Income Tax Return Filing

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Income Tax Return Filing


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About Income Tax Return Filing
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Income Tax Return Filing: A Seamless and Elevated Experience Filing income tax returns is a process that can be complicated and time-consuming, but it's a mandatory obligation every professional must fulfill. Thankfully, with the advent of technology, the process is becoming more manageable and hassle-free. One of the most convenient and easiest ways to file returns and save taxes for lawyers is through presumptive taxation. Presumptive tax is an alternative method of taxation offered by the Income Tax Department, most suited for individuals with lower incomes. With presumptive taxation, the computation of taxable income is not based on the actual figures but is presumed to be a certain percentage of the gross receipts. Doctors, Lawyers, and Architects can also make use of this method to file their income tax returns under section 44ADA of the Income Tax Act. This simplified tax return system offers a safe harbor to professionals, minimizing the probability of audits and unwanted scrutiny from the Income Tax Department. Filing income tax returns in India involves a detailed process of reporting on an individual's income, allowances, and capital gains in the prescribed ITR form. It is mandatory to file returns, even if an individual's income falls below the taxable limit. A complete and accurate representation of income earned in any financial year must be declared. To make the process of filing returns more accessible, the Income Tax Department has introduced Type 1 ERIs, allowing individuals to file income tax returns in one go, in less time. In contrast, Type 2 ERIs enable individuals to use e-filing portals to file their income tax returns/forms using Income Tax Department-approved utilities. Legal heirs can also perform the same functions as the deceased, including filling income tax returns, amongst others. Registering as a legal heir is a simple process that has been made convenient through the e-filing portal. Suppose a legal heir intends to file returns under the name of the deceased. In that case, they can do so by logging in to their account and selecting the legal heir option. In conclusion, filing income tax returns is a necessary legal obligation for any professional to fulfill. However, with the assistance of presumptive taxation, Type 1 and 2 ERIs, and the convenience of the e-filing portal, individuals can seamlessly complete the filing process quickly and efficiently.

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Location

Darave, Thane (400706)

Important to know

  • Weekdays  00:00 - 00:00
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Weekdays  00:00 - 00:00
Sat  00:00 - 00:00
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  • English
  • booking_flow_data.languages_spoken.hi
SpeaksEnglish, booking_flow_data.languages_spoken.hi
Business hours
  • Weekdays  00:00 - 00:00
  • Sat  00:00 - 00:00
  • Sun  00:00 - 00:00
Business hours
Weekdays  00:00 - 00:00
Sat  00:00 - 00:00
Sun  00:00 - 00:00
Speaks
  • English
  • booking_flow_data.languages_spoken.hi
SpeaksEnglish, booking_flow_data.languages_spoken.hi


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