Any person whether it is individual, partnership, HUF, Company or LLP earning in India require to file Income Tax Return (ITR) every year and to pay income tax as per the in accordance with the Income Tax Act, 1961
Filing of Tax return now-a-days became must as for availing any loan or finance from bank, copy of ITR along with Computation is the first requirement. Therefore even if the person has non-taxable income, they prefer to file ITR well within due date in order to become eligible for loan, in case of future requirement.
The categorization in taxpayers has been done to ease the compliances. Each category of taxpayer has to compute the taxable income in the manner as laid down in the Income Tax Act, 1961. Post computation, Income Tax Return is filed in the Form applicable to that category of taxpayer.
The tax rate on income depend upon the amount of taxable income and its nature after considering the various deductions in accordance with Income Tax Act.
Our team of CAs & Tax Consultants provides complete assistance in filing your ITR well within due date.