A Few Words
Income tax
Personal Tax Filling
Personal tax filling is the process of preparing and submitting an individual’s tax return to the government. In India, the deadline for filing personal income tax returns is typically July 31st of each year. Personal tax returns provide information about an individual’s income, deductions, and taxes owed to the government. Filing a personal tax return is a legal requirement for all individuals who earn income in India, and failure to do so can result in penalties and interest charges.
Business Tax Filling
Business tax filling is the process of preparing and submitting a company’s tax return to the government. In India, the deadline for filing business tax returns is typically September 30th of each year. Business tax returns provide information about a company’s income, expenses, deductions, and taxes owed to the government. Filing a business tax return is a legal requirement for all companies operating in India, and failure to do so can result in penalties and interest charges.
Refund/Appeal
A refund or appeal in the context of Indian income tax filing refers to the process of seeking a return of excess taxes paid or challenging a tax assessment issued by the Income Tax Department. In case a taxpayer has paid more taxes than they owe, they can apply for a refund of the excess amount. On the other hand, if a taxpayer disagrees with the tax assessment issued by the Income Tax Department, they can file an appeal to have the assessment reviewed and corrected.
TDS Filing
TDS, or Tax Deducted at Source, is a mechanism by which the Indian government collects tax from individuals and businesses. In India, TDS is a type of indirect tax, which is collected by the person who is making payment to the taxpayer. The person making the payment is responsible for deducting a portion of the payment as TDS and depositing it with the government on behalf of the taxpayer. TDS is applicable to various types of payments, including salaries, rent, interest, professional fees, and commission.