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Income Tax Return
     

Income Tax Return is an important part of Income Tax. It is the way by which an assessee process for paying his tax to Income Tax Department. As per the provisions of Income Tax Act, 1961, filing of Income Tax return is a legal obligation of every Individual whose income exceeds the maximum limit of non-taxable income for the full financial year. In case of salaried class assessee the information about the income in the particular financial year supported with the form 16 (the certificate for tax deducted at source), which is issued by the employer at the end of the financial year.
Our company is engaged in offering Income Tax Consultancy Services that is a quickest and most cost-effective way to file an income tax return. The team of chartered accountants in our organization helps our clients in tax preparation for federal and state income tax. They ensure selection of the right forms and schedules for clients. This service helps in preparing resident, non-resident, school district, city, federal and prior year taxes on line.

Income tax is an annual tax on income. The Indian Income Tax Act (Section 4) provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year. Section 14 of the Income tax Act further provides that for the purpose of charge of income tax and computation of total income all income shall be classified under the following heads of income:
A. Salaries
B. Income from house property
C. Profits and gains of business or profession.
D. Capital gains
E. Income from other sources.
The total income from all the above heads of income is calculated in accordance with the provisions of the Act as they stand on the first day of April of any assessment year.

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