Tax Preparation Services
Tax Preparation Services or Tax Computation comprises of correct assessment of various tax provisions and correct applicability of tax exemptions and tax deductions in order to avoid any error.
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CA/CS Assisted | 4.8/5 Rating
CA/CS Assisted | 4.8/5 Rating
There are various forms of tax returns classified as per the type of persons and nature of business carried on; here we will look into the various forms of income tax return and its applicability. All type of tax returns are filed online on Income tax portal, further after processing of return by income tax department, its status is also available on Income Tax portal in the user login of the assessee. Tax Preparation Services or Tax Computation comprises of preparation of tax return as per Tax provisions and ensure to provide the applicable tax deduction or tax exemption benefit to the assessee.
There are five different types of Return Filing, thus tax preparation services comprises of filing of:
|Forms of Income Tax Return||Applicability|
|ITR-1||It is applicable on Individuals having salary income or receipts from pension. Individuals having income from ONE house property and individuals having income from other sources having Gross Total Income below INR 50 Lakhs|
|ITR-2||It is applicable on Individuals or HUF (Hindu Undivided Family) who does not have income from business or profession.|
|ITR-3||It is applicable on individuals who are ineligible to file ITR-1, it is also applicable on HUF who cannot file return in ITR-2|
|ITR-4||This form is applicable on tax payers who have opted for presumptive taxation scheme under section 44AD, 44ADA, and 44AE of the Act. This form is filed if income does not exceed INR 2 crore, if income exceed INR 2 crore then ITR-3 is required to be filed.|
|ITR-5||This form is applicable on Partnership Firms, LLP (Limited Liability Partnership), co-operative Banks, Co-operative societies, AOP/BOI or any artificial Judicial person. This Form is not applicable on individuals, HUF, Companies and person who file return in ITR-7|
|ITR-6||This Form is applicable on Companies (Private Limited, Public Limited and One Person Companies). This form cannot be used if company claim exemption under section 11 (permitted to charitable trusts), in such cases ITR-7 is required to be filed.|
|ITR-7||All Companies who are eligible to claim exemption under section 11 can file ITR-7. This form can also be filed by Trusts, Political Parties, Person claiming return under section 10, Educational Institutions, Invest Fund Companies, Trade Union.|
- Normal Return under section 139(1)
- Belated Return under section 139(4)
- Revised return under section 139(5)
- Loss Return under section 139(3)
- Defective Return under section 139(9)
- Correct filing of Tax Return
- Correct computation of tax as per the provisions of Income tax act and rules thereunder
- Correct determination and availment of exemptions and relief applicable to tax payer.
- Proper response to the tax notices received by Income tax department
- Proper supporting documents for further reference.