Income tax return admin August 31, 2023
The most reliable and straightforward method to file your income tax return online.
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Serving Thousands of Indians Everyday
File your income tax return online with Mylawyers
  • Officially approved by the government for e-filing.
  • Direct e-filing to the Income Tax Department.
  • Free e-filing services.
  • Secure e-filing process.
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  • Access the most user-friendly website.
  • Explore premium plans if needed.
  • Select from various options.
  • Receive expert support as required.
Absolutely Stress-Free
  • Minimize your tax payments.
  • Maximize your refunds.
  • Every rupee matters.
  • Precise tax returns lead to effortless refunds
Encountering problems?
  • Reviewed by Certified Accountants (CAs)
  • Gain valuable insights
  • Begin now
  • Enjoy peace of mind
Serving Thousands of Indians Everyday
File your income tax return online with Mylawyers
  • Officially approved by the government for e-filing.
  • Direct e-filing to the Income Tax Department.
  • Free e-filing services.
  • Secure e-filing process.
Dependable Data Backup
  • Access the most user-friendly website.
  • Explore premium plans if needed.
  • Select from various options.
  • Receive expert support as required.
Absolutely Stress-Free
  • Minimize your tax payments.
  • Maximize your refunds.
  • Every rupee matters.
  • Precise tax returns lead to effortless refunds
Encountering problems?
  • Reviewed by Certified Accountants (CAs)
  • Gain valuable insights
  • Begin now
  • Enjoy peace of mind
Advantages of Indian Subsidiary Registration
India's tax system comprises two categories: Direct Tax and Indirect Tax.

Direct Tax : pertains to taxes levied directly on your income, such as salary taxes. Income tax is a prime example of a Direct Tax.

Indirect Tax, in contrast, is levied indirectly, typically applied to goods or services. With the implementation of Goods and Services Tax (GST), many indirect taxes are now consolidated under this system, whether you’re buying a mobile phone or a new suit.

Income Tax (Direct Tax) Individuals earning income exceeding a specified threshold are liable for income tax. This income can originate from various sources such as salary, rent, interest earned from savings, income from mutual funds, property sales, business profits, or professional income. Income tax rates are determined at the beginning of the fiscal year during the Union Budget session in the Parliament of India. The tax paid on these earnings is referred to as income tax.

Income Tax Return (ITR) An Income Tax Return is a straightforward document submitted to the Income Tax Department. It serves as a declaration of income earned. Designed to simplify tax calculations, facilitate tax payment scheduling, and enable the claiming of refunds for excessive tax payments, it offers convenience to taxpayers. Prior to filing their returns, individuals must identify the specific Income Tax Return (ITR) Form applicable to their income. The choice of form depends on the nature of the taxpayer’s earnings. The primary objective of the ITR is to report income and the associated tax payments to the government.

Varieties of ITR
There are currently eight types of Income Tax Return Forms, which we've categorized into two parts:
ITR Forms for IndividualsITR Forms for Non-Individuals
ITR – 1 (Sahaj) – For individuals earning income from salaries, one house property, interest income, agriculture, other sources, etc.ITR – 5 – Entities other than,- (i) individual, (ii) HUF, (iii) company, and (iv) person filing Form ITR-7
ITR – 2 – For Individuals and HUFs having income other than from profits and gains of business or profession. It may be from capital gain, lottery or foreign assets, etc.ITR – 6 – All companies except those that claim tax exemption as per Section 11.
ITR – 3 – For individuals and HUF with income from profits of a business or profession.ITR – 7 – Person incl. companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.
ITR – 4 (Sugam) – For Individuals, HUFs, and Firms (other than LLP) having presumptive business income tax returns. This is computed under sections 44AD, 44ADA, or 44AE.
Issues Associated with Private Limited Companies
  • A Private Limited Company entails some additional ROC compliance, resulting in an extra annual expenditure ranging from Rs. 5,000 to Rs. 10,000.
  • The minimum capital needed amounts to Rs. 100,000.
  • Private Limited Companies can accommodate a maximum of 200 shareholders.
Penalty Provisions for Non-compliance with Annual LLP Requirements
  • Under the Limited Liability Partnership Act of 2008, it is mandatory to annually register all prescribed compliances. There are penalty provisions for any lapses in filing Form 8 and Form 11, which pertain to reporting the LLP's financial statements and annual return. For each unregistered agreement, a fixed penalty of Rs. 100 per day is imposed, with no maximum limit specified.
  • Additionally, every listed LLP must file its income tax returns online annually, with the deadline being September 30th each year. If an LLP fails to meet this deadline after registration, a penalty of Rs. 5,000 is levied, and the filing must be completed by December 31st of that year. Failure to meet this extended deadline results in a doubled penalty, amounting to Rs. 10,000.
  • The process of Limited Liability Partnership Registration typically takes approximately 15 to 30 working days, although the timeline may vary based on responses from the ROC department.
What Does Form 16 Represent?

Form 16 serves as a Salary TDS (Tax Deducted at Source) Certificate, which your employer provides to you to document the TDS deductions made from your income. It is an Income Tax form utilized by companies to furnish salaried employees with information regarding tax deductions.

When your annual salary income surpasses the basic exemption limit, your employer is obligated to withhold TDS and remit it to the government. Following the deduction of TDS, the employer must issue a certificate to the employee containing relevant details, known as Form 16.

Form 16 comprises two segments: Part A and Part B. Part A includes information about the employer and employee, such as names, addresses, PAN and TAN details, as well as details regarding TDS deductions and deposits. Part B encompasses information related to other income sources and allowable deductions.

✔    If no TDS has been deducted, you may not receive Form 16.

✔    Employees require Form 16 when filing their income tax returns.

✔   You can easily file your income tax return online by directly uploading your Form 16.

✔    Employers typically issue Form 16 annually by June 15th.