The Government of India collects tax on income earned within the country through Income Tax, categorized under Direct Tax, governed by the Income Tax Act, 1961. Taxpayers, including individuals, Hindu Undivided Families (HUFs), corporate entities, etc., are required to file Income Tax Returns (ITR) to the Income Tax Department, providing details of income, investments, deductions, and contributions.

Classifications of Taxpayers in India:

• Individuals
• Hindu Undivided Families (HUFs)
• Body of Individuals (BOI)
• Association of Persons (AOP)
• Local Authorities
• Corporate Firms
• Companies
• All Artificial Juridical Persons

Income Heads Recognized in Indian Law:

• Income from Salaries: Section 192 of Income Tax Act
• Income from Capital Gains: Sale of capital assets
• Income from House Property: Rental income
• Income (Profits) from Business: Business profits as per Sections 30 and 43D
• Income from other sources: Lottery, Dividend, Pension, Gifts, etc.

Note: Income Tax is calculated based on Rate Slabs determined by the Finance Ministry and Tax Departments.

Income Tax Return (ITR) filing is allowed for any earning entity, regardless of whether the income is taxable or not. Timely filing of IT returns is mandatory for income taxpayers to avoid penal charges. The Income Tax Department issues specific ITR forms to differentiate income sources:

• ITR Form 1: For income from regular salary/pension/income from property/others
• ITR Form 2: For income of any Hindu Undivided Family (HUF) member not from the "Income (Profits) from Business" income head
• ITR Form 3: For income of any HUF member from the "Income (Profits) from Business" income head
• ITR Form 4 (SUGAM): For income of any HUF/Individuals included in SUGAM taxation scheme as per section 44AD/AE/ADA
• ITR Form 5: For income of Limited Liability Partnerships (LLPs), Bodies of Individuals (BOIs), Artificial Judicial Persons (APIs), local authorities
• ITR Form 6: For companies claiming no exemptions as per Section 11
• ITR Form 7: For income based on filing done as per Sections 139 (4A), 139 (4D), 139 (4C), 139 (4B)
• ITR Form V: For acknowledging the Return Filing (ITR Verification)

Filing your Income Tax Return on time offers several advantages:

• Easy Loan Processing
• Fast processing of passport and foreign travel documents
• Tax Refund Option
• Easy Insurance Claim
• Carry Forwarding of Losses
• Priority in Government Tenders Applications
• And more...

Be prepared in advance to file your Income Tax Return on time and ensure accurate details to avoid Notices, Queries, or Penalties. Let us know your Income Tax requirements, and it's our PROMISE to provide you with the BEST Service!

• Permanent Account Number (PAN)
• Aadhaar Number
• Bank Account Details
• Form 16
• Investment Details