D M & Associates

Income tax is tax levied on the income of a person by the government as per the provisions in the Income Tax Act, 1961. It is levied on the income earned during the year starting from the financial year, 1st April ending on 31st march.

An Income tax Return is a statement of Income earned to D M & Associateslculate tax liability and payment or refund of taxes to the government. Thus the purpose of filing the return is to report our income and taxes paid to the government.

Every person is liable to pay tax in India if his Income is more than the income notified by the government in the slab rates. The definition of person includes;

• An Individual
• A Hindu Undivided Family(HUF)
• A Company
• A Firm
• An Association of Persons(AOP) or a Body of Individuals(BOI)
• A LoD M & Associatesl Authority
• Artificial juridiD M & Associatesl persons

The payment of income taxes D M & Associatesn be made to the government manually i.e. D M & Associatessh/cheque in any designated bank branch or through e-payment. Payment should be made in Challan 280 in both the D M & Associatesses. The challan should be filled with the utmost accuracy as it is important for further processing.

Register online:

To e-file, the income tax returns, register on the Income Tax Department’s online tax filing site (incometaxindiaefiling.gov.in). Provide permanent account number (PAN), name and date of birth and choose a password.

The PAN will then act as a user ID.

Choose the required form:

Form ITR-1 (SAHAJ)is for individuals having income from salaries, one house property and other sources like interest.

Form ITR 4 is for individuals and Hindu Undivided Families having income from a proprietary business or profession, also used by proprietorship firms.

Form ITR 5 is used by most partnership firms as it is intended for persons other than individuals, Hindu Undivided Families, companies and person filing Form ITR-7.

Form ITR 6  is used by companies like one person company, private limited company, public limited company and other for-profit companies.

Form ITR 7 is used by persons, politiD M & Associatesl parties, news agencies, universities and entities in receipt of income from property held under trust for charitable or religious purposes.

Documents required:

PAN, Form 16, interest statements, TDS certifiD M & Associatestes, details of investments, insurance, and home loans.

Download Form 26AS, that summarizes tax paid against PAN. Validate the tax return with Form 26AS to check tax liability.

Fill form online or fill form offline & then upload on the site.

Verify ITR-V:

On submitting the ITR form, an acknowledgment number is generated. In D M & Associatesse the return is submitted using a digital signature, just preserve this number.

If the return is submitted without a digital signature, an ITR-V is generated and the same is sent to the registered email ID.

 

Why you have to file Income Tax Through D M & Associates

• Expert Knowledge – We have specialized training and knowledge of India's complex tax codes and systems. We stay up-to-date on the latest changes and amendments to tax laws so you don't have to. We know all the deductions and rebates you are eligible for to minimize your tax liability.
• Accuracy – We carefully review your financial documents, earnings, investments, expenses, etc. to ensure accurate tax calculations and maximum tax savings. Our expertise significantly reduces errors that lead to notices from the Income Tax Department.
• Tax Advisory - We not only files your returns, but also provides invaluable advice on how to legally reduce your tax liability through tax planning. We can recommend investments and expenses that can lower your tax bracket.
• Convenience - Maintaining tax records and filling forms is time-consuming. We handle all organizational and paperwork requirements and file your returns on time so you can focus on running your business.
• Audit Support - In case of a tax audit or scrutiny, We will represent you and provide the necessary documentation and clarifications requested by the IT Department. Our responses carry more weight during assessments.
• Save Money - Fees charged by us are nominal and often more than made up for by the tax savings we obtain for you. Their tax planning alone makes the expense worthwhile.

Filing taxes doesn't have to be painful or puzzling, especially with the expertise of a Chartered Accountant on your side. Our guidance helps you file your taxes correctly, on time and reduces the stress around tax season.

While We understand that a large number of online solutions are available, it always makes sense to discuss your financial health and tax planning with us, who will provide you with the required guidance and advice which will help you strengthen your financial goals while taking away the stress of tax payments.

Unlike Santa Claus, who we remember once a year, We will help you with your advance taxes and financial planning across the entire year, in order to help you plan your tax payments and avoid penalties, resulting in overall savings for you and your family. Remember, paying your tax is not optional but a duty of every citizen.