Income Tax Services

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Income Tax Services

Income Tax is a direct tax levied by the Government of India on the income earned by individuals, businesses, and other entities. Every person or business earning income above the prescribed threshold must file an Income Tax Return (ITR) annually.

Proper tax planning, compliance, and timely filing not only help avoid penalties but also ensure legal savings and smooth financial management.

Applicability of Income Tax

Income Tax applies to the following categories of taxpayers:

Individuals (Salaried, Self-employed, Professionals, Freelancers)
Hindu Undivided Families (HUFs)
Partnership Firms & LLPs
Companies (Private & Public Limited)
Trusts, Societies & NGOs
NRIs (Non-Resident Indians) earning income in India

Types of Income Tax Returns (ITR Forms)

• ITR-1 (SAHAJ): For salaried individuals with income up to ₹50 lakhs
• ITR-2: For individuals & HUFs with income from multiple sources (capital gains, property, foreign assets, etc.)
• ITR-3: For individuals and Hindu Undivided Families (HUFs) when income includes capital gains, multiple house properties, foreign assets, or when auditing of books is required.
• ITR-4 (SUGAM): For presumptive income scheme (small businesses & professionals)
• ITR-5: For Partnership Firms & LLPs
• ITR-6: For Companies (except those claiming exemption u/s 11)
• ITR-7: For trusts, NGOs, political parties, etc.

Frequently Asked Questions

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Income Tax Services