Tax filing season has arrived in India, and as you prepare your income tax returns this year, it’s important to know what forms you’ll need to file and how to register your business with the local tax authority (or VAT). The following guide will walk you through the entire process, from understanding what taxes apply to your business to making sure you fill out all the right paperwork and file everything by the correct deadlines. If you have further questions, feel free to reach out to your accountant or tax lawyer; they should be able to help make sure that your business pays exactly what it owes in taxes each year.
What is a TDS?
TDS (Tax Deducted at Source) is a tax that an employer deducts from your monthly salary and pays to IT department. It is an amount withheld from every payment made to non-resident Indians, non-profit organizations and companies. This also includes interest earned on fixed deposits with banks in India. The TDS rate for each type of income varies based on an income bracket, as shown below The above table shows how much tax you will have to pay if you are earning more than Rs 50 lakh per year. For example, if you earn Rs 60 lakh per year, then you will have to pay 30% * 60 lakh = 18 lakh as tax. So now we know what TDS is and how much it is applicable for people who earn more than Rs 50 lakh per year. But there are still some things which we need to clarify about TDS:
What are these deductions? How do I get my Form 16? What does Form 16 contain? Can I file my return without Form 16? How do I apply for a duplicate copy of Form 16? Is there any penalty if I don’t have my Form 16 or if it’s not correct?
What are the forms needed for TDS?
The most common documents for income tax filing in India are Form 16, TDS certificate and ITR-V. While you don’t need any additional forms or certificates if you have these three, different situations will require different paperwork. It is important that you understand what additional documents you might need, when they should be filed and where to find them in order to ensure that your business complies with tax regulations. Here’s a quick overview of each form
How to register as an ITIN holder?
The U.S. Internal Revenue Service (IRS) issues Individual Taxpayer Identification Numbers (ITINs) to foreign nationals and others who have federal tax reporting or filing requirements and do not qualify for Social Security Numbers (SSNs). To apply for an ITIN, you must submit a completed Form W-7, Application for IRS Individual Taxpayer Identification Number, with supporting documentation. Once your application is approved by the IRS, you will receive an ITIN in a few weeks by mail.
How to file your income tax return in India?
The process of filing income tax returns in India can seem complicated at first, but with a little help, you’ll have your tax form filed in no time. To help you out, we’ve compiled a list of tips and guidelines for filing income tax returns in India. Here’s how to file your income tax return
Make sure that you keep copies of all your financial documents during tax season. If possible, scan any records or documents you might need as references when filing your taxes—you’ll need them if there’s an audit! Make sure to keep any receipts for business expenses or anything else that will be deductible from your taxable income, so you don’t forget anything. You should also find last year’s tax filings or receipts as a point of reference when figuring out which deductions are available on your current form.
If there is any refund due once I file my return?: If you paid too much in taxes, then it makes sense to get some money back!
What’s New in this Year’s Income Tax Returns?
A major change in income tax laws is that those with an annual income between Rs. 2.5 lakh and Rs 5 lakh will now have to file their returns. Those whose income does not exceed Rs 2.5 lakh need not file their returns but they must furnish details of such incomes in their annual Income Tax Returns (ITR). Senior citizens filing their ITRs will have a lower threshold of Rs 3 lakh than others, at which they need not pay any tax on such incomes. If you are above 60 years of age and your gross total income is less than Rs 3 lakh then you don’t need to file your return. The government has also made it mandatory for all salaried employees earning more than Rs 50,000 per annum to mandatorily link their Aadhaar card number with PAN card. This rule will be applicable from July 1, 2017 onwards. Also, there are several changes being made in respect of TDS or tax deducted at source by employers from salaries paid during financial year 2016-17 and onwards as well as for non-salary payments like rent or interest earned during financial year 2016-17 and onwards where TDS provisions exist under Section 194A or 194C respectively.
Government Schemes For People with No Income – Explained
No income doesn’t mean no tax is to be paid. The govt gives out schemes for people with no income and there are many of them depending on your particular case. Here’s everything you need to know about these govt schemes for people with no income. How do I get a PAN Card? – Explained: What is a PAN card? Why do I need one? How do I apply for one? What documents should I have ready when applying? Read on to find answers to all your questions regarding how to get a PAN card. It might seem like an intimidating process, but it’s actually quite simple! Should I file my Income Tax Return in Person or Online? – Explained: If you’re wondering whether to file your income tax return in person or online, here’s what you need to know. Should My Company File GST Returns Monthly or Quarterly? – Explained: If you run a company that has been asked by the government to file GST returns, here’s what you need to know about filing GST returns monthly or quarterly. Do I Have To Pay Taxes On My Pension Income?