An income tax is a tax imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer.
Income tax is the most important tax in our country, every person whose total income Exceed Maximum Exemption Limit (MEL) has to deal with Income Tax Act and Income Tax Authorities.
Income tax generally is computed as the product of a tax rate times taxable income.
As the income tax return for corporates have been mandatory for e-filing , we offer our expert services in Digitisation/ preparation electronic file using latest valid schema prescribed by Government of India. The file shall be validated by us and will be ready for upload without any error.
Taxation in India We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year.
Previous Year is the financial year in which the income is earned. The income earned during this previous year is charged to tax in Assessment Year, which is the year after previous year. For example for the Income earned in Financial Year (Previous Year) 2016-2017 the assessment of tax is carried out in 2017-2018. Thus 2017-2018 is the Assessment Year.
An Income Tax Return is a statement of income earned to calculate tax liability and payment or refund of taxes. Thus, the purpose of filing the return is to report our income and taxes paid thereon to the government.