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About Income Tax Return
Income Tax is a tax imposed on the income of a person by the government of India under the provisions of the Income Tax Act, 1961. It is based on income earned during the year starting from 1st April and ending 31st March.
- Submission of forms to MCA
4 to 5 Days
- Certificate Of Incorporation
6 to 10 Days
Advantages of Income Tax Return
If one intends to start their business and need to fill a government tender, then it is necessary to show the income tax return receipts.
Return Filing Process
- Upload the XML by signing into your account, and after uploading the same, download the acknowledgment.
Frequently Asked Questions ?
MeraLegal can help in filing Income Tax returns in 2 working days, and it provides the best tax planning and consulting services for individuals who want to file their tax returns.
In Simple words, the previous year is the financial year in which the income is earned. The income earned during this previous year is charged to tax in Assessment year, which is the year next to the previous year. For example, for the Income earned in the Financial year ( Previous Year ) 2018-2019, the assessment of tax is carried out in 2019-2020. Thus 2019-2020 is the assessment year.
For calculating income tax, reported slab rates are applied to the person’s taxable income earned during the previous year. Taxable income is to be calculated according to the terms and rules under the Income Tax Act, 1961. Income has to be calculated under many heads of Income and net them after deducting deductions available under Chapter VIA to get Net Income Chargeable to Tax.
It is mandatory to file an income tax return if any of the following conditions apply to you. Any person whose income crosses the basic exemption limit, as defined in the Income Tax Act,1961, needs to file an Income Tax Return. Now, the basic exemption limit varies from year to year. Currently, the limit is Rs. 2,50,000 for people under the age of 60, Rs. 3,00,000 for individuals in the age range of 60-80 years, and Rs. 5,00,000 for individuals over the age of 80.
26AS is a consolidated statement indicating the tax credit linked with our PAN. It shows how much tax has been earned by the government by way of TDS deposited on our behalf by the deductor (employer, bank), self-assessment tax deposited, Advance tax deposited by us, etc. It is necessary to match tax payments and TDS deducted with 26AS to get a tax credit before filing your income tax return, as we can take a tax credit of only those items which are appearing in our 26AS
Form-16 is a statement issued by the employer specifying your salary details, and the amount of taxable salary calculated.
Certificate of Tax Deducted at Source (TDS) is a statement provided by the individual after deducting Tax at source. After checking whether TDS has been properly deducted, the Tax Deducted at Source must be entered in the income tax return to reduce the tax liability
- PAN card
- Form 26AS
- Form 16
- Business/Professional Income Details receipts
- Any Investment Documents like educational loan Interest payments, interest paid on housing loan.
- Bank Statements/Passbook.
- Certificate of Tax Deducted at Source
- Any other document as may be required
Phone Number and Email id of a person or any other information as may be required.