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Tailored Income Tax Services Just For You
At Business Mitra, we recognize the uniqueness of every business. Our skilled team offers tailored solutions to address your specific income tax challenges. Whether you’re self-employed, part of a small enterprise, or a major corporation, we’ve got your needs covered. Discover our services:
Tax Planning & Advisory
Strategize your tax approach and optimize deductions to boost financial performance.
Income Tax Filing
Leave the tax filing complexities to us. We ensure accurate and timely returns submission.
Audit & Compliance
Ensure compliance with current regulations through our thorough audit services, keeping you worry-free.
Wealth Management
Enhance your financial portfolio with our strategic wealth management solutions.
What are the types of Income Tax Return ?
ITR - 1
- Eligibility: Individuals with total income up to ₹50 lakh, who are residents and not earning from business or profession.
- Information: This form is suitable for taxpayers reporting income from salary, one house property, and other sources like interest or dividends. It simplifies the filing process for those with basic income streams and does not include capital gains or income from more than one house property.
- Due Date: Usally July 31 of the assessment year.
ITR - 2
- Eligibility: Individuals and HUFs whose total income exceeds ₹50 lakh, and those who have income from capital gains or more than one house property.
- Information: This form allows taxpayers to report income from salaries, multiple house properties, capital gains, and other sources. It is designed for those who need to provide a more detailed account of their financial situation than ITR-1.
- Due Date: Usally July 31 of the assessment year.
ITR - 3
- Eligibility: Individuals and HUFs earning income from business or profession, along with other sources of income.
- Information: This form is intended for those with income from business activities, along with salary, house property, and capital gains. It includes provisions for reporting income and expenses related to the business, making it suitable for self-employed professionals.
- Due Date: UsallyJuly 31 of the assessment year in non audit case.
ITR - 4 (Sugam)
- Eligibility: Individuals, HUFs, and firms with presumptive income up to ₹2 crore, opting for the presumptive taxation scheme.
- Information: This simplified form is for those reporting business income under sections 44ADA or 44AE. It streamlines the filing process for small businesses and professionals with straightforward income streams, allowing for easier reporting without detailed accounting.
- Due Date: Usally July 31 of the assessment year.
ITR - 5
- Eligibility: Partnerships, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), and bodies of individuals.
- Information: This form accommodates various entities, allowing them to report all types of income, including business income. It is more comprehensive and requires detailed financial disclosures, catering specifically to non-individual taxpayers.
- Due Date: Usally July 31 of the assessment year.
ITR - 6
- Eligibility: Companies not claiming exemption under section 11 (charitable or religious organizations).
- Information: This form requires companies to report their entire income, including profits and gains from business activities, and it includes provisions for deductions and tax computation. It is designed for corporate entities that need to adhere to complex tax regulations.
- Due Date: Usally September 30 of the assessment year.
ITR- 7
- Eligibility: Trusts, political parties, and entities claiming various exemptions under sections such as 11, 12, and 13.
- Information: This form is used by organizations that have specific income sources, allowing for detailed reporting of income and expenditures related to charitable activities, political contributions, and other exempt incomes.
- Due Date: Usally September 30 of the assessment year.
ITR -V
What: ITR-V is the acknowledgment receipt generated after e-filing your Income Tax Return (ITR) in India. It serves as a confirmation that your return has been successfully submitted to the Income Tax Department.
Purpose: The primary purpose of ITR-V is to verify t
Contents: ITR-V contains essential details such as the taxpayer’s name, Permanent Account Number (PAN), acknowledgment number, assessment year, and the date of filing.
Submission: If you e-filed your return without a digital signature, you must print and sign the ITR-V and send it to:
- Centralized Processing Center (CPC),
- Income Tax Department,
- Bangalore – 560 500.
You need to send it within 120 days of filing your return.
Due Date: There is no specific due date for submitting ITR-V; it must be sent within the 120-day window after e-filing the return.
FAQ
What is income tax ?
Income tax is a tax imposed by the government on the income earned by individuals, businesses, and other entities. It is typically calculated based on a percentage of the total income earned during a financial year.
What is the due date for filing income tax returns?
The due date for filing income tax returns for individuals and HUFs is generally July 31 of the assessment year. For companies and certain entities, the due date is September 30.
Who is required to pay income tax?
Individuals, Hindu Undivided Families (HUFs), companies, and other entities whose income exceeds the prescribed threshold limits are required to file income tax returns and pay tax.
How can I check the status of my income tax return ?
You can check the status of your income tax return on the Income Tax Department’s official website by entering your PAN and the relevant assessment year.
What should I do if I make a mistake in my income tax return ?
If you discover an error in your filed return, you can file a revised return before the due date for the assessment year. Make sure to correct the mistake and provide accurate information.
What is a tax audit ?
A tax audit is an examination of an individual’s or entity’s financial records by the tax authorities to ensure that the income tax returns filed are accurate and comply with tax laws. Certain taxpayers are mandated to undergo tax audits based on income thresholds.
Client Journeys
Inspiring Transformations: Our Client Experiences
At Business Mitra, we celebrate the success stories that highlight our clients’ journeys. Their achievements reflect our commitment to providing effective income tax solutions. Discover how we have empowered businesses to overcome financial hurdles and prosper in challenging times.
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After overcoming complex tax challenges, Client A unlocked potential savings and newfound clarity with our expert assistance.
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With our tailored strategies, Client B maximized their deductions, discovering savings they were previously unaware of.