Income Tax Registration

Solubilis does income tax registration with a team of professionals. Income tax is referred as a type of tax that the government imposes on the income obtained through businesses and individuals within their jurisdiction. When income tax registration is done the taxpayers are brought to the eyes of the law. Income taxes are a source of revenue for the government.
The payment of tax is beneficial for various activities carried out by the Government like the betterment of infrastructure and all other welfare activities. Thus income tax registration is crucial.
The income taxes are used for various other purposes also. It can be used for scientific research, public transportation, public health and education, utilities like water and energy, defence expenditure, public insurance, pension schemes, unemployment benefits and so on.

Personally, any individual taxpayer may obtain the benefits of paying taxes like loan approvals, claiming tax refunds, high cover life insurance, and Visa approval. Evasion of income tax payment may result in acquiring heavy penalties from the Government. Thus Income tax registration is preeminent for all Indian citizens. We offer income tax registration services in Coimbatore/Chennai/Bangalore and all over India.
Income tax e-filing in India is a modern approach for taxpayers providing a seamless experience. The filing of taxes is now pocket-friendly. The taxpayer is devoid of getting penalties for not paying the tax properly. Income tax e-filing in India is not a challenging task nowadays.
E-filing is a short form of electronic filing of income taxes. This implies that the taxpayer may no longer need to visit the nearest income tax Department office to file the returns physically. People think that income tax e-filing in India is voluntary and therefore it is dismissed as burdensome and unnecessary. This is an unhealthy perspective on tax filing. It is the social and moral duty of any citizen to have income tax e-filing in India. We offer e-filing services in major cities like Chennai/Bangalore/Coimbatore and all over India.
The e-filing portal is safe to use as it is built with the latest technology for internet security. Hence no one needs to depend upon an accountant to file an Income tax return. The errors can be corrected easily online and 24*7 support is extended for income tax e-filing in India. The income tax returns can now be verified through an e-verification facility. The necessary documents are uploaded when income tax e-filing is initiated.
We offer income tax registration services in major cities like Chennai/Bangalore/Coimbatore and all over India.

Income Tax

Income Tax Slab:

Income Tax Slab	Tax rate - Individuals
Up to `2,50,000	Nil
2,50,001 to 5,00,000	5%
5,00,001 to 10,00,000	12,500 + 20% of total income exceeding 5,00,000
Above 10,00,000	1,12,500 + 30% of total income exceeding 10,00,000

The Finance Act, 2020 has introduced new optional tax regime :

No Tax – Upto Rs 2.5 Lakhs
5% Tax – Between 2.5 Lakhs to 5 Lakhs
10 % Tax – Between 5 Lakhs to 7.5 Lakhs
15 % Tax – Between 7.5 Lakhs to 10 Lakhs
20 % Tax – Between 10 Lakhs to 12.5 Lakhs
25 % Tax – Between 12.5 Lakhs to 15 Lakhs
30% Tax – Above 15 Lakhs

The tax payer has an option to choose either of the above. Individuals can pay Lower tax as per the new regime or they continue to pay tax under the existing tax slab rate. The Individuals opting for the New Tax regime will have to forgo exemptions and deductions available in the old tax regime.

The below exemptions are Not Allowed:

Deduction under Chapter VI-A deduction (80C, 80D, 80E etc. ) (Except Section 80CCD(2))
Housing loan interest
Salary – Standard Deduction
Education allowance for children
House Rent Allowance
Leave Travel Allowance

It is advisable to choose the new tax regime if you have less investment

Three categories of “individual”

Individuals - less than of 60 years of Age
Resident Senior citizens - More Than 60 and Less than 80 years of age
Resident Super senior citizens - More than 80 years of Age

ITR Forms:

FORM ITR-1 – Sahaj forms can be filed by any person having income for Fy upto Rs. 50 lakh and who receives income from salary, one house property / other sources (interest etc.)

