How To File Income Tax Return?

Limited Liability Partnership (LLP) is a balanced structure, carrying benefits conventional partnership and still limiting personal liabilities of the partners. It is regulated as a contractual agreement between the partners under the Limited Liability Partnership Act, 2008. It has quickly become a popular choice for services and professional firms like Chartered Accountants, recruiting firms, consulting businesses, etc.

A partnership firm is an organization which is formed with two or more persons to run a business with a view to earn profit. Each member of such a group is known as partner and collectively known as partnership firm. These firms are governed by the Indian Partnership Act, 1932. Following are the characteristics of Partnership Firm.

A partnership firm is a business structure in which two or more individuals manage and operate a business according to the terms and objectives set out in a partnership deed that may or may not be registered. In this type of business, members are individual partners and share the profits of the firm as well as liabilities in a predetermined ratio.

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 total income tax you owe to the government is also calculated.

Employees' state insurance scheme is social insurance to protect employees from incidents of maternity, illness, disability and death, resulting in loss of wages and medical care to the insured and their family. The Act provides adequate medical care to workers and their dependents.

NGO Registered for charitable purpose and the good of society. Non-governmental organizations, known as non-profit organizations in India, can be registered as trusts, societies or section-8 companies. For more information visit our website. https://www.itaxinfo.com/

A trademark application can be done by private firms, individuals, companies, LLP’s, or NGO’s. In the case of NGOs, LLP’s or companies, the trademark has to be applied for registration in the name of the concerned business.

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 total income tax you owe to the government is also calculated. If you've paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deducted) who is liable to make payment of specified nature to any other person (deducted) shall deduct tax at source and remit the same into the account of the Central Government. The deducted from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.

The One Person Company (OPC) in recent times was launched as a good refinement over the sole proprietorship. In OPC, a single promoter gains full authority over the company thereby restricting his/her liability towards their contributions to the enterprise. Therefore, the said person will be the sole shareholder and director (however, a director nominee is present, but has zero power until the real director proves incapable of getting into the contract).

INDIA TAX INFO PVT. LTD. is a premier professional services firm that strives to add value to the business of their clients. Founded in 2009, the group provides a wide gamut of services in the financial space which range from Entry Level Strategy, Taxation, GST, Income Tax Return, Assurance, Consulting, Mergers and Acquisition to Corporate Financial Advisory.

One Person Company and Private Limited Company are two different business structures governed by the Companies Act. The concept of One Person Company encourages single and enthusiastic entrepreneurs…

The eSign service is governed by e-authentication guidelines. While authentication of the signer is carried out using e-KYC services, the signature on the document is carried out on a backend server of the e-Sign provider.

One Person Company means a Company which has only one person as its member. An OPC is effectively a company that has only one shareholder as its member. A private Limited Company is the form of the company where minimum two members are required and maximum number of members can be 200. The liability of the members of a Private Limited Company is limited to the amount of shares held by them.

‘Income tax return’ is a form in which taxpayers declare details of income, deductions, exemptions, and taxes payable on their taxable income. Filing income tax returns is mandatory to claim tax deductions under Section 80C, 80D, etc. and other eligible exemptions like long-term capital gains exemptions, which may eventually bring your taxable income to zero.

Belonging to the classification of non-banking business firms and identified below Section 406 of the Companies Act, 2013, it is regulated by the central government. The basic business of such a company is to facilitate lending money between the core members of the company. Examples of a Nidhi Company are permanent funds, mutual benefit funds, a mutual benefit company and benefit funds. The main concept behind developing a Nidhi Company is to obtain cash deposit from associates or contribute to them, for the common gain of the two parties. All lending and acquiring must agree with the decree stated in chapter XXIV of Company Rules, 2014.

For creating electronic signatures, the signer is required to obtain a Digital Signature Certificate (DSC) from a Certifying Authority (CA) licensed by the Controller of Certifying Authorities (CCA) under the Information Technology (IT) Act, 2000. Before a CA issues a DSC, the identity and address of the signer must be verified. The private key used for creating the electronic signature is stored in hardware cryptographic token which is of one time use.

The Income Tax Department has established an online software to fill all the ITR forms. Only the forms ITR 1 and ITR 4 can be filed online without having to download the application in Java or Excel. You need to gather all the relevant documents to file the ITR form online. Your income tax return filing online can be done in the following steps, for more information visit our website. https://www.itaxinfo.com/

Income Tax Return in India: Taxes in India can be categorized as direct and indirect taxes. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government e.g. restaurants, theaters and e-commerce websites recover taxes from you on goods you purchase or a service you avail.

The Goods and Services Tax (GST) is a destination-based, value-added tax on final consumption by both the Center and the states on a single tax basis. GST is a consumption-based tax / destination-based tax, therefore, taxes are paid to the state where the goods or services are consumed, not to the state in which they were produced.

Provident fund is a benefit given to employees of a firm. When the employee is working at the firm, he contributes a portion of his salary to the PF fund with the employer providing retirement protection after his old age.

Employee State Insurance or ESI is a scheme commenced by the Government of India to offer medical, monetary and other advantages to workers. ESI is managed by an autonomous authority - Employee State Insurance Corporation � which lies under the jurisdiction of the Ministry of Labour and Employment.

An NGO is a non-government organization with a charitable objective, for the betterment of the society in general. It can be started as a Trust, a Society or a Non-Profit Company [Section 8 Company], depending on the activity you wish to undertake .

One person company (OPC) means a company formed with only one (single) person as a member, unlike the traditional manner of having at least two members. OPC is the simplest concept introduced under the Companies Act, 2013. The concept has definitely swayed its way from sole proprietorship. Hence, in India the perplexities of the two concepts seem to be interchangeable, same and even different at the same time. The understanding of the concept as a whole hence has become essential.

INDIA TAX INFO PVT. LTD. is a premier professional services firm that strives to add value to the business of their clients. Founded in 2009, the group provides a wide gamut of services in the financial space which range from Entry Level Strategy, Taxation, GST, Assurance, Consulting, Mergers and Acquisition to Corporate Financial Advisory.