Filing an Income Tax Return (ITR) is the process of declaring your income, deductions, and tax liabilities to the government. It ensures compliance with tax laws and enables taxpayers to claim refunds if excess tax has been paid.
Software for GST: We at P Square An Income Tax Return (ITR) is a form where taxpayers report their income, tax deductions, and liabilities for a financial year.
Report income from all sources, including salary, business, property, and capital gains.
Include deductions under sections like 80C, 80D, and 80G (e.g., for investments, health insurance, or donations).
Determine your total taxable income and calculate tax payable. Cross-check with Form 26AS or AIS/TIS for TDS and advance tax payments. Use the portal to monitor your ITR filing status and refunds.
India has a Dual GST Model. Under this tax maybe levied simultaneously by both Central and State governments on certain taxable supplies. Such as on inter-state supplies, tax is levied by Central Government.
| ITR Forms for Individuals | ITR Forms for Non-Individuals |
|---|---|
| ITR – 1 (Sahaj) – For individuals earning income from salaries, one house property, interest income, agriculture, other sources, etc. | ITR – 5 – Entities other than,- (i) individual, (ii) HUF, (iii) company, and (iv) person filing Form ITR-7 |
| ITR – 2 – For Individuals and HUFs having income other than from profits and gains of business or profession. It may be from capital gain, lottery or foreign assets, etc. | ITR – 6 – All companies except those that claim tax exemption as per Section 11. |
| ITR – 3 – For individuals and HUF with income from profits of a business or profession. | ITR – 7 – Person incl. companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only. |
| ITR – 4 (Sugam) – For Individuals, HUFs, and Firms (other than LLP) having presumptive business income tax returns. This is computed under sections 44AD, 44ADA, or 44AE. |
All businesses involved in buying or selling goods or providing services, or both, should register for GST. But for below-listed persons, GST Registration is compulsory.
To register for GST on the Government site, you need to follow the below steps. Cautiously & Accurately.
Fill out the application form available on our website.
Submit the required documents based on your income tax return category.
We will file all necessary forms and declarations on your behalf.
Once your income tax return is processed, we will notify you via email.
Income Tax Filing
Tax Calculation
Tax Refund Processing
Tax Compliance & Reporting
GST Tax Return Filing
Form 16 can be termed as Salary TDS (Tax Deducted at Source) Certificate that an employer issue to you for the TDS deducted. Form 16 is an Income tax form, used by the companies to provide their salaried employee’s information on the tax deducted. As soon as the income from your salary for the financial year exceeds the basic exemption limit, the employer is required to deduct TDS. The deducted amount is to be deposited to the Government. After deducting TDS from the salary, the employer is required to give a certificate to the employee consisting of the details. This certificate is known as Form 16.
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Income tax is a tax imposed by the government on the income earned by individuals, businesses, or other entities. It is used to fund various public services and infrastructure.
You can file your income tax return either online through the official tax portal or by seeking assistance from a tax professional who can guide you through the process.
Documents typically required include proof of income (such as salary slips or business revenue), tax deduction certificates, investment proofs, and previous year tax returns (if applicable).
You can check the status of your tax refund by logging into the official income tax website using your PAN number or unique acknowledgment number for tracking purposes.
The deadline for filing taxes varies by country, but in most cases, it falls within a few months after the financial year ends. It is advisable to check with your local tax authority for specific deadlines.
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