Income Tax Filing:

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Income Tax is a tax you pay directly to the government based on your income or profit. Income tax is collected by the Government of India and governed by the Central Board of Direct Taxes (CBDT) as per the Income Tax Act 1961.

The Income Tax Return is said to be a form used to file income taxes, a tax levied by the Central Government on a person's earnings. Filing income taxes is the obligation of every individual. The IT department studies these income declarations, and if any money is paid in excess, the department returns the excess to the assessee's bank account. All entities must file their respective taxes on time to avoid penalties.

The form that provides information about an assessee's income and taxes paid is known as the Income Tax Return. Several forms are available from the Income Tax Department of India, including ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6, ITR 7.

Individuals, NRIs, partnership businesses, LLPs, corporations, and trusts must file income tax returns each year. Individuals and NRIs must submit income tax returns if their annual income exceeds Rs.2.5 lakhs. Regardless of the revenue or loss, sole proprietorships, LLP’s, Co.’s, partnerships must Mandatorily file an income tax return.

TAX BARR has a team of experts who are skillful masters in Tax Planning and Tax Advisory Services, so permit us to assist you in filing your IT returns according to your needs.