Lucknow Consultant

Income Tax Return

ITR filing in Lucknow is a form in which an individual or business entity reports their income and tax liability to the Lucknown Income Tax Department. Filing of Income Tax Return (ITR) is a process of submitting the details of one’s income earned during a financial year to the Income Tax Department of Lucknow. It’s a self-declaration of the income earned and the tax paid on it. The Income Tax Act, 1961 requires individuals, HUFs (Hindu Undivided Families), firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), and companies to file their ITR if they meet certain conditions. The financial year in Lucknow starts from 1st April and ends on 31st March of the following year. The rules for ITR filing are specified under the Income Tax Act, 1961 and the rules specified by the Central Board of Direct Taxes (CBDT). Section 139 of the Income Tax Act, 1961 makes it mandatory for specified persons to file their ITR within the due date. The due date for ITR filing is 31st July for most taxpayers and 30th September for taxpayers who are required to get their accounts audited.

Overview: Filing of Income Tax Return is mandatory for individuals and business entities whose income exceeds the taxable limit. ITR must be filed annually, by a specified due date, to report the previous financial year’s income and tax liability.

Rules:

  • Filing of ITR is mandatory for individuals and entities whose taxable income exceeds the taxable limit.
  • ITR must be filed annually, by a specified due date.
  • Late filing of ITR may attract penalties and interest.

Legal Provisions: ITR filing is governed by the Income Tax Act, 1961 and the Income Tax Rules, 1962.

Process: ITR in lucknow can be filed online through the e-filing portal of the Income Tax Department or by submitting a physical form to a designated Income Tax Office.

Checklist:

  • Details of Income (salary, business income, capital gains, etc.)
  • Details of TDS (Tax Deducted at Source)
  • Details of taxes paid
  • Details of investments and savings
  • Details of foreign assets and bank accounts (if applicable)

Advantages:

  • Filing of ITR helps individuals and entities to fulfill their legal obligation and avoid penalties and interest.
  • Filing of ITR enables individuals and entities to claim tax refunds, if any.
  • Filing of ITR helps individuals and entities to maintain a record of their income and taxes paid.

Disadvantages:

  • Filing of ITR can be time-consuming and may require submission of multiple documents.
  • Non-compliance with ITR filing requirements can result in penalties and fines.

Cost: Filing of ITR is free of cost when done online through the e-filing portal.

Time Involved: Filing of ITR can take anywhere from a few hours to several days, depending on the complexity of the return and the availability of all required information and documents.

Validity: ITR must be filed annually by the specified due date. Late filing of ITR may attract penalties and interest.

Documents Required:

  • PAN card
  • Bank statements
  • TDS certificates
  • Details of investments and savings
  • Details of foreign assets and bank accounts (if applicable)
  • Salary slips
  • Business income details (if applicable)

  • Income tax consultancy in India involves providing professional advice and guidance to individuals and businesses on various aspects of the Indian Income Tax Act, such as tax planning, compliance, and dispute resolution. Income tax consultants are professionals who possess expertise and knowledge in taxation laws and help clients to minimize their tax liability while complying with the tax laws of India.

    Overview:

    In India, income tax consultancy services are provided by various professional firms, including Chartered Accountants (CAs), Cost Accountants, and Company Secretaries. These professionals provide guidance on tax planning, compliance, and representation services to clients across various industries.

    Legal Provisions:

    The Income Tax Act, 1961, is the primary law that governs income tax in India. The act defines the tax rates, exemptions, deductions, and other rules that taxpayers must follow while filing their tax returns. The Income Tax Department, under the Ministry of Finance, is responsible for administering the Income Tax Act and collecting taxes.

    Process:

    The process of income tax consultancy involves the following steps:

    1. Consultation: The first step in the process is to consult with an income tax consultant. The consultant will assess the client’s tax situation and provide guidance on tax planning, compliance, and dispute resolution.
    2. Tax Planning: The consultant will advise the client on ways to minimize their tax liability while complying with the tax laws of India. This includes identifying tax deductions and exemptions that the client is eligible for, structuring their investments to minimize tax liability, and optimizing their tax returns.
    3. Compliance: The consultant will assist the client in complying with the various provisions of the Income Tax Act. This includes filing of income tax returns, responding to income tax notices, and representing the client before the Income Tax Department.
    4. Dispute Resolution: In case of any disputes with the Income Tax Department, the consultant will represent the client and provide guidance on resolving the dispute.

    Documents required:

    The documents required for income tax consultancy services vary depending on the type of service required. Generally, the following documents are required:

    1. PAN Card
    2. Aadhaar Card
    3. Bank Statements
    4. Salary Slip
    5. Investment Details

    Time involved:

    The time involved in income tax consultancy services depends on the complexity of the client’s tax situation and the type of service required. Generally, tax planning and compliance services may take a few days to a few weeks, while dispute resolution services may take several months.

    Cost:

    The cost of income tax consultancy services in India varies depending on the type of service required, the complexity of the client’s tax situation, and the experience and expertise of the consultant. Generally, consultants charge a fee based on the number of hours or days of work required. The fee may also depend on the value of the tax liability being minimized or the amount of tax refund being claimed.