Income Tax Filing

Income Tax Filing

We, Business Bench Consultancy will assist you in returns filing for your business, and TDS related services.

Income tax is a tax which imposed upon the individuals or business entities by the government. Income tax on business entities is generally known as corporate tax. If there is a partnership in business, the partners are taxed individually according to their share. The tax rate will be vary according to the characteristics of the taxpayer. Income tax department is the biggest revenue mobilization for the government. It is a key source to raise revenue for government expenditures and also used to serve the public. In India the tax on the income of a person is imposed through the Income tax Act, which was passed by the parliament in the year 1961. This act levies a tax under five categories.

  • Income from salaries (employment-related income)
  • Income from house property (income derived from buildings and lands like rentals)
  • Profits and gains on business (all business related profits/gains)
  • Income from capital gain (income on transfer of movable and immovable property)
  • Income from other sources (all taxable income which is not classifiable under the above)

The Income tax Act, 1961 allows citizens to file returns with the Income tax department at the end of every financial year. But these returns should be filed before the specified due date.

Income tax return filing

Income tax return should be filed by the individuals or business entities according to their income or profit level.

Details required
  • Name of the Entity
  • PAN number of the Company
  • Annual Income Details
  • Date of Incorporation
  • Financial Reports for the year
  • Previous IT filing details

Due dates for filing IT retur
  • Individuals and firms who are not liable to audit should file within July 31.
  • Companies and others who are liable to audit should file within September 30.
  • Individuals and companies belated returns should be filed within March 31.

TDS return services

The people who are responsible for Tax Deduction at Source (TDS) should obtain a 10 digit TAN alpha number. TDS must be filed for every quarter. The due dates for filing TDS returns for the year 2018-19 are May 31, July 31, October 31, and January 31.

Details required
  • Name of the Entity
  • PAN and TAN details
  • No of transaction for TDS return filing
  • Details of the previous TDS return filing
  • Date of Incorporation

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