Income tax is crucial to a country’s taxation system. It is a direct tax levied by the government on the income earned by individuals, businesses, or any other entity in a financial year. The Income Tax Act of 1961 lays down the provisions for the computation, collection, and recovery of income tax in India. Any person who earns an income in India, directly or indirectly, is liable to pay income tax as per the income tax rules and slab rates specified by the Income Tax Act. The Income Tax Department issues a Permanent Account Number (PAN) to every person who comes under the scope of the Income Tax Act, which must be quoted on all financial transactions as per the specified limits. Filing an Income Tax return annually is essential, allowing individuals to claim deductions and exemptions per the Income Tax Act. In summary, income tax is a critical component of the country’s economy and is vital in funding the government’s various welfare and developmental schemes.
Every person has a mandatory e-filing income tax return if their annual income exceeds the specified limit. In the case of short-term and long-term capital gains income, this limit is not applicable, and must furnish and pay income tax returns as per Income Tax Rules. In the case of non-individuals like partnership firms, companies, LLP, Society, AOP, BOI, etc., must e-file income tax returns (ITR) without considering the amount of turnover. They must file ITR even if the annual turnover is NIL. The Income Tax Department controls and manages the e-filing of the income tax return through its online portal ” https://www.incometax.gov.in/iec/foportal.”
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Ourtaxpartner.com is a leading platform that provides seamless and hassle-free income tax return filing services in India. With their team of experienced professionals in income tax returns ( ITR), tax planning advisories, tax mitigation, tax litigation, various income tax notice handling, and innovative technological solutions, Ourtaxpartner.com has become a go-to platform for individuals and businesses seeking reliable and efficient tax filing, resolving and planning solutions. The platform offers a range of services, including tax planning, compliance, and advisory services, catering to the diverse needs of its clients. We have extensive experience handling complex returns like Cpaital Gains arising on Capital Market transactions, Sales of Immovable properties, business income tax returns, house property incomes, and Non-Resident involved transactions. With a commitment to delivering high-quality services, Ourtaxpartner.com has established a reputation for excellence and reliability in the industry. Whether an individual taxpayer or a business entity, Ourtaxpartner.com provides customized solutions to meet your unique requirements and ensure compliance with the Income Tax Act of 1961.
Who can benefit from our Income Tax Consulting services?
Whether you are a salaried employee looking for assistance in filing your ITR-1 or a business owner requiring guidance on ITR-6 filing, our comprehensive ITR filing services can cater to your diverse needs and ensure compliance with the Income Tax Act of 1961. We also assist freelancers, consultants, and other self-employed professionals file their ITR-3 and ITR-4 forms accurately and efficiently, helping them maximize their tax savings and avoid legal penalties. With our team of experienced professionals and cutting-edge technology solutions, we offer personalized and hassle-free ITR filing services to all our clients, regardless of their size or complexity. Our ITR filing services cater to various individuals and businesses, including salaried individuals, self-employed professionals, sole proprietors, partnership firms, limited liability partnerships (LLP), and companies.