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What is Income Tax Return?
Income Tax Return (ITR) is a form through which you report the details of your income earned from various sources and taxes paid thereon to the Income Tax Department. ITR contains all the details of investments done by an individual in a particular financial year to save income tax.
Who is required to file an Income Tax Return?
Every Indian including an NRI is required to file an Income tax return where Total Income exceeds the basic exemption limit of Rs. 2,50,000 for an individual; Rs. 3,00,000 in case of a senior citizen and Rs. 5,00,000 in case of super senior citizens.
Total Income comprises income from all sources i.e., income from salary, house property, business income, capital gains or any other taxable income. This limit is to be checked after giving the benefit of deductions like 80C, 80D, 80DDB etc.
You are required to file a return irrespective of the fact whether you have paid tax or not. So, even if the employer has deducted TDS in full you are still required to file an income tax return.
A/C Service consultant
File your Income Tax Return online with confidence and ease. at the comfort of your home. We empower you to hire some of the best tax experts in India at a nominal cost. MyTaxSupport eCA's focus on filing accurate returns, avail maximum deductions and getting maximum tax refunds.
A/c Services packages
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What is a tax audit?
There are various kinds of audits being conducted under different laws such as company audit /statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, income tax law also mandates an audit called ‘Tax Audit’.
As the name itself suggests, tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier.
Objectives of tax audit
Tax audit is conducted to achieve the following objectives:
Ensure proper maintenance and correctness of books of accounts and certification of the same by a tax auditor.
Reporting observations/discrepancies noted by tax auditor after a methodical examination of the books of account
To report prescribed information such as tax depreciation, compliance of various provisions of income tax law, etc.
All these enable tax authorities in verifying the correctness of income tax returns filed by the taxpayer. Calculation and verification of total income, claim for deductions etc., also becomes easier.
Company Generation Service consultant
File your Income Tax Return online with confidence and ease. at the comfort of your home. We empower you to hire some of the best tax experts in India at a nominal cost. MyTaxSupport eCA's focus on filing accurate returns, avail maximum deductions and getting maximum tax refunds.
Company Generation Services packages
Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old.
Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.
What is Company Audit?
Company audit refers to the audit of the accounts of a company. Section 138–148 of the Companies act 2013 deals with provisions relating to the audit of companies.
An auditor is a qualified chartered accountant appointed for the purpose of examining the accounts of a joint stock company and giving the report there on to the shareholder every year at the annual general meeting.
Can a CA audit his own company?
No he can't. It will be against both the principle of his audit and violation of rules of Icai(Professional misconduct as per icai act). Also as per companies act the company will be at default if done so. He cannot even audit in companies where he is related or any important position is held by his related persons. You can refer companies act for disqualification of auditors and icai act for professional misconduct by Ca for the same.
Income Tax on Stock Audit
Stock Audit means buying and selling financial instruments such as shares, mutual funds, commodities, currency, bonds, debentures, etc. An Investor buys and sells stocks and securities with the intention of building an investment portfolio. A Trader buys and sells stocks and securities with an intention to earn quick profits due to fluctuations in prices. Trading Income comprises equity (delivery, intraday, F&O), commodity trading, currency trading, etc. While equity delivery trading is usually considered to be an Income from Capital Gains, all other forms of trading are considered to be Business Income as per Income Tax.
Income Heads and ITR Form for Trader or Investor
Income from equity intraday trading is a speculative business income. The income from F&O trading is a non-speculative business income. Further, the income from equity delivery trading may be treated as either capital gains or business income.
If a trader has Income from Capital Gains, then he/she should file ITR-2.
If a trader has Business Income, then he/she should file ITR-3.
The trader who has opted for the Presumptive Taxation Scheme should file ITR-4.
GST System
Goods and Services Tax came into effect from 1st July 2017 in India. It replaced multiple existing indirect taxes which were previously levied by the Central and State government in the country.
GST Registration Online
With the implementation of the GST Act and its continuous updation, new assessees are getting covered under the purview of GST. Moreover, as soon as they fall under the category, the process of registration starts for them. GST Council has laid down a very easy procedure for registration. In this guide, we are covering the registration process step by step to make it even easier and understandable for a layperson.
GST Returns
Returns under Goods and Services Tax (GST) can be defined as a document or form in which the details related to income and its sources are being reported. GST Returns are required by the tax authorities for calculation of tax liability pertaining to a business.
Why Filing of GST returns is important?
The filing of GST Returns has manifold importance,such as
For Return Filer
Necessary to adhere the legal compliances
Helps in calculating the correct tax liability of self and others
A tool for claiming ITC
Deductions and exemptions availed
For Government
Source for collecting Financial Statistics of Organisations
Scrutinize the relevant cases effectively and efficiently
A basis for future policy making
Helps in making the future compliance procedures
Evasions can be better tracked
Effective mode of procuring information from the taxpayers
Balance Sheet for ITR
Balance sheet is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, corporation, private limited company or other organization. It contains Assets, liabilities and capital at the end of its financial year.
Guidelines for preparation of Balance sheet are:-
TDS or TCS
If TDS or TCS standing in last year balance sheet, one must check whether it has been refunded or receipt.
Income or Expense Accrued
Any Income which is earned like FD interest but not received shall stand in Asset side of balance sheet. Likewise any expense accrued but not paid like TDS liability shall stand in liability side of Balance sheet.
Land purchased
Land shall stand in Balance sheet. The Land value shall be the sum of stamp duty value, stamp duty and any other duty or fee paid.
Loan for Asset
If any loan is taken to acquire any fixed asset, then the interest accrued till date of put to use shall be capitalized.
FAQs
Why is Income tax return filing important?
It is the way the Government cross checks your Income declaration based on the data it has received from other sources. It is a financial health card that helps you with loans, visas, jobs, and other applications.
How to file an Income tax return online?
Filing your Income tax return is easy. Just login to MyTaxSupport, a registered ERI of the Income tax department. We will ask you simple questions on your Income and Investments. Once you finish answering the questions, we will submit your tax return and send you the ITR-V acknowledgement.
Can I file ITR using a mobile app?
Yes, e-filing is available through our mobile app. You can download the app from here.
