File Income Tax Return
Simply put, Income Tax refers to the direct tax paid on income, to the government, within a given financial year (April-March).
When the total income of a person from all sources of income exceeds the maximum amount permissible which is not chargeable to income-tax by the government, then that person is liable to file the Income Tax Return.
Choksi Tax Accounting For Investments services in India. The slabs to file Income Tax Returns vary, depending upon the total income earned during a year and the various exemptions for which the individual/entity is eligible for. In the case of an assessee earning income primarily from salary, the due date for filing the Income Tax Return is normally 31st July of the assessment year, unless extended by the Income Tax Department.
Individuals can file their Income Tax Returns by filling the requisite forms ITR 1, ITR2, ITR 3 or ITR 4 depending upon the nature of income.
We also offer income tax services that comprise taxation on income earned in a financial year a part of which is taxable as per rates prescribed for that year. With the financial year running from 1 April to 31 March of following year, broadly taxpayers are classified as residents or non-residents where the individual taxpayers can be classified as ‘residents but not ordinary residents’.
Our team of tax consultants and financial advisors also allows us to offer Business Startup Consulting Services, Income tax consultancy services that are aimed at offering business solutions to Manufacturers, Traders, Dealers as well as Service providers of industry.
Residential Status
An individual is considered resident in India if he is in India in tax year for:
182 days or more;
60 days or more where the period of 60 days stands changed to 182 days or more for –
- Indian citizens/persons of Indian origins on visit to India
- For citizens of India leaving India for employment abroad as members of crew of Indian ship during tax year
A resident is “not ordinarily resident” in India in any tax year if he:
- Has been “non-resident” in India in nine out of 10 previous years preceding that year
- Has during previous seven years, preceding that year been in India for total period of 729 days/less
Taxability Based on Status
| Residential Status | Indian Sourced Income | Foreign Sourced Income |
| Resident | Taxable in India | Taxable in India |
| Resident but not ordinarily resident | Taxable in India | Not taxable in India |
| Non-resident | Taxable in India | Not taxable in India |
Heads of Income
Income is categorized under five broad heads/classes where the taxable component of income is ascertained as per the rules for particular head/class of income followed by aggregation for determining total taxable income. These include:
Salaries – Received against services rendered and include wages, pension, fees, commission and taxable value of perquisites.
Income from house properties that comprise income that arises from use of residential/commercial properties. Here, only two prescribed deductions are permitted while computing income.
Profits and Gains from Business/Profession that covers income earned from business/profession that is net of permissible deductions, against revenue earned.
Capital Gains that covers gains which arise from transfer of capital assets and the period of holding determining classification of asset, which then determines manner of taxation. The gains comprise short-term assets and long-term capital assets.
Sale of Certain Specified Investments that are subjected to taxation under which tax is levied on value of transaction.
Income from Other Sources that are residuary head/class of income covering any income not specifically dealt with under other heads
Choksi Tax Services helps you in filing your income tax returns and Accounting Services In India by considering all the income tax benefits that are applicable to you. We at Choksi Tax Services file all our clients returns through online e-return filing medium of the government and thereby curtail the burden of assesses to maintain physical copy of their acknowledgement receipts.
The team at Choksi Tax Services keep themselves updated with all the benefits and take the calculation of the income tax returns for the assesses in order to help them to get the most of their returns and help pay exactly the right amount of taxes to income tax department.
Reach us for more information, on filing your income tax returns, or planning your investments and opting various means of tax planning for your future or for resolving your complex queries and easily meet our team of experts by calling on our number +91 79 71727115 or mail us your query at info@choksitax.com.