INCOME TAX RETURN FILING CHENNAI


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Currently, We are providing service Income Tax Return Filing in Chennai

 

INCOME TAX FILING


Not many are aware of the importance of income tax filing and why it is mandatory. The legislature insists that assessee who earns beyond a particular turn out of annual income must file a tax return within a designated date. Our government makes it mandatory to pay penalty if an individual fails to file on or before the date. If an individual earns less than the specified amount then the returns may also be filed. Though it is not mandatory. This era is shaping a cashless mode of payment as we see. The cards we use are also equally critical for filing the tax returns. The company would always want to get the picture of the tax filing if you are planning for a loan (home loan, car loan, etc.). We make this income tax filing process much simpler and convenient. Income Tax refunds are a return of extra numbers of income tax that an individual has paid to the government during the preceding year. According to Section 44AB of the Income Tax Act, any person managing the business with a turnover of Rs. 1 crore must get your files audited by a chartered accountant. Also, business exceeding 2 crores in the preceding years of 3 years must get the book done with audit commensurated with section 44AB.

FEATURES OF INCOMETAX FILING


Salary Return

Salary Income

A Person who working with any organization and is getting salary has to file income tax return with Government of India. If a person received a salary is less than Rs.2.50 Laksh no required to submit the return as its exempted under the Income tax. A person has to file the income tax return in the Form ITR-1.

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House Property

House Property Income

Any amount received from Rental of House Property, should declare its income when filing the Income tax Return. The amount paid on Water Tax, Property Tax can be deducted from income from House Property. 30% of Standard Deduction applicable on the income addition to the Water Tax, Property Tax Deduction

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Presumptive Tax

Presumptive Taxation

Presumptive Taxation is introduced for Small Tax payers and who are not willing to maintain the Account under the Income Tax Act. Traders, Manufactures should declare 8% of income on Turnover and 50% of income should be declaring on Services. Under the Presumptive Taxation no required to maintain the Books of Accounts

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Business Return

Business Income

A individual, Company, Firm doing the business to earn the revenue. The income from Business or Profession submits in the Form ITR4 for individual, Firm and ITR 6 for companies. A Tax slab for company is 30% with 3% education cess. Late fee applicable in case of nonpayment of advance tax if applicable

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What is Capital Gain and when will be applicable to be consider?

Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head “Capital Gains”. Any capital asset held by a person for a period of more than 36 months immediately preceding the date of its transfer will be treated as long-term capital asset. However, in respect of certain assets like shares (equity or preference) which are listed in a recognised stock exchange in India, units of equity oriented mutual funds, listed securities like debentures and Government securities, Units of UTI and Zero Coupon bonds, the period of holding to be considered is 12 months instead of 36 months. In case of unlisted shares in a company, the period of holding to be considered is 24 months instead of 36 months. With effect from Assessment Year 2018-19, the period of holding of immovable property (being land or building or both), shall be considered to be 24 months instead of 36 months.

How does classify as Long Term Capital Gains or Short Term Capital Gains?

The taxability of capital gain depends on the nature of gain, i.e. whether short-term or long-term. Hence to determine the taxability, capital gains are classified into short-term capital gain and long-term capital gain. In other words, the tax rates for long-term capital gain and short-term capital gain are different. Similarly, computation provisions are different for long-term capital gains and short-term capital gains.

DOCUMENTS REQUIRED


FOR COMPANY

  • PAN
  • Rental Agreement
  • Bank Statement
  • EB receipt
  • Resolution Copy in case of Company

FOR OWNERES

  • PAN
  • Voter ID / Passport/ Driving License / Aadhar Number
  • Photo – 2 Nos
  • ATTESTATION
  • Documents to be attested

REGISTRATION

  • ST-2 will be issued by the department.

HOW LONG DOES IT TAKES?


Step

01

Collection of Documents like Bank statement, Bills, Voucher, etc

1 DAY

Step

02

Preparation of Statement to arrive tax
 

1 DAY

Step

03

Submission of Return after getting the approval and payment of Tax

1 DAY

Step

04

Acknowledgment of Income Tax

1 DAY

Business Plan

SALARIED

Rs.500/-

  • Form 16
  • Consolidated Salary
  • Refund

HOUSE PROPERTY

Rs.799/-

    • Form 16
    • House Property income
    • Refund

BUSINESS INCOME

Rs.2500/-

  • Sales 10 Lakhs for Trading & Manufacturer
  • Sales 5 Lakhs for Service Service

Frequently Asked Questions

What is a Personal loan?
Personal loan is a 1-5 year unsecured loan given by banks, NBFC’s (Non Banking Finance Companies) or P2P lending platforms without asking for any collateral, guarantor or hypothecation of any assets. The ultimate usage of a personal loan is left to the discretion of the borrower. In our experience, the borrowers generally use a personal loan for debt consolidation, repaying high cost debt, meeting any family or medical emergency, wedding, vacations, home renovation, rental deposits, business needs for an SME, buying certain assets etc.
How is my loan eligibility calculated?
Loan eligibility is dependent on primarily the following factors: The company where you work. Every bank has a list of companies running into thousands which they have categorised into segments like A, B, C etc depending on the credentials and financials of your employer. The higher the category the higher is the loan eligibility chances. Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current personal loan that your are trying to apply for) exceeds 50-75% of your total net take home salary. Your gross/net salary Your credit score as reflected in your CIBIL or Equifax report. Having a good credit score is a necessary but not a sufficient criteria.
Is pre closure allowed in personal loans?
Some banks have a lock-in of 6 months to a year while some banks allow you to pre close even after the 1st EMI has been debited from your bank. There may also be restrictions that you can only use your own funds (and not the balance transfer cheque of another bank) to pre close a loan. In addition, banks may allow pre closure at no cost or may levy a pre closure fee (2-5% of the amount being pre-closed). Please ask for clarifications to our or the banks’ loan advisor on all these factors before signing the loan document.
What is the minimum and maximum loan limit offered for personal loan?
Generally, the minimum amount loan amount is Rs 50,000 and maximum amount is Rs 30,00,000. Higher loan amounts are dependent on a personal discussion that a bank may want to have with the borrower and then take a call on the loan amount.
Documents required while applying for a personal loan?
One need to provide an identity proof, residence proof, last 3 months salary slip, last 6 months bank statement and a passport sized photograph. Banks may also ask for additional documents later like Form 16, appointment letter, company ID card, previous company relieving letter
How long does it take to disburse the personal loan?
ClearFilings will work with the banks to try and get you the loan within 2-5 working days of submitting completed documents.
How does personal loan repayment happen?
All personal loans repayment happen in the form of an EMI (Equated Monthly Installment) through the customers bank account. The customer needs to give few PDC’s (Post dated cheques) and sign an ECS mandate in favour of the bank disbursing the loan.
What happens if I miss an EMI payment or there is an ECS bounce?
The bank will levy certain ECS bounce charges/penalties. In addition it will get reported in your credit report. Depending on the severity of the default it can have serious impact on your future credit possibilities like a home loan, car loan etc. In addition, the banks can also take legal action against the borrower.

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