India is heading towards a greater economy with various types of businesses. As there is an exponential growth in the economy and the number of folks indulged in that the need for income tax return also increased. Most of the folks skip to do it because of hectic procedures, but do you know it is mandatory and also your right as it is the validation of your income. To make this task easier and hassle-free Lokeswara Rao & Co. assists you with the best and most experienced income tax return filing consultants in Hyderabad who are highly equipped with the entire procedure of returns filing and can assist you throughout to file and maintain your income tax returns.
There is a number of folks who are indulged with a number of businesses and ways of earning money and get confused under which sector of employment they can file their returns. To give a quick solution for your entire queries our best income tax return filing consultants are always at your assistance, lokeswara rao ca is the chartered accountants in Hyderabad
SOLUTIONS FOR EVERYONE BY OUR TOP INCOME TAX RETURN FILING CONSULTANTS
IN HYDERABAD:
We have comprehensive solutions for your income tax return filing regardless of the sector you belong to. Either you are a salaried folk or an entrepreneur; we have complete solutions for everyone. There are different types of ITR forms to be filled by the folks but which one to choose totally depends on their type of earning. Here we have listed down all the ITR forms which are to be filled by the folks for income
tax return filing:
ITR 1:
This form is known as Sahaj form and is filled by an individual taxpayer to file their returns. This form is applicable for only a few folks as
listed below:
* A salaried person
* A person receiving a pension
* Earning via single housing property
* People who own assets and property only in India
* Person who earns below Rs. 5000 from agriculture
* A person earning money from schemes, investments, or fixed deposits.
ITR 2 A:
It is newly introduced in the year 2015-16, mainly for Hindu Undivided Family and individual taxpayers.
ITR 2:
People earning from sales of property or assets are eligible to fill this form for income tax returns. This form can also be filled by those folks who are earning money from countries outside India.
* This form is filled by salaried folks and people who are earning from pension
* People who are earning more than Rs. 5000 from agriculture.
* A person who earned money from any windfall like a lottery.
* A person who owns assets outside India
* A person who is earning outside from India
ITR 3:
This form is filled by that individual who is partnered with any organization but doesn't conduct any kind of business under that organization. Also if the folk is not earning any income from any business of that firm can file returns of income tax with this form. This form is filled by below-listed taxpayers who are earning money in the form of:
* Salary
* Remuneration
* Bonus
* Commission
* Interest
ITR 4:
A business person or people who are earning money from their profession are eligible to file income tax returns using this form. This form is applicable to all types of business, professions, etc. This form can be used by various people belonging to various earnings, such as doctors, engineers, shopkeepers, or designers, agents, retailers, and contractors, etc.
ITR 4S:
This form is known as sugar form and can be used by below listed earning folks to file their income tax returns, such as:
* Income from a business
* Income from a single housing property
* Individuals who are earning below Rs. 5000 from agriculture
* Individuals only owning assets in India
ITR 5:
It is used only by the following money earning bodies:
* Firms
* Co-operative Societies
* Association of Persons (AOPs)
* Local Authorities
* Limited Liability Partnerships (LLPs)
* Body of Individuals (BOIs)
* Artificial Judicial Persons
Most of the folks get confused with all the ITR forms and ways to fill it. Are you also confused then meet our Income tax return filing consultants in Hyderabad to make it simpler and easier
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