Income Tax
ITR
Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the revenue department (income tax department). Bizcent Incorporation is one of the best income tax return consultant & service provider in Ahmedabad Gujarat India
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New pan card
PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card (commonly known as PAN card). Last character, i.e., the tenth character is an alphabetic check digit. Thus, option (c) is the correct option.
Correction pan card
For any update in existing PAN details, applicant is required to fill the form 'Request for New PAN Card or / and Changes or Correction in PAN Data Form'. Applicant should fill all the columns of the form and should tick the box on the left margin of address for communication.
Duplicate pan card
Most of the time, Indians apply for a duplicate PAN card in the case of loss of the card. ... A duplicate PAN or reprinting of the card can be requested by the applicant in some specific cases on account of damages. In such cases, the PAN does not change and only a new card is issued.
income tax return
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 from salary. Profits and gains from business and profession. Income from house property.
Revised income tax return
It may be noted that filing a revised ITR technically means filing a new ITR with the corrections under Section 139(5) of the Income Tax Act. Filing a revised return simply means filing your return again but this time with the correct information.05-Jan-2022
ALL INCOME TAX RETURN FILING
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 from house property. Income from capital gains.
ITR 1 SALARY RETURN
ITR-1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources : Income from Salary/Pension. Income from One House Property (excluding cases where loss is brought forward from previous years)
ITR 1 SALARY + HOUSEHOLD RETURN
ITR-1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources : Income from Salary/Pension. Income from One House Property (excluding cases where loss is brought forward from previous years)
STOCK/MUTULFUND Return
A mutual fund is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks, bonds, money market instruments, and other assets. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.
BUSINESS RETURN WITH PL
Total Business Return means the average annual percentage return realized by the owner of a share of Company Stock for each Year during a relevant Performance Period. ... Total Business Return means the Company's capitalized change in EBITDA + Free Cash Flow over the Performance Cycle.
BUSINESS RETURN WITHOUT PL
A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business. Also, any tax to be paid on the profits made by you is declared in this return. The return also contains details of the assets and liabilities held by the business.
small business return
As such, there is no legal rule that a ‘company’ must be formed to start a business. Incorporating a company has its own pros and cons. Forming a company increases compliance work. If your business is growing rapidly and becomes unmanageable,
SHARES TRADING RETURN
Shares trading is the buying and selling of company stock – or derivative products based on company stock – in the hope of making a profit. Shares represent a portion of the ownership of a public company, and make up its worth or market cap.
FREELANCER RETURN
Freelancers are self-employed individuals who are not contractually bound to one specific employer. Freelancers can work in virtually any sector, though most work in marketing and communications, creative arts, and information technology.
TAN
Tax Deduction Account Number or Tax Collection Account Number is a 10-digit alpha- numeric number issued by the Income-tax Department (we will refer to it as TAN). TAN is to be obtained by all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS).
ITR
Income Tax Return is an official submission of documents that every Taxpayer is required to file in accordance to their income amounts, deductions and other related information pertaining to their Tax liability. It is a way to inform the Internal Revenue Service or State Tax Authority about one’s income, profit, losses or deductions from one’s business. It is an explicit way of declaring one’s Total Income. This declaration should be made end of each Financial Year.
The details of income can be derived from salary, wage, commission, bank interest, share dividends, business & profession income , small business income pension , huf, agriculture income, rents or any sort of part-time income received. The detailed provisions regarding income have been prescribed via FORM as notified with time by the Income Tax Department.
A person should file an Income Tax Return according to his type of income via FORM duly signed and affirmed by the Taxpayer ensuring his correct income statement as per the previous Financial Year. Income Tax Return is the Income Statement filed via Form prescribed for different source of Income.
TYPES OF ITR
HOW WE WORK
ADVANTAGES
RESPONSIBILITY OF EVERY PERSON
Filing of ITR in time is the responsibility of every person, the Government of INDIA have specified certain class of person who are exempted from filing rest all person have a responsibility to file ITR and pay taxes on time.
FOR IMMIGRATION PROFILE OBTAINING VISA OUTSIDE INDIA
The High Commissions of various countries or VFS centres across India have huge record of fabricated documents in which income tax returns of visa applicants are one of them.
BUYING A HIGH LIFE COVER
In Order to buy high life cover insurance these days you need to have ITR return to ger your annual income verified. “Life insurance companies, especially LIC, ask for ITR receipts these days if you opt to buy a term policy with sum insured of Rs 50 lakh or more,”
FOR ELIGIBILITY IN ALL LOAN CASES FROM BANKS
3. For eligibility in all Loan cases from Banks For obtaining loan Income tax returns of last three years are the basic need , secondly the PAN is checked over the CIBIL website if Individual or corporate body is not a defaulter in any previous bank .
SELF-EMPLOYED
Businessmen, consultants and partners of firms do not get Form 16. Hence, ITR receipts become an even more important document for them, provided their annual income exceeds the basic exemption limit of Rs 2.50 lakh.
REFUND IN CASE OF EXCESS TAXES PAID CAN BE CLAIMED
Excess taxes paid by an individual either by way of tax deduction or advance/self-assessment tax can be refunded only by filing tax returns.
NO PENALTIES
You can save money literally; as non-filing of returns attracts a penalty with minimum Rs. 5,000 and interest under section 234A.
FOR APPOINTMENT IN JUDICIAL & CLASS ONE JOBS
For appointment in judicial job or class one job one need to demonstrate annual professional income, it is only the last 5 to 7 year income tax returns ( in judicial 7 year ITR record is checked in interview) that shows the candidate’s credibility by his/her ITR Record
FOR OBTAINING GOVERNMENT TENDERS, REGISTRATION ON PANELS
For contractors, ITR returns needed not only to be filed on time , but must be very much accurate ,& audited (if required) ,these must be signed with necessary documents because in tender- approval meetings or for finalizing professional panels , the selection body has ample options to mature the tender in favour of the fittest .
TO CARRY FORWARD LOSSES
If you do not file returns, you will not be able to carry forward capital losses (short-term or long-term), if any, in a financial year to be adjusted against capital gains made in the subsequent years.
FOR ACCIDENTAL CLAIM IN THIRD PARTY INSURANCE
If you keep filing your ITR for you family, it can help you in filing the claim in case of accidental death of any member during roadside accident from insurance company failing with which the claim amount could be lower or even no claim because court take ITR as only evidence at the time of claim