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ITR Registration Online
Income Tax Registration Online
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-Work handled by CA.
- Completely online process
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E Filing Income Tax Registration
The amount of income tax payable by the assesse is based on the slab of income earned by him. However, the basis on which such income is earned needs to be shown. Thus, Income Tax Registration is compulsory.
Anyone earning an income above a certain amount is subject to income tax. The income could be from salary, rent, and interest income from savings, income from mutual funds, sale of property or business or professional income. Income tax rates are decided at the start of the financial year in the Union Budget (in the Parliament of India). The tax paid on these incomes is called the income tax.
It is simply a form to be filed for E Filing Income Tax Registration with the Income Tax Department. A Form to be filed as a statement of income earned. It is arranged in such a way that calculating tax liability, scheduling tax payments, or requesting refunds for the overpayment of taxes has been made convenient for the taxpayers. They must, first, determine the type of Income Tax Return (ITR) Form they need to fill before actually filing their Returns. Which Form is to be filled, depends on the income that the taxpayer earns. Its purpose is to report our income and taxes paid thereon to the government.
Table of Content
Documentation for Pvt. Ltd. Registration
Passport size Photograph
Copy of PAN Card
Copy of Electricity Bill
Sale Deed (if owned)
Copy of Aadhar Card
Address Proof
Copy of rent agreement (if rented)
NOC
Process involved in registering a Pvt. Company Registration
- Step-1: Acquire a Digital Signature Certificate (DSC)
- Step-2: Director Identification Number (DIN)
- Step-3: Name Reservation for the Company (SPICe+ Part A)
- Step-4: Submission of Company Details (SPICe+ Part B)
- Step-5: Preparation and Submission of Incorporation Forms (SPICe+ MOA and AOA)
- Certificate of Incorporation
Various heads under ITR Registration Online
The income earned by every assesse is classified under five major heads. Thus, ITR Registration Online comprises detail of income earned by the assessee, being classifying under the following heads of income:
| Heads of Income | Description |
|---|---|
Salary | Earned by employees |
House Property | Ex. Rental income on rented house |
Profit and Gain from Business and Profession | Ex. Earned by businessmen |
Capital Gain | Ex. Gain on sale of capital assets, like house |
Other Sources | Ex. Lottery income |
Who is liable to pay Income Tax?
In India, Income Tax is levied on the income earned by the assesse, under the Income Tax Act 1961. There are various slab rates prescribed under the Act, and the assesse shall pay tax according the slab rate in which his income falls.
Thus, there is no income tax liability in the following cases:
- In case of loss
- Where income of the assesse does not exceed the basic exemption limit.
Types of Income Tax Return
| Table Header |
|---|
ITR - 1 |
For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh. |
ITR - 2 |
For Individuals and HUFs not carrying out business or profession under any proprietorship. |
ITR - 3 |
For individuals and HUFs having income from a proprietary business or profession. |
ITR - 4 |
For individuals and HUFs having income from a proprietary business or profession. |
ITR - 5 |
For persons other than:-
(i)Individual,
(ii)HUF,
(iii)Company and
(iv) Person filing Form ITR-7 |
ITR - 6 |
For Companies other than companies claiming exemption under section 11. |
ITR - 7 |
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). |
What are the ways of Income Tax Return
– There are various deductions or reliefs provided by the tax department to reduce the burden of the assesse. The most common ones are as follows:
– Standard deduction @ 30% under the head “Income from House property”
– Deductions under Chapter VI C – There are various sections, which provide investment based deductions up to a certain limit. For example, deduction upto Rs. 1,50,000/- under section 80C for payment of LIC premium, investment in tax saving mutual funds, payment of children’s tuition fees, etc.
– 26AS – There are various nature of payments, under which the payer pays the payee after deducting a small sum of money, in the name of TDS. The TDS so deducted by the payer is then paid to the government and when the payer files his TDS return, the amount of TDS deducted from payee’s income is reflected in Form 26AS.
– Advance Tax – It is natural that the income tax payable can only be assessed at the year end. However, on an average yearly basis, the assesse can estimate his income and pay tax on such estimation, known as Advance Tax, if his tax payable exceeds Rs. 10,000/- Payment of advance tax is to be made in certain defined slabs, which not mandatory.
Any individual/ HUF/ Firm/ AOP/ BOI/ Company, etc. liable to pay tax is known as assesse. Individual HUF Company AOP/BOI Firm
If a person after furnishing the return finds any mistake, omission or any wrong statement, then return should be revised within prescribed time limit. A return can be revised at any time 3 months before the end of the Assessment Year or before the completion of the assessment; whichever is earlier. If original return has filed in paper format or manually, then technically it cannot be revised by online mode or electronically.
Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc
For tax purpose, the year referred is financial year, which starts from April 1 and ends on March 31.
The year in which the assesse earns his income, it is known as the previous year (P.Y.) and the year in which the assesse is liable to pay tax on such income, it is known as the assessment year (A.Y.). For example; If tax for the income earned during financial year (F.Y.) 2016-17 (01 April’2016 to 31 March’2017) is paid in the financial year 2017-18 (01 April’2017 to 31 March’2018), then F.Y. 2016-17 is previous year and F.Y. 2017-18 is the assessment year.
Particulars Due date Audit Case Individual 31 st , July 2018 30 th , Sep 2018 Proprietorship firm 31 st , July 2018 30 th , Sep 2018 Partnership firm 31 st , July 2018 30 th , Sep 2018 LLP 31 st , July 2018 30 th , Sep 2018 Company 31 st , July 2018 30 th , Sep 2018
For gross turnover upto 250 Cr in previous year:- 25% For gross turnover exceeding 250 Cr in previous year:- 29% In Addition to above:- Surcharge Taxable income 1Cr >10 Cr :-7% Taxable income >10 Cr :-12% Cess is 4% of corporate tax and surcharge
Is there any difference in the slab rates for male and female? Intrest -> In every case other than NIL return -> @ 18% p.a -> the tax liability -> @ 18%
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