housing loans, vehicle loans, business, consumer loans, and MasterCard approval, a copy of ITR is a mandatory part without which you’ll face hurdles in getting such loans approved smoothly.
Quick Visa Approvals
For visa approval, submission of proof of tax return alongside other required documents verification by the immigration department is mandatorily required.
To claim an income tax refund and business loss
Any income tax-related refund and loss in business can be claimed from the IT department only when a taxpayer duly files the return. It is equally necessary to carry forward the loss of the previous year.
Avoiding Punishment and Prosecution
The Income Tax Act has penal provisions in the form of fines, penalties, and prosecution if a taxpayer fails to file the return of income as required to file it as per law. It is advisable to file these returns either yourself or by hiring someone like an income tax consultant who can do it for you. If you are looking for Tax Consultant Delhi for Income Tax filing in Delhi, you can contact us as we are one of the best Tax Firms in Delhi, and we aim to provide our clients with the most satisfactory services. To serve with.
ITR filing of HUF
Hindu Undivided Family (HUF) is treated as a different substance for appraisal under the expense Act. HUF doesn’t emerge from an agreement. HUF itself might be a formation of law. After marriage, HUF comes into existence as soon as the child is born. HUF consists of fathers, sons, and daughters. Wife isn’t a part of HUF. Sons and daughters and father, i.e. Karta are co-partners within the joint family and have the proper order to partition. The Karta can give his share within the co-partnership to his wife.
If the courts divide the HUF, the courts will always make an equal distribution. However, the family can affect the division mutually without getting to the courts, and it is often unequal as per their agreement.
The provisions for computing the income of HUF are the same as for a standard person. My Financial Advisor can assist you in creating HUF also as filing Tax Returns.
ITR Filing of Partnership Firms
More than one person forms a partnership firm to try to do business under one entity. There are two sorts of firms (other than LLP)-
– Registered Partnership Firm
– Unregistered partnership firm
A registered firm may be a firm that has been registered with the Registrar of Firms and obtained a certificate of registration. Any partnership firm which doesn’t have a registration certificate from the Registrar of Firms is unregistered. Under the Tax Act, 1961, a partnership firm and LLP are susceptible to pay tax at the speed of a 12% surcharge in a 30% flat rate after a 4% health and education cess if the taxable income exceeds 1 crore.
Unlike a sole proprietorship, a partnership firm may be a separate legal entity from its partners. A partnership firm is additionally required to pay tax, regardless of whether the firm is registered or not. Like LLP and personal limited companies, a partnership firm is additionally required to pay alternative minimum tax as per the applicable rates. For filing an income tax return for a partnership firm, Form ITR-5 has got to be submitted. Form ITR-5 is employed just for filing the income tax returns of the partnership firm. A separate form is out there for individual tax filing of partners of the firm. Like all other tax return filings, ITR-5 are often submitted online through the web portal of the tax Department.
Our team of professional experts assists you in filing tax returns and guides you on all compliances applicable to a partnership firm. We are one of the simplest Tax Consultants serving partnership firms in filing their Income Returns.
ITR Filing of NGO/Trust/Society
Trusts have a singular legal system. Within the case of an assessee who is engaged in business, generally, all expenditure incurred is allowable as a deduction because it relates to earning income. This is frequently not the situation with trusts. Within the case of a trust, there’s no relation between income (i.e., receipts within the sort of donations, grants, etc.) and expenditure (application of funds). As a result, the trust’s gross sale is susceptible to tax no matter the quantity spent for its charitable cause. To become eligible to avail of the deduction for the quantity applied for a charitable purpose, the trust has to obtain registration under section 12A of the tax Act, 1961.
Registration may be just one occasion. After registration, the trust can claim the exemption provided under the tax. Trusts and NGOs registered under section 12A can exercise exemption from paying tax on their receipts. The quantity collected is going to be exempt from taxes because the fund used for charitable or religious purposes is taken into account in an application of income. “Application of income” refers to expenditure for charitable or religious purposes when computing income for taxation.
A person registered under this section gets the advantage of setting aside 15% of the receipts that there’s no restriction on its application under the Act. Such an accumulated amount is allowed as an application of income under section 11(2) and doesn’t form a part of the entire income of a trust. Also, once the registration is granted, it lasts till it’s canceled by the Commissioner of tax (Exemptions) for any valid reasons. There’s no requirement for renewal of registration. Charitable trusts, religious trusts, societies, and section 8 companies claiming exemption under sections 11 and 12 of the tax Act need to obtain 12A registration.
Income Tax Return Forms to File in India
ITR-1 Return Filing: Individuals having income from salary, house property and other sources.
- ITR 2 Return Filing: Individuals and HUFs without income from business or profession & individual eligible for filing of itr 1
- ITR 3 Return Filing: For individuals/HUFs who are partners in firms but do not carry on any business or profession as a sole proprietorship
- ITR 4 Return Filing: For individuals and HUFs having income from a proprietary business or profession
- ITR 5 Return Filing: For Firms, AOP and BOI
- ITR 6 Return Filing: For companies other than companies claiming section 11 exemption (4D)
- ITR 7 Return Filing: For individuals and businesses who are required to file returns under sections 139(4A), 139(4B), 139(4C), or 139(4D)(4D).
ITR Filing Services in My Financial Advisory
We can assist you with income tax return filing services in India as well as help you with ways on how you can save on your taxes and grow your savings.
So what are you waiting for? Let’s get to know each other. Contact us as we look forward to helping you.
We are one of the Best Advisor Firms in Delhi. If you’d like all assistance on filing tax returns, you’ll contact My Financial Advisory.