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Income Tax Filing

Income Tax Filing Services by CAPLUS

Income tax filing is a mandatory responsibility for individuals, businesses, and other entities earning taxable income in India. At CAPLUS, we provide end-to-end solutions to simplify your tax filing process. Our team ensures accuracy, compliance, and timely submissions so that you can focus on what matters most – growing your financial well-being or business.

Income Tax Filing
Income Tax Filing

Why Is Income Tax Filing Important?

Filing your income tax return (ITR) is more than just a legal obligation. It comes with several benefits:

Compliance: Avoid penalties and legal troubles by staying compliant with the Income Tax Act.

Loan Approvals: Most financial institutions require ITR proof for loan applications.

Refund Claims: Claim tax refunds for any excess tax paid.

Visa Processing: Income tax returns serve as proof of income and financial stability.

Credibility: Filing ITR reflects financial discipline and enhances your credibility.

Who Needs to File Income Tax Returns?

The Income Tax Act mandates certain individuals and entities to file returns:

Individuals earning above the basic exemption limit.

Businesses, including proprietorships, partnerships, LLPs, and companies.

Professionals like doctors, lawyers, and consultants with annual income exceeding the threshold.

Individuals receiving income from property, investments, or foreign sources.

Entities claiming tax exemptions or carrying forward losses.

Income Tax Filing Process

Income Tax Filing Process at CAPLUS

Filing your income tax return with CAPLUS is simple and efficient. Here’s how it works:

1. Document Collection: Share the required documents such as PAN, Aadhaar, Form 16, investment proofs, and bank statements.

2. Tax Computation: Our experts calculate your taxable income, deductions, and applicable taxes.

3. ITR Preparation: We prepare your income tax return with precision.

4. Review & Submission: After your approval, we submit the ITR to the Income Tax Department.

5. Acknowledgment: Receive the acknowledgment and track your return status.

Income Tax Filing for Individuals

Salaried Individuals:
Requirements:

 Form 16, investment proofs, and bank statements.

Benefits:

 Maximize deductions under Sections 80C, 80D, and more.

Self-Employed Professionals:
Requirements:

 Income and expense records, GST returns (if applicable), and bank statements.

Benefits:

 Claim deductions for business expenses.

Senior Citizens:
Requirements:

 Pension details, bank statements, and investment proofs.

Benefits:

 Lower tax rates and additional exemptions.

Income Tax Filing for Businesses

Proprietorships:

Taxed as individual taxpayers.

Required to file ITR if income exceeds the exemption limit (e.g., ₹2.5 lakh for individuals below 60 years).

Partnership Firms:

File ITR using Form ITR-5.

Taxed at a flat rate of 30%.

Additional surcharge and cess may apply.

LLPs:

File ITR using Form ITR-5 and an annual MCA return.

Taxed at a flat rate of 30% with additional compliance requirements.

Companies:

File ITR using Form ITR-6 and an annual MCA return.

Taxed at rates defined under the Income Tax Act with provisions for MAT (Minimum Alternate Tax).

Benefits of Choosing CAPLUS

Benefits of Choosing CAPLUS for Income Tax Filing

1. Expert Guidance: Experienced professionals to handle your tax filing.

2. Customized Solutions: Services tailored to your financial needs and goals.

3. Error-Free Filing: Avoid mistakes and penalties with accurate calculations.

4. Time-Saving: Focus on your core activities while we manage compliance.

5. Affordable Pricing: Transparent and competitive service charges.

Documents Required for Income Tax Filing

PAN and Aadhaar card

Salary slips or Form 16

Bank statements

Proof of investments (e.g., LIC, PPF, ELSS)

Details of loans (e.g., home loan interest certificate)

Rental income details (if applicable)

GST registration and returns (for businesses)

Penalties for Late Filing

Failing to file your income tax return on time can lead to penalties:

Late Fee: Up to ₹10,000 under Section 234F.

Interest: Additional interest on tax dues under Section 234A.

Loss of Refunds: Delayed refunds for excess taxes paid.

Legal Consequences: Potential scrutiny and fines for prolonged non-compliance.

Penalties for Late Filing

What is the deadline for income tax filing in India?

Can I file my income tax return after the deadline?

What happens if I fail to file my income tax return?

How does CAPLUS help with tax filing?

Can I claim deductions if I’m filing a belated return?

Do I need to file a tax return if my income is below the exemption limit?

Ensure seamless income tax filing with CAPLUS. Contact us today to get started on your journey to financial compliance and peace of mind!

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