If you want to file Income Tax Return then you can take our ITR filing service by contacting us on. If you don't know about income tax return filing then refer the texts below.
As you all know that we Indians have a tax liablity on our Total Income if the income exceeds a defined range of Income. The range of income can differ in each financial year as per the Budget announcements. So here we will help you to file your ITR return on time so that you dont have to pay any excess tax, but before going futher you should know the basics of Income Tax.
What is Income Tax
Income Tax is a type of tax which is imposed on all the citizens of India and non citizens of India who are earning in India or earingn from India or earing through India. Normally it is belived that income tax is paid by rich people and corporates but it is not true, In India tax payment liablity is defined by the income range of the individual, even a middle class person who has many dependants has to pay tax even if his salary is not enough to feed the dependents, if his salary is above a prescribed limit then he has to pay tax on his income.
Why Income Tax is taken by Government
As you all know there are many things which government do for the public such as providing hospatality, defence, security, foods and many more things. For all these things government incurres expenses which is paid by government through the tax payers money. If you give tax on your income then such tax money is used by government to pay the expenses for the public.
Who are liable to pay tax
Any person who earns more than the tax exemption limit is liable to pay tax on his income. Normally this limit is set to Rs. 7 lakh for the financial year 2023-24 but for fy 2022-23 the limit is 5 lakh but it does not gurantee that you don't have to pay tax, if you earned short term capital gain and your income is above 2.5 lakh then you are liable to pay tax, and if you have earned lottery income or any type of gaming income then also you are liable to pay tax on your winning money even if you don't earn any rupee.
How government traces income
In current time government is tracing the income through banking channel and online modes. It means if you are earning through online modes then it is pretty sure that your earning data is available to tax department. Apart from earning if you are expending big money on any thing then such expense is also in radar of income tax department through the use of your PAN Card. If you don't declare your income by filing ITR then you may receive a notice from income tax department on your mailing address and in worst case you can even have a raid.
How to declare income to Government
If you want to declare your income to government then you have to file your ITR which means Income Tax Return. ITR is just like a government form to declare income details of a person. ITR is used by individuals, corporates, NGOs and even government companies for reporting income. If you income is more than the exemption limit then you are required to file income tax return. At the current time the limit is Rs. 2.5 Lakhs.
Benfits of Income Tax Return filing
If you want to know about the benefits of filing ITR then you will be shocked to know that there are many benfits of it such as if you have a TDS deduction on your payment then by filing ITR you can take back you TDS money from the income tax department as a refund if there is no or less tax liablity compared to TDS money.
Apart from TDS refund your ITR filing can help you to take foreign countries visa, taking home loan or business loan, buying properties or gifting properties and many more.
How to file income tax return
If you want to file your income tax return then you can file it by yourself by taking the help of internet. You just have to visit here https://www.incometax.gov.in/iec/foportal/ and have to file your income details through online mode and if don't want to file income tax return by yourself then you can take help of an expert on this, normally Chartered Accountants are the expert of Income tax but other professionals are also income tax expert such as LLB, Company Secretary, Cost Accountants and Other professionals having experiance in this such as semi qualified CAs and CA firm employees etc.
Income Tax Return filing through Moneyseth
Now suppos you don't want to file income tax return by yourself because lack of knowledge or less time then you can take our help in income tax return filing. Here we are a group of finance professionals which includes CAs, MBAs, Semi Qulaified CAs and other Finance professionals having practical knowledge in this field.