Taxation

The income tax process in India involves various steps, from determining your tax liability to filing your tax return. Here’s a general overview of the Indian income tax process:

1. Determine Tax Residency:
   • The first step is to determine your tax residency status in India. You can be a Resident, Non-Resident (NRI), or Resident but Not Ordinarily Resident (RNOR), each with different tax implications.
2. Calculate Total Income:
   • Calculate your total income for the financial year (April 1 to March 31). This includes income from salary, business or profession, house property, capital gains, and other sources.
3. Claim Deductions and Exemptions:
   • Deduct eligible expenses and investments under sections like 80C, 80D, 80G, etc. Also, claim exemptions such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), etc.
4. Calculate Taxable Income:
   • Subtract deductions and exemptions from your total income to arrive at your taxable income.
5. Calculate Tax Liability:
   • Use the tax slabs and rates applicable to your income level to calculate your income tax liability. The income tax slabs may change from year to year in the Union Budget.
6. Pay Advance Tax:
   • If your estimated tax liability for the year exceeds ₹10,000, you’re required to pay advance tax in installments during the financial year. These payments are usually made quarterly.
7. File Income Tax Return (ITR):
   • Use the relevant ITR form to file your income tax return. The forms vary based on your sources of income and tax residency. The due date for filing ITR is typically July 31st (unless extended).
8. E-File ITR:
   • Most taxpayers e-file their returns online through the Income Tax Department’s official portal (incometaxindiaefiling.gov.in). E-filing is mandatory for certain categories of taxpayers.
9. Verification and Acknowledgment:
   • After submitting your ITR online, you need to verify it. You can do this electronically through Aadhaar OTP, net banking, or by sending a signed physical ITR-V to the Centralized Processing Center (CPC).
10. Assessment and Refund:
    • The Income Tax Department processes your return, verifies the information, and issues an intimation under Section 143(1). If you’re eligible for a refund, it will be processed and credited to your bank account.
11. Respond to Notices (if any):
    • If the department finds discrepancies or needs additional information, they may issue a notice. Respond promptly if you receive any communication from the tax authorities.
12. Keep Records:
    • Maintain proper records of income, expenses, investments, and supporting documents for at least six years. These records may be required for assessment or verification purposes.

It’s important to note that tax rules and procedures can change, so always refer to the latest information provided by the Income Tax Department or consult a tax professional to ensure compliance with current regulations.

We help in Taxation – MSME , HNI , NRIs and Foreign Nationals remittances

Please fill the enquiry form for more details

Please enable JavaScript in your browser to complete this form.

Name *

First

Last

Please enter your full Name

Email *

Enter valid email address

Phone Number *

Enter phone number with country code

Whatsapp Contact *

Enter Whatsapp contact number

Product Name *

Please share the brief details of the enquiry

Preferred Contact *

• Email
• Call
• WhatsApp

Please select the preferred contact method

Address Line 1 *

Share your brief address details

Address Line 2

City *

State / Province / Region *

Postal Code *

Country *

GDPR Agreement *

• I consent to having this website store my submitted information so they can respond to my inquiry.

Confirmation *

• I acknowledge that I have read and agree to abide by the the Terms and Conditions
• I acknowledge that upon submitting this form, my details can be saved to contact back.

Submit