50-94-1/2, Gurudwara,

Visakhapatnam -530016

+91 996 666 5334
+91 703 666 5334

Mon - Sat: 9:30 - 6:30 PM
Sun : 10: 00 - 1:00 PM

INCOME TAX

SNR TAX CARE

INCOME TAX SERVICES

Welcome to SNR Taxcare, your trusted tax consultants for all your income tax needs in India. We understand that filing income tax returns can be a daunting task, but our team of experts is here to assist you every step of the way.

At SNR Taxcare, we offer a comprehensive range of income tax services, including income tax return filing, tax planning, and tax advisory services. Our team of experts stays up-to-date with the latest income tax laws and regulations to ensure that you receive the best possible service.

If You Need Help, Get A Consultation

Different forms in incometax in india

In India, the Income Tax Department has several forms for different types of taxpayers to file their income tax returns. Here is a brief overview of the different income tax forms:

ITR 1

This form is for salaried individuals who have income up to Rs. 50 lakhs and have income from salary, one house property, and other sources like interest income.

ITR 2

 This form is for individuals and Hindu Undivided Families (HUFs) who have income from more than one house property, capital gains, foreign assets, and agricultural income exceeding Rs. 5,000.

ITR 3

This form is for individuals and HUFs who have income from business or profession.

ITR 4

This form is for individuals, HUFs, and firms who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE.

ITR 5

This form is for LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), and artificial juridical persons who have income from business or profession.

ITR 6

 This form is for companies who do not claim exemption under Section 11 of the Income Tax Act.

ITR 7

It is essential to choose the correct form while filing your income tax return, as filing the wrong form may result in a rejection or scrutiny notice from the Income Tax Department. Therefore, it is advisable to consult a tax professional or use online tax filing platforms like SNR Taxcare to ensure that you file the correct form and avoid any errors in your income tax return.

It is essential to choose the correct form while filing your income tax return, as filing the wrong form may result in a rejection or scrutiny notice from the Income Tax Department. Therefore, it is advisable to consult a tax professional or use online tax filing platforms like SNR Taxcare to ensure that you file the correct form and avoid any errors in your income tax return.

Income tax

Income tax is a tax levied on individuals or entities that arise from various sources of income.

The amount of income tax owed depends on the taxpayer’s filing status, the taxable income, the tax rate, and any allowable deductions.The government imposes a progressive income tax, which means that taxpayers with higher incomes pay higher tax rates than those with lower incomes. In India highest income tax rate for companies is 30%

Income taxes are used to fund various government programs and services, including education, infrastructure, and defense. They are also used to fund social welfare programs such as Social Security and Medicare. Taxpayers can also choose to file their taxes electronically or by paper return.

While most taxpayers are required to pay income taxes, there are some groups who are exempt from paying taxes on their income. These include certain low-income taxpayers, religious organizations, and government entities.

Pros and cons of the income tax

There are several pros and cons to the income tax. One pro is that it is a progressive tax, meaning that those who earn more income pay a higher percentage in taxes than those who earn less. This system is generally considered to be fair because it requires those with greater means to contribute more to the government in order to fund public services. Additionally, the income tax provides revenue for the government that can be used to invest in infrastructure and other programs that benefit society as a whole.

 However, there are also some drawbacks to the income tax. One downside is that it can be complicated to calculate, which can lead to errors and misunderstandings. Additionally, high-income earners may try to avoid paying their fair share by using loopholes or sheltering their income in offshore accounts. This can result in a loss of revenue for the government and an unfair system where some people are able to skirt their taxes while others shoulder a larger burden.

How to file your income tax return for individuals or business?

If you are an individual taxpayer, you can file your income tax return using the Form 1 TO 4. This form is used to report your annual income, and it includes a number of schedules that must be completed in order to calculate your taxes owed.

 

The first step in filing your income tax return is to gather all of the necessary documents. This includes your form16  from your employer,and  from other sources of income, and any records of deductions that you are claiming. Once you have all of the required documentation, you can begin filling out the Form.

 

What are the Slabs for the income tax in INDIA?

Old scheme

Individuals Below The Age Of 60 Years

Income Tax Slab

Individuals Below The Age Of 60 Years – Income Tax Slabs

Up to Rs 2.5 lakh

Nill

Rs. 2.5 lakh -Rs. 5 lakh

5%

Rs 5.00 lakh – Rs 10 lakh

20%

> Rs 10.00 lakh 30%

30%

Individuals Below The Age Of 60 Years

Income Tax Slab

Tax Slabs for Senior Citizens (Aged 60 Years But Less Than 80 Years)

Rs 0 – Rs. 3.00 lakh

Nill

Rs 3.00 lakh – Rs 5.00 lakh

5%

Rs 5.00 lakh – Rs 10 lakh

20%

> Rs 10 lakh

30%

Individuals Below The Age Of 60 Years

Income Tax Slab

Income Tax Slab Income Tax Slab for Super Senior Citizens (Aged 80 Years And Above)

Rs 0.00 – Rs 5.00 lakh* No tax

No tax

Rs 5.00 lakh – Rs 10 lakh

5%

> Rs 10 lakh

20%

Nill

NIll

New Regime:

Income Tax Slab

New Regime Income Tax Slab Rates FY 2021-22 (Applicable for All Individuals & HUF)

Rs 0.0 – Rs 2.5 lakh

Nill

Rs 2.5 lakh – Rs 3.00 lakh

5% (tax rebate u/s 87a is available)

Rs 3.00 lakh – Rs 5.00 lakh

5% (tax rebate u/s 87a is available)

Rs 5.00 lakh- Rs 7.5 lakh 10%

10%

Rs 7.5 lakh – Rs 10.00 lakh

15%

Rs 10.00 lakhs – Rs 12.50 lakh

20%

Rs 12.5 lakhs – Rs 15.00 lakh

25%

> Rs 15 lakh 30%

30%

  • Surcharge applicable as per tax rates below in all categories mentioned above:
    1. 10% of Income tax if total income > Rs.50 lakh
    2. 15% of Income tax if total income > Rs.1 crore
    3. 25% of Income tax if total income > Rs.2 crore
    4. 37% of Income tax if total income > Rs.5 crore

 

Still Confused About Our Features? Get a FREE Consultation

INCOME TAX | GST | ACCOUNTING SERVICES | STARTUP SERVICES | DIGITAL SIGNATURE | DGFT SERVICES

SNR TAXCARE- your one stop shop for all your tax needs! We are a team of dedicated tax professionals who are committed to providing our clients with the best possible service.

Navigation

Newsletter

© 2022 All rights reserved