Income Tax Return Filing Services
Accurate, Hassle-Free Tax Filing with Jaydeep Mitra
Filing your income tax return can be a complex and time-consuming process. With the help of Jaydeep Mitra, our income tax return e-filing in India services are designed to ensure accuracy, compliance, and peace of mind. Whether you are a salaried individual, business owner, or need to file a zero income tax return, our expert team is here to simplify online income tax filing for individuals and businesses alike.
Why Income Tax Return Filing is Important
Completing your income tax return filing is not just a legal requirement but also comes with various benefits. Filing tax returns can enhance your financial credibility, enable access to loans, and even facilitate quicker visa processing. Choosing online income tax filing services with an experienced income tax consultant can further streamline the process.
Top Benefits of Filing Your Income Tax Return:
- Legal Compliance: Meet mandatory tax requirements and avoid penalties.
- Loan Eligibility: Income tax returns are often required when applying for loans or credit products.
- Faster Refunds: Timely and accurate filing can expedite tax refunds.
- Proof of Income: ITR acts as income proof for many financial and legal matters.
Overview of Our Income Tax Return Filing Services
At Jaydeep Mitra, we offer comprehensive income tax return online filing for individuals in India and businesses. Our team of tax professionals is well-versed in e-filing, ensuring compliance with the latest tax regulations.
1. e-Filing of Income Tax Return for Individuals
Navigating the e-filing of income tax returns can be straightforward with our expert assistance. We manage every aspect of individual ITR filing, including:
- Document Preparation: Collection and verification of income statements, bank details, and investment records.
- Deductions and Exemptions: Maximizing tax-saving opportunities by identifying eligible deductions.
- Seamless e-Filing: Filing your ITR online accurately to ensure timely submission.
2. Income Tax Return Filing for Businesses
For businesses, income tax return e-filing in India involves multiple steps and compliance considerations. Our services cover:
- Financial Statement Review: Ensuring financial accuracy before filing.
- Strategic Tax Planning: Creating tax-saving strategies for optimal financial planning.
- Regulatory Compliance: Managing statutory requirements for corporate tax filings.
Steps to File Your Income Tax Return with Us
Our ITR filing experts guide you through each step, making the process straightforward and efficient:
- Initial Consultation: Assessing your specific tax filing requirements.
- Document Collection and Preparation: Gathering all necessary records and ensuring accuracy.
- Review and e-Filing: Submitting your return via the government’s online income tax filing portal.
- Post-Filing Support: Handling any follow-up queries or notices from the tax department.
Why Choose Jaydeep Mitra as Your Income Tax Return Filing Consultant?
With years of experience and a commitment to client success, Jaydeep Mitra provides tailored tax filing services. From income tax return online filing for individuals to comprehensive business tax management, our team is dedicated to delivering precision and personalized support.
Our Unique Approach Includes:
- Expert Tax Guidance: Skilled professionals with deep expertise in IT returns e-filing India.
- Customized Solutions: Tailored tax filing services based on your unique needs.
- Timely Filing and Compliance: Helping you meet deadlines and avoid penalties.
- Transparent Process: Clear communication throughout, so you’re never in the dark.
Overview of Our Income Tax Return Filing Services
- ITR-1 (SAHAJ) – Applicable for Individual
- Salary / Pension, One House Property, other sources (Interest, Family Pension, Dividend etc.), Agricultural Income up to ₹ 5,000
- ITR-3 – Applicable for Individual & HUF
- Having Income under the head Profits or Gains of Business or Profession
- Who is not eligible for filing ITR-1, 2 or 4
- ITR-4 (SUGAM) – Applicable for Individual, HUF & Firm (Other than LLP)
- This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a resident having total income up to ₹50 lakh and having Income from Business and Profession which is computed on a presumptive basis (under section 44AD / 44ADA / 44AE) and income from any of the following sources:
- Salary / Pension, One House Property, Other sources (Interest, Family Pension, Dividend etc.), Agricultural Income up to ₹5,000
Section 194-IB of the IncomeTax Act, 1961
Section 194-IB of the Income Tax Act, 1961, covers the tax deduction at source (TDS) on rent payments made by individual and Hindu Undivided Family (HUF) tenants to landlords. Here’s a detailed explanation of its application:
1. Applicability of Section
194-IB
Section 194-IB applies to
individuals or HUFs who are not required to get their accounts audited under
the Income Tax Act (i.e., individuals and HUFs who are not in the business or
profession requiring audit).
If the monthly rent payable
exceeds ₹50,000, TDS under Section 194-IB becomes applicable.
2. Key Points of Section
194-IB
TDS Threshold: TDS is
required if the monthly rent payable exceeds ₹50,000. If the rent is ₹40,000
per month, Section 194-IB does not apply because it is below the ₹50,000
threshold.
TDS Rate: The TDS rate under
Section 194-IB is 5% of the total rent amount.
Timing of Deduction: The
tenant needs to deduct TDS only once at the time of payment or at the end of
the financial year, whichever is earlier.
Landlord’s PAN Requirement:
The landlord must provide their PAN. If the PAN is not provided, TDS may be
deducted at a higher rate of 20%.
3. Calculation Example for
Rent Over ₹50,000
Suppose the rent is ₹60,000
per month. Here’s how TDS would work:
Annual Rent: ₹60,000 * 12
months = ₹7,20,000.
TDS Calculation: TDS at 5% of
₹7,20,000 = ₹36,000.
Payment Process: The tenant
should pay the TDS amount (₹36,000) to the government and provide the balance
(₹6,84,000) to the landlord over the year.
4. Process of Paying TDS
under 194-IB
Challan Payment: TDS is
deposited via Challan-cum-Statement Form 26QC.
Tenant Responsibility: The
tenant must fill out Form 26QC and pay the TDS to the government.
TDS Certificate (Form 16C):
After depositing the TDS, the tenant should issue a Form 16C (TDS certificate)
to the landlord as proof of deduction.
5. Non-Applicability in Your
Case
Since your monthly rent
payment is ₹40,000, it falls below the ₹50,000 threshold under Section 194-IB.
Therefore, no TDS is required on this rental payment.
Start Your Income Tax Return Filing Today
Make income tax return e-filing hassle-free with our expert assistance. Reach out to Jaydeep Mitra, a trusted income tax return filing consultant, and let us handle your tax needs with professionalism and accuracy.
Contact Us to learn more about our income tax return filing services and start simplifying your tax journey today!
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