Income Tax Return Filing
Who Should File ITR?
1. ITR must be mandatorily filed if a resident individual's total income during the financial year exceeds the basic exemption limit.
2. If you want to claim an income tax refund from the department.
3. If you have earned from or have invested in foreign assets during the FY.
4. If you wish to apply for visa or a loan
5. If the taxpayer is a company or a firm, irrespective of profit or loss.
TDS Return Filing
TDS returns are filed by employers or organizations
who have a valid Tax Collection and Deduction
Number (TAN). A person who is making specified
payments that are mentioned under the Income Tax
Act is required to deduct tax at the source and it to
be deposited within a stipulated time.
Which ITR to File?
Tax Saving And Planning
Tax planning is a focal part of financial planning.It ensures savings on taxes while simultaneously conforming to the legal obligations and requirements of the Income Tax Act, 1961. The primary concept of tax planning is to save money and mitigate one's tax burden. However, this is not its sole objective.
