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Welcome to tax2return

 

“Tax2return  specializes in offering a wide range of financial services tailored to meet the diverse needs of businesses and individuals. Our expertise includes GST services, accounting solutions, taxation consultancy, and efficient tax filing. With a commitment to accuracy, compliance, and client satisfaction, we strive to empower our clients with comprehensive financial support, helping them navigate regulatory requirements and achieve their financial goals effectively.”

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our Mission

"At tax2return, our mission is to provide comprehensive support and expertise in taxation, GST, and accounting services. We are dedicated to simplifying financial complexities for our clients, ensuring compliance, and fostering long-term success through trusted guidance and innovative solutions."

Professional Team

.Our company boasts a highly skilled and professional team dedicated to delivering expert services in GST, accounting, taxation, and financial consultancy

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client data is our top priority. We employ state-of-the-art security measures to protect all sensitive information entrusted to us.so dont worry about security

Ontime
Filing

We understand the critical importance of timely tax filing and other financial services. Our dedicated team works diligently to ensure all deadlines are accurately

Seamless Service

 seamless services that streamline your financial processes. From GST and taxation to comprehensive accounting solutions, our goal is to provide you with a hassle-free experience.

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Why Choose US

Unburden yourself from financial complexities. Our tax experts offer personalized guidance for all your accounting and income tax needs.

Never miss a deadline again. We prioritize on-time filing and meticulously review your information to ensure accurate tax returns, maximizing your refund or minimizing your tax burden.

Our user-friendly platform makes filing your taxes a breeze. Say goodbye to paperwork! We simplify data collection and streamline the entire process for a stress-free experience.

We don't offer a one-size-fits-all approach. We take the time to understand your unique tax situation and answer any questions you may have, ensuring you feel confident throughout the process.

Knowing your taxes are handled by experts allows you to breathe easy. We'll handle the details with efficiency and accuracy, so you can focus on what matters most to you.

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An Income Tax Return (ITR) is a document you file with the tax department to report your income earned and taxes paid during a financial year. It helps the government determine if you owe any additional taxes or are eligible for a refund.

Here are some important documents to gather for ITR filing:

  • PAN Card: Your Permanent Account Number is essential for tax filing.
  • Aadhaar Card: Many require Aadhaar for verification while filing ITR.
  • Form 16: This form from your employer details your salary and deducted taxes.
  • Bank Statements: Show income received and tax deducted at source (TDS).
  • Investment Proofs: Documents for tax-saving investments like PPF, ELSS funds etc.
  • Interest Certificates: For interest earned on bank accounts, fixed deposits etc.

Tax planning isn’t just about filling out forms at the last minute. It’s a proactive strategy to minimize your tax burden and maximize your potential tax refund. Here’s how it can benefit you:

Here are some key aspects of effective tax planning:

  • Understanding Your Income: Knowing all your income sources, including salary, investments, and side hustles, is crucial.
  • Exploring Deductions and Credits: Identify deductions you can claim for expenses like medical bills, charitable donations, or homeownership (if applicable). Research available tax credits to further reduce your tax liability.
  • Optimizing Investments: Consider tax-advantaged investment options like IRAs (Individual Retirement Accounts) or PPFs (Public Provident Funds) in India, which offer tax benefits on contributions and potentially, on growth.
  • Timing Income and Expenses: Strategically plan income and deductions throughout the year, if possible, to minimize your tax burden.
  • Record-Keeping: Maintain meticulous records of income, expenses, investments, and tax documents for smooth filing and potential audits.

An income tax notice from the Income Tax Department (ITD) of India can be a cause for concern, but it’s important to stay calm and understand what it means. Here’s a breakdown:

  • Mismatches or Discrepancies: Discrepancies between your ITR and information received from employers, banks, or other sources.
  • Incomplete or Missing Information: Missing details in your ITR that require clarification.
  • Tax Demand: A notice stating you owe additional taxes based on their assessment.
  • Information Verification: A request for additional documents to verify information in your ITR.
  • Selection for Scrutiny: Random selection of your ITR for a more detailed examination.

