Income Tax Returns

One of the main sources of income for any government is income tax. Corporates, individuals and other profit-earning enterprises are all required to pay income tax and, therefore, file an income tax return.
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Income Tax

Every responsible Indian citizen should file income tax to the government. With present technology, you can easily file your income tax online. This process is fast and accurate with no time constraints.

Professional tax

Every responsible Indian citizen should file income tax to the government. With present technology, you can easily file your income tax online. This process is fast and accurate with no time constraints.

However, e-filing income tax returns in India through the official website involves filing ITR forms. There is a different ITR form for individual and ITR form for salaried person. This is a critical task because the income tax department has various forms titled from ITR 1 to ITR 7. Each form has a specific function and belongs to a particular category.

Even if you miss a single field in the form or make any errors your income tax will not be filed on time. This is where you need expert guidance. Parekh Consultancy files income tax for both individuals and institutions regularly. So you can easily count on us to file your income tax returns.  

Documents Required

If you are an employee:

    • PAN card
    • Form 16 provided by your employer
    • Salary slip (each month)

If you are a business owner:

    • Trading report
    • Business account details
    • Profit and loss statement if any

Apart from this, you can submit:

    • Investment proofs
    • Asset purchase/sale documents
    • TDS certificates provided by banks
    • Interest income statement
    • Receipts regarding donations mutual funds and other forms of investments

Applicability

Firms/Companies/LLPs
In the case of professional tax, firms, LLPs, corporations, societies, HUFs, associations, clubs, and companies are considered taxable entities. All the branches involved in these will also be considered separate individuals under professional tax.

Individuals (Professionals)
Legal practitioners such as notaries and solicitors, medical representatives such as dentists, medical consultants, doctors, and other professionals such as management consultants, tax consultants, surveyors, company secretaries, chartered accountants, insurance agents, engineers, architects, and contractors are all considered professional individuals who need to pay professional tax.

Partners and Directors
People who act as company directors, firm partners, LLP partners, and designated partners should pay professional tax. They should register under the professional tax act within 30 days of getting appointed in these roles.

Employers
Within 30 days of the company’s incorporation, the company/firm must get a professional tax enrollment certificate (PTEC) by registering on the government portal.

The company/firm must have a professional tax registration certificate (PTRC) within 30 days of employing a staff member.The employers are supposed to deduct professional tax from the salary of the people employed under them and submit it at the professional tax department during the time of filing returns.

The employers are supposed to deduct professional tax from the salary of the people employed under them and submit it at the professional tax department during the time of filing returns. The employer will have to register at the professional tax department before 30 days of its applicability.

Why Parekh Consultancy ?

Access To Experts
We are a team of reliable professionals dedicated to fulfill all your business setup requirements.

Realistic Expectations
By handling all the paperwork, we ensure a seamless interactive process with the government. We provide clarity on the incorporation process to set realistic expectations.

Young and Experienced Team
With a team of experienced business advisors and finance professionals, you are just a phone call away from the best in financial services.

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