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Salary Income (Non Taxable), Salary Income (Taxable), Salary and House Rent Income, Salary, House Rent & Capital Gain Income, Salary, House Rent, Capital Gain and Foreign Income, Salary,House Rent,Capital Gain,Foreign Income & Other Sources, Business & Profession Income, Business & Profession Income (Presumptive)
Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms require income tax return – irrespective of amount of income or loss.
All companies and LLPs are mandatory required to file income tax return, irrespective of turnover or profit. TaxHills provides income tax return filing services Online with dedicated Income Tax Experts for Individuals and Business. Select the plan or Fill the form sit back and relax. Our experts will contact you and file your income tax return and provide you the acknowledgement within 1 – 2 business days.
✔ Income Tax Return filing Services,
✔ Tax Due/Refund Status and Filing Confirmation
✔ Expert Assisted Tax Filing
1) What Income you are Taxed on ?
Your Taxable income is not only your salary . Gross taxable income is from
a) Income from Salary
b) Income from House Property
c) Income from Other Sources – Income from interest from fixed deposits and saving accounts.
d) Income From Capital Gains – Income gained from sale of Capital asset, Mutual Funds & House property.
e) Income from Business, Profession & Freelancing – Profit and Loss as a result of running Business, Profession & Freelancing.
2) TDS for Salaried
Tax Deducted from your salary by the employer and paid to the Income Tax Department on your Behalf . IT is called Tax Deducted at Source. This is deducted from your salary on Monthly basis.
Your employer determines how much TDS need to be deducted from your salary every month on the basis of the total salary for the year and the investment declarations. TDS certificate called Form 16 is given by the employer on ever June or July month.
3) What is Form 16?
Form 16 is given by employer it is a Tax deduction at Source certificate. Every employer needs to require to deduct TDS and pay to Government.
It consist of 2 parts.
Part A with details about employer and employee name, address, PAN and TAN details and TDS deductions.
Part B includes details of salary paid, other incomes, deductions allowed, tax payable.
4) What is Form 26AS?
Form 26AS is a detail list of taxes deducted on your behalf , taxes paid by you , details on tax deposited by taxpayers and tax refund received in the financial year.This is provided by the Income Tax Department.
5) What is the due date for return filing for individuals?
Individuals need to file their return by 30th September of last Financial year.
Beyond the due date you are liable to pay penalty late fee charges.