Benefits of GST:

  • Transparency: A single tax system brings transparency and ease of doing business.
  • Reduced Compliance Burden: Businesses now need to file fewer tax returns.
  • Lower Prices: Elimination of cascading effect can potentially lead to lower prices for consumers.
  • Increased Revenue: A more efficient tax system can boost government revenue.

    GST registration and filing requirements vary depending on your business type and turnover. Here’s a general list of documents you might need:

    • Business Registration Documents:
      • Company registration certificate (if applicable)
      • Shop Act registration certificate (if applicable)
      • Municipal Corporation trade license
    • Identity and Address Proof:
      • PAN Card of the business owner(s)
      • Aadhaar Card of the business owner(s)
      • Proof of business address
    • Bank Account Details: Bank statements or cancelled cheque for verification
    • Nature of Business Documents: Documents related to the nature of your business, such as:
      • Product or service details
      • Purchase and sales invoices

Tax Deducted at Source (TDS) is a mechanism where a tax is collected at the source of income by the deductor (payer) and deposited to the government on behalf of the deductee (payee). TDS return filing is the process of reporting this deducted tax to the Income Tax Department (ITD).

For Deductors (Those who deduct TDS):

  • Essential Documents:
    • TAN (Tax Deduction and Collection Account Number): This unique number is mandatory for filing TDS returns. You can obtain a TAN by registering on the Income Tax e-filing portal.
    • PAN Card of the Deductor: Your Permanent Account Number is required for identification.
  • Payment Details:
    • Challan copies: Copies of challans used to deposit the deducted TDS to the government. These challans can be downloaded from the e-filing portal after making the payment.
    • Bank statements: If challan copies aren’t available, bank statements reflecting the TDS deposited can be used as proof of payment.
  • Deduction Details:
    • Records of TDS deducted: This includes details like the payee’s PAN, amount deducted, date of deduction, and nature of payment (salary, rent, interest, etc.).
    • Supporting documents: For specific types of TDS, additional documents may be required. (e.g., rental agreements for TDS on rent)

For Deductees (Those whose TDS is deducted):

While deductees (like employees or those receiving rent) don’t directly file TDS returns, they do need some documents for their own tax filing:

  • TDS certificates: These certificates (like Form 16 for salary) are issued by the deductors and contain details of the TDS deducted at source. These are crucial documents for claiming credit for the deducted tax while filing your own income tax return (ITR).

A TAN (Tax Deduction and Collection Account Number) is a crucial element for businesses in India that deduct tax at source (TDS) from certain payments. It acts as your identification number for TDS purposes, allowing you to collect and deposit tax to the government on behalf of others.

Documents Required for TAN Registration:

  • Proof of Identity and Address: PAN Card copy of the applicant (individual or authorized signatory for a company).
  • Proof of Business Registration: Company registration certificate, partnership deed, or any document establishing your business entity.
  • Authorization Letter (if applicable): If someone is applying for the TAN on behalf of the business, an authorization letter from the company is required.

Important Points to Remember:

  • You can only have one TAN issued for your business entity.
  • There’s no annual renewal required for a TAN. However, it’s deactivated if no TDS return is filed for a consecutive period of two years.
  • You can change the details associated with your TAN through the e-filing portal.

Accounting is the system of recording, classifying, summarizing, analyzing, and reporting financial information about a business. It’s like a language that translates financial transactions into a clear and understandable story about a company’s  performance.

The Accounting Process:

  1. Transactions: Every financial event (sales, purchases, expenses, etc.) is recorded as a transaction.
  2. Classification: Transactions are categorized into accounts (like income, expenses, assets, liabilities, etc.).
  3. Summarization: Transactions are grouped and summarized in a general ledger, which is the backbone of accounting records.
  4. Analysis: Accountants analyze financial data to identify trends, calculate ratios, and assess financial health.
  5. Reporting: Financial statements like the income statement, balance sheet, and cash flow statement are prepared to report the company’s financial performance and position.

