Income Tax Returns
KSG Finserve also provides Income Tax Returns filing services. Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person's income and the taxes to be paid on it during the year. ... Income can be of various forms such as Income from salary. Profits and gains from business and profession. We will create Income tax Returns based on your portfolio.
It is mandatory to file the income tax returns online for all the registered taxpayers whose taxable income. However, paper returns can be filed by those who are above 80 years of age and do not have any income from regular business or profession.
A personal loan is not considered a part of your income and is, therefore, not taxable. There are no tax benefits on personal loans. Only certain loans which are secured and for specific purposes have tax benefits, such as a home loan or secured business loans.
When it comes to manual filing of your income tax returns, you will have to compute the income and deductions along with the tax figures manually, which could result in errors.
As per budget proposals, an individual has an option to switch between new and old tax regime every year. In order to be eligible to opt for the tax structure as per an individual’s convenience, there is one condition that must be satisfied.
Clubbing of income means including the income of any other person in Assessee’s total income. … For Example, if a husband diverts some part of his income to his wife to reduce his tax burden. Then, such transferred income of a wife is added and taxed as income of husband only and not his wife.
E-filing is the process of furnishing your income tax returns electronically while e-payment is the process through which you pay your tax online.