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At our consultancy firm, we take immense pride in being among the top income tax consultants in Mumbai. Our seasoned team brings extensive knowledge and experience in income tax laws and regulations, providing tailored solutions to individuals, startups, SMEs, and large corporations
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Ready to optimize your income tax position and ensure compliance with tax laws? Reach out to our expert income tax consultants in Mumbai today.
We offer expert guidance on tax planning, compliance, and strategies to optimize your tax liabilities.
What is the ITR for consulting income?
The Income Tax Return (ITR) form you need to use for reporting consulting income depends on the nature and structure of your consulting work, your income level, and various other factors. In India, there are different ITR forms available, and it's important to choose the one that best fits your specific circumstances.
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How do I file an ITR consultant?
Step 1: Determine the Appropriate ITR Form
The first step is to determine which ITR form is appropriate for your consulting income and financial situation. As mentioned earlier, consultants typically use forms like ITR-3, ITR-4, ITR-5, or ITR-6, depending on their business structure and income sources.
Step 2: Gather Required Documents
Collect all the necessary documents and information needed for filing your ITR. This may include:
- PAN (Permanent Account Number)
- Aadhaar Card
- Bank statements and passbook details
- Details of income from consulting services
- TDS (Tax Deducted at Source) certificates, if applicable
- Details of any other sources of income (if applicable)
- Investment details for deductions (e.g., Section 80C investments)
- Form 26AS (Tax Credit Statement)
- Bank account details for refund purposes
- Details of any foreign income/assets (if applicable)
Our Services
Financial Consultation: Our experienced CAs provide strategic financial guidance to empower businesses, enabling them to make informed decisions and achieve financial success.
Audit and Compliance: Specializing in audit and compliance services, we ensure financial transparency and regulatory adherence for businesses of all sizes.
Taxation Services: Our adept tax experts navigate the intricate tax landscape, minimizing liabilities and maximizing benefits while ensuring full compliance.
Business Advisory: We deliver personalized business advisory services, assisting clients in optimizing operations, expanding their horizons, and surmounting financial challenges.
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Can a person file his own ITR?
Yes, individuals in India can file their own Income Tax Returns (ITR) without the assistance of a tax professional or chartered accountant. In fact, many individuals, especially those with relatively simple financial situations, choose to file their ITR on their own. The process of filing an ITR can be done online through the official Income Tax Department’s website, and it has become more user-friendly over the years.
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Why Choose Bashamakh?
Local Insight: We possess an in-depth understanding of Thane’s business landscape, allowing us to provide solutions that are finely tuned to local market dynamics.
Qualified Professionals: Our team comprises highly skilled Chartered Accountants and financial experts with extensive industry experience.
Client-Centric Approach: Your objectives are our utmost priority. We collaborate closely with our clients to provide pragmatic solutions that drive financial success.
Technological Advancements: Leveraging cutting-edge accounting and auditing technology, we streamline processes to deliver efficient and precise services.
Ethical Values: Upholding the highest ethical standards, we ensure the confidentiality and integrity of your financial information.
Mumbai GST Consultants
Filing an Income Tax Return (ITR) is mandatory for individuals and entities meeting specific income and financial criteria in India. However, there are certain exceptions and situations where individuals may not face penalties for late filing or non-filing of ITR. Here are some key considerations:
Exemption Threshold: As of my last knowledge update in September 2021, individuals below a certain income threshold are not required to file an ITR. The income threshold varies depending on the age and income source. For instance, individuals below 60 years with an annual income of less than ₹2.5 lakh were not required to file an ITR.
Senior Citizens: Senior citizens (individuals aged 60 years or older but less than 80 years) with an annual income below a specific threshold (e.g., ₹3 lakh for assessment year 2021-22) may not face penalties for not filing an ITR. However, it’s essential to verify the threshold for the relevant assessment year.
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