The Haryana Labour Welfare Fund
March 1, 2024
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With their expertise and assistance, our team helps people and companies file Income Tax Returns (ITRs) in India. The following are the typical actions we take while filing an ITR:
1-Assessment of Financial Records: we first assess the financial records of individuals or businesses to determine their income sources, deductions, exemptions, and tax liabilities.
2-Preparation of Financial Statements: we prepare financial statements such as profit and loss accounts, balance sheets, and other relevant documents required for tax computation.
3-Tax Planning and Optimization: In order to minimize their tax liability legally, we counsel customers on tax planning techniques. This could entail making investment recommendations, filing deductions, and making use of the Income Tax Act’s exemptions.
4-Choosing the Correct ITR Form: Based on the client’s income sources and status, we select the appropriate ITR form to ensure accurate filing.
5-Filling Out the ITR Form: We help ensure that all income sources, deductions, and exemptions are fully recorded by accurately filling out the ITR form.
6-Calculation of Tax Liability: we calculate the client’s tax liability based on the income declared and applicable tax rates.
7-Verification and Review: We carefully check the completed ITR form to make sure it is accurate and complies with tax regulations. We confirm that all required disclosures and paperwork are present.
8-E-Filing or Submission: we assist in electronically filing the ITR form through the Income Tax e-Filing portal or in physically submitting the form, depending on the client’s preference and requirements.
9-Payment of Taxes: If taxes are due, we make sure they are paid on time and offer advice on the different ways they might do so.
10-Responding to Queries and Notices: In wee of any queries or notices from the income tax department, we liaise with the authorities on behalf of their clients and provide necessary explanations or documents.
11-Post-Filing Assistance: We provide post-filing support by monitoring the return’s processing status and resolving any problems or inconsistencies that may come up.
All things considered, we are essential to the timely and accurate filing of income tax returns, the reduction of tax liabilities, and adherence to legal requirements.
Depending on your income and financial transactions, several documents are needed to file Income Tax Returns (ITR) in India. This is an exhaustive list of frequently required documents:
1-PAN Card: Permanent Account Number (PAN) card is mandatory for filing ITR.
3-Form 16: Form 16—issued by the employer and providing information on pay income, tax deducted at source (TDS), and tax paid—is required for salaried individuals.
5-Bank Statements: Bank statements for all your bank accounts showing interest earned, transactions, and balances.
7-Proof of Investments and Expenses: Documents supporting deductions claimed under various sections of the Income Tax Act, such as:
9-Property Details: Information about any properties that are owned, such as address, information about co-owners, and ownership share.
11-Foreign Income and Assets: If you have foreign income or assets, details such as foreign bank account statements, details of foreign income, and foreign assets need to be provided.
13-Form 15G/15H: Fill out Form 15G (if under 60) or Form 15H (if over 60) if you are qualified to avoid paying tax on interest income.
2-Aadhaar Card: Aadhaar card may be required for e-verification of your ITR.
4-Form 16A: For income other than salary, like interest income, rental income, etc., Form 16A or TDS certificates need to be provided.
6-Form 26AS: It’s a statement that shows the tax credits available to you. It includes details of TDS, TCS, and Advance Tax deposited in your PAN.
8-Capital Gains Documents: Information about capital gains from selling real estate, stocks, mutual funds, and other assets, including with the applicable investment statements and the sale and purchase agreements.
10-Business or Profession Income: If you have income from business or profession, you need to provide profit and loss account, balance sheet, and audit report if applicable.
12-Other Income Documents: Any other income documents such as rental agreements, interest certificates, dividend income statements, etc.
14-Previous Year’s ITR: Copy of the previous year’s filed ITR (if applicable).
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