Income Tax Registration

Overview

Filing Income Tax Return (ITR) in India - An Overview

Government of India collects tax on income earned in this country based on certain criteria that is termed as Income Tax. This kind of tax comes under Direct Tax category with its rules and regulations described in Income Tax Act, 1961. Anyone who is liable to pay income tax should file Income Tax Return (IT Return) providing necessary income related details, such as, income, investment, deductions, contributions, etc. to submit in India’s Income Tax Department. As per Government Guidelines, earning people in India belonging to the given classifications, are considered to be taxpayers:

• Individual
• Hindu Undivided Family (HUF)
• Body of Individuals (BOI)
• Association of Persons (AOP)
• Local Authorities
• Corporate Firms
• Companies
• All Artificial Juridical Persons

When we’re talking about Income Tax liabilities applicable in India, we should let you know about the acceptable income sources where income tax is levied.

There are five income heads as defined to be recognized in Indian Law:

• Income from Salaries: Salaried income as mentioned in Section 192 of Income Tax Act.
• Income from Capital Gains: Income from selling capital assets, such as, buildings, lands, bonds, jewelries, etc.
• Income from House Property: Income through renting a house, space, etc.
• Income (Profits) from Business: A fixed part of business’s profit as mentioned in Section 30 and 43D of Income Tax Act.
• Income from other sources: Lottery, Dividend, Pension, Gifts, etc.

Note: Income Tax is calculated based on Rate Slabs that may change according to decisions taken by Finance Ministry and Tax Departments.

Eligibility criteria for Income tax return in India

Income tax returns are filed by every individuals who comes under tax slab

• Individual Person
• Must have valid ID

DOCUMENTATION FOR ITR FILING IN INDIA

These information are essential at the time of making IT Returns:

• Permanent Account Number (PAN)
• Aadhaar
• Bank Account Details
• Form 16
• Investment Details

Process for Income Tax Returns Filing in India

• Filing the IT Returns online
• Needed pan details of individual
• Needed Bank account details

Our Assistance in Filing Income Tax Returns in India

We at UST Associates provide end-to-end solutions for filing income tax returns in India. Our services include:

• IT Returns of Individuals
• IT Returns of private limited company
• IT Returns of other companies
• Application filing

In order to keep up with these requirements, you need the assistance of business experts.

Therefore, UST Associates is here to help out. Our services shall ensure that you can file all type of returns and be on your way to success in no time.

Frequently Asked Questions - FAQs of Income Tax Registration/Return

Q1. Who is exempted from ITR ?

A. Those registered taxpayers whose net income is below the exemption limit of Rs.2 .5 lakh, don't have to file ITR by using the ITR-1 form.

Q2. What is the minimum income to fill ITR?

A. The minimum income to file ITR should be up to 2.5 lakh as per the financial year of 2021-22.

Q3. .Should I file if my income is less than 5 lakhs ?

A. Yes. You have to file ITR even though your income is less than 5 lakh

Q4. Do salaried employees need to file ITR?

A. Yes. Salaried employees whose income is up to 5 lakh must file an income tax return with the ITR-1 form.

Q5. who should file revised tax returns ?

A. All the individuals who have unknowingly made mistakes when filing their income tax returns can file revised tax returns to correct those omissions with the proper details.