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FINNTAXES.COM - GST, INCOME TAX AND FINANCE SERVICES PROVIDERS
FINNTAXES.COM is a platform where individual and firm can benefit the services we are providing from PANCARD, GST, INCOME TAX RETURN,
BALANCE SHEETS CREATION, AUDIT SERVICES, NET WORTH, BOOKING KEEPING etc. under one roof. We are complete tax service solutions. If you can't beat taxes, let us handle them.
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INCOME TAX SERVICES
Income tax is a type of direct tax the central government charges on the income earned during a financial year by the individuals and businesses.
It is calculated based on the tax slabs defined by Income Tax Department.
The tax structure consists of the central government, state governments, and local municipal bodies. When it comes to taxes, there are two types of taxes in India - Direct and Indirect tax. The direct tax includes income tax, gift tax, capital gain tax, etc while indirect tax includes value-added tax, service tax, goods and services tax, customs duty, etc. The Central Government of India imposes taxes such as customs duty, central excise duty, income tax, and service tax. The state governments impose income tax on agricultural income, state excise duty, professional tax, land revenue and stamp duty. The local bodies are allowed to collect octroi, property tax, and other taxes on various services like water and drainage supply. Income Tax refers to a percentage of your income that you are liable to pay directly to the government. The money collected by this direct tax route is used by the Government for infrastructural developments and also to pay the employees of central and state government bodies.
INCOME TAX SERVICES -
Income tax is a type of tax governments impose on income generated by businesses and individuals within their jurisdiction.
Income tax is used to fund public services, pay government obligations,
and provide goods for citizens.
The federal government and many states,
as well as local jurisdictions, levy their own income taxes.
Personal income tax is a type of income tax levied on an individual’s wages,
salaries, and other types of income.
Business income taxes apply to corporations, partnerships,
small businesses, and the self-employed.
HOW INCOME TAX WORKS?
Income tax is a tax charged on the annual income earned by an individual. The amount of tax paid will depend on how
much money you earn as income over a financial year. One can proceed with Income tax payment,
TDS/TCS payment, and Non-TDS/TCS payments online.
All taxpayers must fill in the relevant details to make these payments. The entire process becomes simple and quick.
WHO ARE THE TAX PAYERS?
Any Indian citizen aged below 60 years is liable to pay income tax if their income exceeds 2.5 lakhs. If the individual is above 60 years
of age and earns more than Rs.3 lakhs, they will
have to pay taxes to the government of India. Additionally, the following entities that generate income are liable to pay direct taxes:
Hindu Undivided Family (HUF)
Body of Individuals (BOI)
Association of Persons (AOP)
Local Authorities
Corporate firms
Companies
All Artificial Juridical Persons
INCOME TAX RATES
Individuals with an annual income of more than Rs. 5 lakhs are needed to pay income tax to the government
on their earnings for the fiscal year from April 1-March 31.
PAN
The
Permanent Account Number is abbreviated as PAN. It is a unique 10-digit alphanumeric digit assigned to Indian taxpayers by the Income Tax Department.
All of a person's tax-related transactions and information are recorded using their unique permanent account number.
When paying advance tax or self-assessment tax, the individual must include his or her PAN number. Also, where the individual presents his PAN to certain businesses like banks, mutual fund firms, and so on. The income tax department receives financial information from such organizations via PAN. This enables the tax collector to associate all tax-related operations with the department. As a result, the taxman may identify all of your financial transactions simply by entering a permanent account number. HOW TO CALCULATE INCOME TAX?
Individuals should calculate income tax based on the nature of their earnings. Salary earners might make use of the available exclusions for various allowances.
Individuals and HUFs can take a deduction under Sections 80C through 80U, subtract it from their total gross income, and then compute their income tax due. In addition, the total income tax liability should be adjusted for taxes paid, such as advance tax, TDS, and so on. In addition, the taxpayer should apply the effect of the rebate under Section 87A and relief under Sections 89, 90, and 91 to determine the net amount of income tax payable. Every source of income should be reported on your tax return. Of course, the legislation exempts some incomes, such as dividend income from an Indian company, LTCG on the listed equity shares up to Rs 1 lakh in any fiscal year, and so on. As a result, below is a fast guideline you can possibly use to calculate taxes payable on your income-
List all of your earnings, whether they be salary, rental income, interest income, capital gains, or profits from your business or profession.
Income that is legally exempt should be removed.
Claim all appropriate deductions for each source of income.
For example, claim a standard deduction of Rs. 50,000 from salary income, municipal taxes from rental revenue,
business-related costs from business turnover, and so on.
Claim all eligible exemptions under each category of income; for example, the money reinvested in
another house property can be claimed as an exemption from capital gains income, and so on.
Claim any appropriate deductions from your total income, such as the 80C, 80D, 80TTA, 80TTB, and so forth.
You have now calculated your taxable income. Check your tax bracket and calculate your income tax liability accordingly.
If you are looking for any INCOME TAX RETURN related Services or ITRs Experts anywhere, You can write to us at - financeandtaxes@yahoo.com.
Get all your business related solutions under one roof. Taxation, Accounting, Management. You name it,
and we have got you covered. Moreover, you will never have to physically meet us as all of our services are carried out online.
Get things done quickly with a few clicks and minimum time. From our website to our process everything is designed
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FINNTAXES.COM provides the finance and taxation services for your business at very minimal prices. Go Paperless with FINNTAXES.COM and email us - financeandtaxes@yahoo.com |
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