Indirect Tax Services in Navi Mumbai

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Filing income tax is every citizen’s responsibility. The it department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account. All entities are required to file the taxes on time to avoid penalty. The form that contains information of income and tax paid of an assessee is called income tax return. The income tax department of india has various forms for it such as itr 1, itr 2, itr 3, itr 4s, itr 5, itr 6 and itr 7. Who should file an income tax return? every company, be it private limited, llp or partnership irrespective of the income or loss must file it returns. Individuals enjoying income from mutual funds, bonds, stocks, fixed deposits, income from interest, house property etc. Individuals receiving income from property under charitable trusts, religious trusts or income from voluntary contributions. Individuals or companies who want to claim tax refunds. Salaried persons whose gross income before deductions under section 80c to 80u exceeding the exemption limit. All individuals with foreign income, foreign assets, nri’s and tech professionals on onsite deputation. People who have opted for one job from another are also eligible.

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