Tax filing is done once a year. We support and outsource tax filing for Individuals, Partnership Firms, Companies, trusts, Society, and Co-Operative Societies.
Who is required to file the ITR?
1. Any Person, whose gross total income exceeds the basic exemption limit. Gross total income can be received from many sources of income mentioned below:-
- Salary Income
- Income From House Property
- Capital Gain
- Business Income
- Other Sources of Income
The threshold limit of tax exemption varies from person to person. As per Income Tax, there are seven types of Persons and it is as follows:-
- Individual Person
- Hindu Undivided Family
- Company
- Partnership Firm
- AOP or BOI
- Local Authority
- Artificial or Juridical Person
2. Who has spent an amount exceeding Rs 2 lakh for travel to a foreign country
3. Total deposits in one or more savings bank accounts are Rs 10 lakh or more during the financial year.
4. Who has paid an electricity bill exceeding Rs 1 lakh in a single bill or on an aggregate basis during the financial year?
5. Aggregate TDS and TCS during the financial year is Rs 25,000 or more (For senior citizens, this limit is Rs 50,000)
6. Anyone, who is in receipt of money or any asset, be it movable or immovable, for an amount exceeding Rs. 50,000/-
Source: ITR Filling in Dwarka
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