Best ITR Filing Consultants in Trivandrum
ITR FILING SERVICES IN TRIVANDRUM
We provide highly experienced CA services in Trivandrum and also acting as best ITR filing Consultants in Trivandrum, offering ITR filing services including accurate and timely filing of Income Tax and TDS returns.
Our area of expertise includes tax law, tax compliance and tax planning. We help individuals and companies plan and pay their taxes. When compliances are completed within the due date, business can run smoothly without any further penalties and legal issues. Lekshmi and associates always provide quality and best ITR filing Consultants in Trivandrum.
Importance Of Filing ITR In 2021-2022.
- If the Tax filing is in order, securing loans from banks will be easy.
- If excess tax has been deducted already, filing the ITR will help to claim Tax Refunds.
- It helps in quick visa processing.
- ITR can be used as an Income and Address proof.
There are many benefits of filing timely ITR.
- It helps in carrying forward losses, if applicable.
- Timely filing of ITR helps in avoiding penalties.
Income can be classified under the following heads:
- Income from Salary
- Income from House Property
- Profits and gains of Business or Profession
- Income from Capital Gain
- Income from Other Sources
The Income Tax Department has published the following Forms for filing Income Tax Return, the applicability of which is as per the nature of the income:
Particulars
Applicability
ITR 1
ITR 2
For Individuals and HUFs not having income from profits and gains of business or profession
ITR 3
For individuals and HUFs having income from profits and gains of business or profession
ITR 4
For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE(presumptive basis)
ITR 5
For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR 6
For Companies other than companies claiming exemption under section 11
ITR 7
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
Audit under the Income Tax Act is required if the total turnover of the business exceeds Rs.1 Crore in a previous year and in case of profession, if the gross receipts exceed Rs.50 lakhs in a previous year.
In addition to filing an income tax return, a business may also be required to file a TDS return and pay advance tax to stay compliant under the Income Tax Act.