The income earned by the individual is subject to tax. The tax levied on the income of a person is Income tax, which is levied and collected by the Central Government. Such tax on income earned is payable in the same financial year wherein it is accrued in the form of advance tax. But the intimation and calculation of the income as well the tax liability is provided in the Assessment Year. This intimation form is called Income Tax Return.
Any person falling under the purview of the Income Tax Act, 1961 has to pay tax on the income earned in a particular financial year. The categorization in taxpayers has been done to ease the compliances. Each category of a 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.
Payroll processing inside your business is a time-consuming process. Keeping track of benefit deductions, garnishments, new hires, and terminations paid time off as well as federal and state regulatory changes can be frustrating tasks. Outsourcing payroll to Our Startup India allows you to concentrate on your core business and frees up the human resources, or accounting personnel to work more on strategic tasks that could ultimately affect your bottom line. Employers only need to make contact with their outsourced payroll specialists by approving time once each pay period.
To claim deductions under various sections of the Income Tax Act it is important that you have filed your Income Tax returns every year.
Filing your returns is crucial if you want to eligible for a refund and want to claim it.”
Capital losses can be adjusted against capital gains. Also as a taxpayer, you can ensure that in case you have any capital loss, you can carry it forward for the next eight consecutive financial years if you file your Income Tax returns regularly.
If you are applying for a Visa, the foreign consulate would require proof of your income, and Income Tax receipts are required.”
Salaried personnel receives the income after the deduction of applicable TDS. It may happen that after the eligible deductions, the tax liability is lower than the amount of TDS actually deducted. In such cases, the excessive payment can be claimed in the form of refund only if ITR is filed by the person.
At Our Startup India, we offer a range of packages to suit your needs. Start by selecting the appropriate one, fill out the required forms, or simply speak to our experts online for assistance.
Our Startup India professionals will collect the information and required documents from the taxpayer manually.
Our Startup India professionals will compute the payable tax based on the information provided by the applicant or taxpayer.
Our Startup India professionals will fill the ITR1 form online and will share its acknowledgment.”
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