Income tax is a tax imposed by the central government on the earnings of an individual if it crosses a threshold limit. It is the responsibility of every citizen in India to file income tax. Then this income tax has been verified by the income tax department and in case, if it is paid excessively then the amount is returned to the bank account of the taxpayer.
But for common businessmen, yes, it is difficult to understand the terms and compliance of the regulations set by the income tax authorities. They need assistance when it comes to income tax, this is when our income tax experts come as a big relief for all the people to get answers to their questions related to income tax.
Income Tax is a tax levied upon the individual’s income and collected by the central government.
Income Tax is calculated at specified rates on the total income of an individual and thus paid to the central government. Such tax on income earned is in the same financial year wherein it is accrued in the form of credit tax. But the tip and calculation of the salary as well the tax liability is presented in the Assessment Year. This implication form is known as Income Tax Return.
The time limit for filing ITR is different for various taxpayers based on the guidelines. ITR Filing is mandatory for Taxpayers whose income surpasses the prescribed Income limit.
What do we do?
- Our income tax experts are ready to answer all your questions precisely.
- You will get expert advice on all the benefits associated with the benefits of paying tax in advance.
- We provide expert consultation whenever you need it
- We provide you expert advice on any unpaid taxes as well.
- We also have expertise in professional income tax planning to save you from a high deduction of taxes.
What you can expect from us?
- Exclusive assistance for taxpayers for first time e-filling
- Expert assistance for proper income tax planning
- Assistance to pay tax on time to avoid any kind of penalty
- Assistance in completing all the paperwork with complete precision and accuracy
Income tax filing online is the easiest and most convenient way of filing income tax without much hassle.
One needs to follow just few steps in order to file income tax online and that’s it without going anywhere you can file your income tax from wherever you want.
E-filing of income tax is most advanced and modern method of filing return. e-filing of income tax return has its own perks: e-filing offers convenience and comfort to its users.
E-filing of ITR usually happens through email, therefore, the refund process is much faster than the traditional ways, e-filing of ITR is also processed much faster than paper filed returns.
Everyone whose income exceeds a certain amount mustpay income tax. Filing income tax returns is no longer as cumbersome as before. Gone are the long lines and never-ending anxiety to meet the tax filing deadline.
ITR filing is a complex process as it requires attachment of multiple forms and documents however, filing ITR online makes this process relatively smooth as data is auto-filled through hyperlinks, making it easier for the tax payer.
ASA, helps you in filing the tax returns without any hustle-bustle. We have team of experts who knows all the pertaining rules and regulations and documents required.
With India going digital in every way possible, it offers electronic filing(e-filing) of the returns in a matter of few clicks.
Our representatives will take up the process on your behalf so that you don’t have to put in your time and energy in filing the returns and so, you can focus on expanding and growing your business.
Avoid penalties:Filing ITR on time avoids unnecessary penalties. Even though the penalty is Rs.1000 if your annual income is not more than Rs.5 lakh, as a law-abiding citizen, it is your duty to file your tax returns.
Useful in bank loan process:ITR receipt is a useful document for hassle-free processing of bank loans because most banks and NBFC's ask for ITR receipts of the latest three years when you apply for high-value loans like, home loans or car loans.
Visa processing:Embassies of developed countries like the USA, UK, Canada and Australia ask for ITR receipts of the past years to process your visa application. This helps them assess your income and ensure that you are enable to take care of the expenses on your trip.
Carry-forward losses:Income tax rules allow carry - forward losses to set them off against capital gains only to those who file ITR in the relevant assessment year.
- One cannot carry forward any of the losses incurred during the year to next year.
- Penalty is charged for late filing of Income Tax Return. The amount of late fee is required to be paid before filing the ITR.
- In case a person fails to file the return in time or fails to file return at all, then he is liable to pay interest as per provisions of Sec.234A of Income Tax Act @1%p.m.
- Filing ITR is a sign that you are a responsible citizen.
- The Income Tax Act allows a taxpayer to claim multiple deductions under several sections to reduce one’s tax outgo.
- Filing tax returns is not merely done to fulfil the moral and social obligation by every citizen of the nation. If you want to claim an income tax refund, filing of income tax return becomes mandatory.
- The government mandates that individuals who earn a specified amount of annual income must file a tax return within a pre-determined due dates. The tax as calculated must be paid by the individual. Failure to pay tax will invite penalties from the Income Tax Department.
For Individual/Salaried Person:
- PAN card
- Aadhar card
- All Bank statement
- TDS certification (from 16 for TDS on salary)
- TDS certification (from 16-a for TDS on non-salary)
For Private Limited Company:
- PAN Card of the directors
- Aadhar card of the directors
- PAN card of the company
- Profit & Loss statement
- Balance sheet
- All Bank statement
For LLP Company:
- LLP PAN address details
- Date of registration details
- PAN card of the partners
- Aadhar card of the partners
- Address details of the partners
- Profit & Loss statement
- Balance sheet
- Bank statements
Passport Size Photograph of all Directors & Shareholders
PAN Card of all Directors & Shareholders
Self-Attested ID Proof of all the Directors
(Driving License/Passport/Voter ID)
Passport Copy of Directors & Shareholders (If they have)
Residence Proof of Shareholders
Electricity Bill or Other Utility Bill for Address Proof
Rental Agreement or Sale Deed of Business Place
- Filing of Income Tax Returns doesn’t need to be a challenging task. But wouldn’t it be great if someone else takes up that task on your behalf. Filing of Income Tax Returns is not about carrying hundreds of paper. Income Tax returns filing today is not about this at all.
- ASA, helps you in filing the tax returns without any hustle-bustle. We have team of experts who knows all the pertaining rules and regulations and documents required.
- With India going digital in every way possible, it offers electronic filing (e-filing) of the returns in a matter of few clicks.
- Our representatives will take up the process on your behalf so that you don’t have to put in your time and energy in filing the returns and so, you can focus on expanding and growing your business.