More often than not, the tax filing and income tax returns season is quite nerve-racking for both individual taxpayers as well as businesses. Most businesses fail to realize that having enough time for tax preparation allows them to put their documents in order, and reduce the overall chances of any errors from occurring.
We offers best tax preparation services for both Individuals and Businesses, and we stringently follow the best preparation process that suits your business, allowing you to benefit from better refunds and smaller tax liabilities.
Tax Preparation Services We Offer:
At M N and Associates, we have expertise in both individual tax preparation services and business tax preparation services. We specialize in minutely examining your balance sheets and interpreting and classifying each item on it for accurate and faster filing of tax returns. We will also classify and interpret P/L items, and interpret the tax liability and treatment of various accounts.
We offer tax preparation services for the following –
- ITR-1 Form: Return of Income – for individuals earning income from salary, pension, one house property, income from other sources and having total income upto Rs. 50 lakhs.
- ITR-2 Form: Return of Income – For Individuals and HUFs not carrying out business or profession under any proprietorship
- ITR-3 Form: Return of Income – For individuals and HUFs having income from a proprietary business or profession
- ITR-4 Form: Return of Income – For presumptive income from Business & Profession.
- ITR-5 Form: Return of Income – For persons other than, Individual; HUF; Company, and Person filing Form ITR-7
- ITR-6 Form: Return of Income – For companies other than companies claiming exemption under section 11.
- ITR-7 Form: Return of Income – For persons including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).
FAQs on Income Tax Return
What is an income tax return?
An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing the actuals, the total amount that should go to the government as income tax is calculated. If you’ve paid more tax than needed for the financial year, you’ll be refunded by the income tax department. Sometimes, you may also see that you have underpaid taxes for the year. In such cases, you must pay the remainder of the tax, and file your income tax returns.
Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some income tax return forms are longer than the others, and they may need additional disclosures such balance sheet and a profit and loss statement information.
Why do you have to file income tax returns?
Irrespective of whether you live in India currently or not, filing an income tax return is compulsory, if your total Indian income exceeds Rs.2,50,000.
Even if you don’t meet the Rs.2,50,000 threshold, it’s a good practice to file or e-file your income tax return. An income tax return is an important document that you must produce at the time of availing a home loan, car loan, business loan or any other loan, as it reflects your financial prosperity. An income tax return—as a proof of income—shows your capacity to repay a loan.
If you are planning to go abroad for higher studies, or are about to take up a job outside of India, you’ll need at least three years’ filed income tax returns to show as proof of income. People processing your visa application may request for this financial information to evaluate your financial health, which in return shows that you can support yourself on your own in their country.
How can you file an income tax return in India?
You can file your income tax returns online, either on the income tax department’s website or contact us.
What are the details you need when you’re efiling income tax returns?
– You’ll need to produce basic information such as PAN, Aadhar card number, and current address.
– Details about all the bank accounts you’ve held in the given financial year. This is a mandatory disclosure you must make for e filing your income tax returns.
– Details about your income from salary, fixed deposits, savings bank account, etc.
– Information of all the deductions you’ve claimed under Section 80.
– You’ll also need to produce tax payment information such as TDS and advance tax payments.
Can I file Tax Returns for years before 2014 online?
Yes, in any given financial year, you can file for the last two years. For e.g in FY 2016-17, you can file for both FY 2015-16 and FY 2014-15 online.
What’s the next step after you’ve e-filed your income tax returns?
Once you’ve filed your tax returns online, you will see a 15-digit acknowledgement number on the screen confirming your submission. You must then verify your tax return. This can be done either via Aadhaar verification or from Netbanking accounts.