Types of Accounting:

  • Financial Accounting: Focuses on preparing financial statements for external users like investors and creditors.
  • Management Accounting: Provides internal financial information used by managers for planning, controlling, and decision making.
  • Tax Accounting: Deals with preparing tax returns and ensuring compliance with tax regulations.
  • Cost Accounting: Tracks and analyzes the costs associated with producing goods or services.

General FAQs

An income tax return (ITR) is a form used to
declare your income, expenses, tax deductions, and investments to the government. It helps in
calculating your tax liability and paying any due taxes or claiming refunds.

Individuals, HUFs, companies, and other
entities like Body corporates, Trust, etc. earning income above the basic exemption limit
specified by the Income Tax Department need to file an ITR. Which is 2,50,000/3,00,000 for old
and New Scheme

There are various ITR forms like ITR-1
(Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), etc., each meant for different types of taxpayers and
income sources.
ITR 1 : This return is applicable for a Resident (other than Not Ordinarily Resident) Individual
having Total Income from any of the following sources up to ₹ 50 lakh. Source of Income is
Salary/pension, One House Property, Other Sources Income basically Interest, family pension,
Gaming etc. Agriculture income upto Rs. 5,000/-
ITR 1 cant be filed by a person who :
(a) is a Director in a company
(b) has held any unlisted equity shares at any time during the previous year
(c) has any asset (including financial interest in any entity) located outside India
(d) has signing authority in any account located outside India
(e) has income from any source outside India
(f) is a person in whose case tax has been deducted u/s 194N
(g) is a person in whose case payment or deduction of tax has been deferred on ESOP
(h) has any brought forward loss or loss to be carried forward under any head of income (i) has
total income exceeding Rs. 50 lakhs.
ITR 2 : This return is applicable for Individual and Hindu Undivided Family (HUF) who is not
having income from business & Profession and also who is not eligible to file the ITR 1. Mainly
this return form is applicable when Assessee is having capital gain (Shares of Indian and foreign
company) income and having more than 50 lakh income and also having more than 1 house
property.
ITR 3 : This return is applicable for Individual and Hindu Undivided Family (HUF) having
income from Business and Profession and who is not eligible for ITR 1,2 and 4.
ITR 4 : This return is applicable for an Individual or Hindu Undivided Family (HUF), who is
Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident
having Total Income up to ₹ 50 lakh and having income from Business or Profession which is
computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the
following sources: Source of Income is Salary/pension, One House Property, Other Sources
Income basically Interest, family pension, Gaming etc. Agriculture income upto Rs. 5,000/-

The due date for individuals is
usually July 31st of the assessment year. For businesses and entities requiring audit, the due date
is typically September 30th.

You can file your ITR online through the
Income Tax Department's e-filing portal. You'll need to register, fill in the necessary details,
upload documents, and submit the return

Common documents include
Form 16, salary slips, interest certificates, investment proofs, bank statements, and TDS
certificates.

Yes, if you discover any errors in your filed
ITR, you can file a revised return within the time allowed under the Income Tax Act.

Common deductions include Section
80C (investments), 80D (medical insurance), 80G (donations), and 24(b) (home loan interest).

You can claim deductions up to
Rs 1.5 lakh under Section 80C for investments in PPF, NSC, ELSS, LIC premiums, and other
specified instruments.

You can check your refund
status on the Income Tax Department’s e-filing portal or the NSDL website by providing your
PAN and assessment year details.

Penalties for late filing
include a fee of Rs 5,000 if filed after the due date but before December 31st, and Rs 10,000 if
filed later. For small taxpayers with income up to Rs 5 lakh, the maximum penalty is Rs 1,000.

If you receive an income tax
notice, carefully read it to understand the reason and respond within the specified time frame.
You may need to provide additional documents or clarifications.

Double-check all personal
and financial details, ensure accurate reporting of income and deductions, and verify tax credits.
Use reliable software or consult a tax professional if needed.