FORM ITR-2 - Individuals and HUFs not having income from business / Profession and not eligible to file sahaj

FORM ITR-3 – Any person having income from business / Profession

FORM ITR- 4 - Individuals, HUFs and firms other LLPs having total income upto Rs. 50 lakh and income from business and profession computed under the presumptive taxation provisions

FORM ITR-5 – Partnership Firm, LLP can file this form.

FORM ITR-6 – Companies can file this form

FORM ITR-7 - Political parties, charitable institutions can file this form.

Due date for filing an Income tax Return:

For Individuals and Non Audit Case - 31st July of the assessment year.
For Audit Cases - 31st September of the assessment year

Income tax / Proprietorship:

Proprietorship Income tax return filing is similar process as an individual income tax filing. Proprietors under 60 years and the income exceeds the limit of RS.2, 50,000 is need to file Income tax. It is totally different slab from LLP and Companies.

Income tax-Limited liability Partnership/Partnership companies/private limited company

Limited Liability Partnership or partnership companies are considering as the same token of Partnership firms. For Limited Liability Partnership and partnership companies are paying 30% from total income as the rate of income tax. If the income exceed more than a crore sub-charge of 12% need to pay. Public limited company comes under the taxation amount of 25% from total income of earning.

Penalty on Income tax:

Ending of the financial year, all the financial reports need to submit. From the April 1st new financial year is commencing for further business progress. Government of India allotting 31st July the deadline for filing all company’s ITR report. Rs.5000 is levied per day as a Penalty for submitting ITR before December 31st. Suppose, if it extends after December 31st the penalty amount will be Rs.10, 000.

Documents Required

1. Individual Bank Statement. ( All the accounts )
2. Investment details ( For Eligible Deductions ) (80C, 80CCC, 80CCD, 80CCG, 80D, 80DD, 80DDB,80E, 80G,80GG, 80GGC, 80TTA, 80TTB, 80U )
3. Aadhaar Card Copy and Pan Card Copy.
4. Source of Income

Declare - Salary Income
Declare - Rent Income ( Own or Joined House Property )
Declare - Income from Business or Profession ( Profit sharing or Salary from the Firm or Company )
Declare - Capital Gain ( Any property or Shares or Mutual funds or PF etc, sold )
Declare - Any income from other sources

5. Kindly provide the eligible deductions expenses,

LIC Policy premium payment
Rent paid
School Fees for children
Housing Loan ( Provide the split up - Interest part and Principle part )
Donations paid
Health insurance premium Paid

FAQ'S

Income Tax

For Individuals and Non Audit Case - 31st July of the assessment year. For Audit Cases - 31st September of the assessment year.

A return can be filed after the due dates. Penalty will be charged if the return is filed after the due dates.

Request letter to be submitted to the Assessing Officer after making the pending tax dues for the particular financial year.

You can show ITR as your proof of income.

You can claim the refund.

You can avail the loans

You can avail the Credit Cards.

ITR is mandatory for VISA

You can carry forward your losses.

You can check the refund status in the below link - https://tin.tin.nsdl.com/oltas/refund-status-pan.html

Tax Deduction and Collection Account Number is a unique number required to be registered by all persons who are responsible to deduct or collect the tax.

Section 44AB of the income tax act deals with Tax Audit. Tax audit is required for those who get their accounts audited from a chartered accountant. The CA conduct the tax audit and will give his findings, observation, etc., in Form Nos. 3CA/3CB and 3CD.

Advance tax means making the tax in advance instead of lump sum payment at end of the financial year.

Advance Tax instalment are below, (To be calculated based on the Expected liability)

 15 % on the Expected liability – On or before 15th June
45 % on the Expected liability – On or before 15th September
75 % on the Expected liability – On or before 15th December
100 % on the Expected liability – On or before 15th March

No. Agriculture income is not taxable.

Yes. You have to maintain the proofs for your every sources of income.