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Importance of Tax Compliance
Are you risking penalties and legal trouble by neglecting tax compliance? Staying compliant with tax regulations is more than a legal necessity; it’s a cornerstone of financial stability and growth.
Tax compliance isn’t just about avoiding penalties—it’s about fostering transparency and building trust with stakeholders. By adhering to tax regulations, businesses and individuals can unlock benefits like hassle-free financial audits, improved creditworthiness, and long-term economic stability. Moreover, timely compliance with tax laws safeguards you from the increasing scrutiny of tax authorities, especially with digital systems like e-assessments now in place. Don’t let non-compliance become a roadblock to your financial success!
Overview of Income Tax Return (ITR)
Do you know that filing an Income Tax Return can be your gateway to financial freedom? Discover how a simple annual filing can bring you refunds, secure loans, and save you from hefty penalties.
An Income Tax Return (ITR) is a statement where taxpayers declare their income, deductions, and taxes paid to the government. It’s not just a formality—it’s a critical document that serves as proof of your financial discipline. Filing your ITR on time can help you claim tax refunds, prove your income for loans or visas, and ensure you stay compliant with tax laws. With the government digitizing the process, filing your ITR has never been easier. So why wait? Take control of your finances today!
Who can file it? when do you have to file an ITR? If you wanted to watch and listen it Click Here
1.If you are an Individual or HUF(Hindu Undivided Family), AOP(Association Of Persons), AJP(Artificial Judicial Person or BOI(Body Of Individual); you have to file your ITR if your total income(before any deductions) is more than the following basic exemption limits:
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- For individuals below the age of 60 years, HUF, AOP, AJP, and BOI: ₹2,50,000
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- For individuals above 60 years but below 80 years of age: ₹3,00,000
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- For individuals above 80 years of age: ₹5,00,000
2. If you are a Company or a firm, you have to compulsorily file your ITR, even if you don’t have any income or even if you incur a loss
3. Any person who spends more than the following amounts:
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- Deposit of ₹1 Crore or more in one or more current accounts of any commercial or cooperative bank
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- ₹2 lakh or more for himself or any person for foreign travel
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- ₹1 lakh or more in electricity expenses
4. If you are a ROR(Resident and Ordinarily Resident) {click here to know more about your residential status}, and you hold any asset or bank account outside India as a beneficial owner or beneficiary.
5. Any person other than above, whose:
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- For businessmen: Total sales, gross receipts, etc. are more than ₹60 lakh
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- For Professionals: Gross receipts are more than ₹10 lakh
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- The aggregate of TDS(Tax Deducted at Source) and TCS(Tax Collected at Source) is more than ₹25000 (For resident Senior citizens,i.e., 60 years or above it is ₹50000)
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- Deposits of ₹50 lakh or more in one or more saving accounts in one or more banks
Due date of ITR filing
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- For companies, or persons other than companies(including partners in a firm) whose accounts need to be audited: 31st October
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- Other assessees: 31st July
Which form to file?
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- ITR1
For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs.5 thousand.
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- ITR2
For Individuals and HUFs not having income from profits and gains of business or profession(PGBP), if Total Income is more than ₹50 lakh
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- ITR3
For individuals and HUFs having income from profits and gains of business or profession.
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- ITR4
For Individuals, HUFs, and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE, and agricultural income up to Rs.5 thousand.
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- ITR5
For persons other than- (i) individual, (ii) HUF, (iii) company, and (iv) person filing Form ITR-7
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- ITR6
For Companies other than companies claiming exemption under section 11
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- ITR7
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only We have made Power point Presentation also you can read it by click here
प्लेटफार्म बदल सकते हैं. बाज़ार बदल सकता है. यहां तक कि आपका स्थान Niche भी बदल सकता
है.
लेकिन एक चीज़ सदाबहार रहती है.
और ये हैं 5 तरह के कंटेंट
वे काम करते हैं, चाहे कुछ भी हो।
आप अन्य सभी प्रकार की सामग्री को अनदेखा कर सकते हैं और केवल इन 5 पर ध्यान केंद्रित कर सकते हैं।
ये 5 प्रकार क्या हैं?
प्रकार #1: वह सामग्री जो लोगों को प्रेरित करती है (Content That
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प्रकार #2: वह सामग्री जो लोगों को सिखाती है (Content That Teaches
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प्रकार #3: वह सामग्री जो लोगों का मनोरंजन करती है(Content That
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People Feel Understood.)
आप किसी भी प्रकार की
जानकारी के लिए जो अकाउंटिंग फाइनेंसिंग, टैक्स प्लानिंग, रजिस्ट्रेशन और
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