Income Tax Advocacy in India refers to the efforts of individuals and organizations to raise awareness about income tax laws and regulations and to advocate for changes to the tax system that would benefit taxpayers.
Some of the issues that Income Tax Advocacy in India focuses on include simplifying the tax code, reducing tax rates, improving tax administration, and providing relief to taxpayers who are facing financial difficulties.
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Are you wondering whether you need to file an income tax return in India?
The good news is that some individuals are exempted from filing income tax returns for the financial year 2021-22. Here's a rundown of who is exempted and who needs to file:
Individuals with an annual income of up to Rs. 2.5 lakhs are exempted from filing income tax returns. This threshold applies to those earning less than Rs. 2.5 lakhs in a financial year.
Senior citizens aged 60 years or above but less than 80 years old, with an annual income of up to Rs. 3 lakhs, are also exempted from filing income tax returns.
Super senior citizens who are 80 years or above with an annual income of up to Rs. 5 lakhs are exempted from filing income tax returns.
However, it is important to keep in mind that some exceptions exist. You still need to file an income tax return if you:
Have a bank account or financial interest outside India.
Need to claim a refund of excess tax deducted or paid.
Are a resident with signing authority in any account located outside India.
Have income from any source outside India.
Have invested in any asset located outside India.
Have earned income from property held under a trust for charitable or religious purposes or a political party.
To avoid confusion, it's best to consult tax professionals like us, India Advocacy for guidance and advice. Remember, filing your income tax return is a legal requirement and failure to do so could result in penalties and legal issues.
Why should you choose E -filing ?
E-filing is the modern and efficient way of filing your tax returns, which offers numerous benefits over traditional paper-based filings.If you're still hesitant about switching to e-filing, here are seven advantages that may convince you otherwise.
Fast Processing: E-filing offers a speedy process for filing your taxes. The processing time for refunds is also faster than paper-filed returns.
More Accurate: Electronic connectivity in e-filing ensures seamless data transmission and minimizes errors, unlike paper filings that can be prone to errors.
Convenient: You can file your tax returns anytime, anywhere, 24/7, according to your needs and convenience, with no time and place constraints.
Confidentiality: E-filing provides better security and confidentiality for your data, unlike paper filings that are prone to the risk of details falling into the wrong hands.
Easy Retrieval: E-filing applications store your data securely, making it easy to access past data and file subsequent returns.
Proof of Confirmation: E-filing offers confirmation via email on your registered email id, both at the time of filing and subsequently.
User-Friendly: E-filing is user-friendly and convenient, even for individuals who are not tech-savvy.
Switch to e-filing today for a hassle-free, quick, and efficient way of filing your tax returns.
Documents required for filing ITR :
Filing your Income Tax Return (ITR) is a crucial financial task that every taxpayer in India must perform every year. As per the Income Tax Act, 1961, there are certain documents that you need to keep handy while filing your ITR.Here is a quick checklist of the documents that you need to file your ITR in India:
PAN Card: Your Permanent Account Number (PAN) card is mandatory for filing your ITR. Ensure that your PAN is linked with your Aadhaar card.
Form 16: Form 16 is a TDS (Tax Deducted at Source) certificate issued by your employer, which contains details of your salary and the tax deducted on it.
Form 26AS: Form 26AS is a statement that contains details of all the taxes that have been deducted on your behalf by your employer or any other entity. You can download it from the Income Tax Department's website.
Bank Statements: Your bank statements for the financial year for which you are filing your ITR will help you calculate your income and expenses.
Investment Documents: If you have made any investments during the financial year, such as in mutual funds, shares, or fixed deposits, you need to keep their documents handy.
Rent Receipts: If you are a salaried employee and have paid rent during the financial year, you need to keep the rent receipts for claiming the House Rent Allowance (HRA) exemption.
Medical Bills: If you have incurred any medical expenses during the financial year, you need to keep the bills as proof for claiming deductions under Section 80D of the Income Tax Act.
By keeping these documents handy, you can file your ITR smoothly and accurately. Remember, timely and accurate filing of your ITR is essential for avoiding penalties and ensuring compliance with the Income Tax Act, 1961.
How to file an ITR?
Filing your Income Tax Return (ITR) is a crucial step to ensure compliance with the law and avoid penalties. There are two mediums through which you can file your ITR: online and offline.
Visit the Income Tax e-filing website and register yourself.
Choose the relevant ITR form and download it.
Fill in the necessary details and upload the form.
Verify your ITR using any of the available modes such as Aadhaar OTP, bank account-based OTP, or Digital Signature Certificate (DSC).
Submit your ITR
Download the ITR form from the Income Tax e-filing website or collect it from the Income Tax office.
Fill in the necessary details manually.
Visit the nearest Income Tax office and submit the form physically.
To file your ITR smoothly, keep the following things in mind:
Keep all the necessary documents such as PAN card, Form 16, salary slips, investment proofs, etc., ready.
Check the applicable tax slabs and ensure you fill the correct ITR form.
Double-check your details before submitting your ITR to avoid errors.
Filing your ITR is a vital step towards fulfilling your tax obligations. Choose the medium that suits you best and file your ITR before the deadline to avoid any penalties.
Looking to stay compliant with the Indian government's taxation laws? Income tax in India is a necessary obligation that applies to individuals and businesses based on their income. Governed by the Income Tax Act of 1961 and administered by the Central Board of Direct Taxes (CBDT), taxable income includes salaries, wages, pensions, rental income, capital gains, and income from businesses and professions. To avoid penalties, it is mandatory to file an Income tax return if your taxable income exceeds a certain threshold.
But don't worry - Income tax in India is a progressive tax with rates ranging from 5% to 30% depending on the amount of taxable income. Plus, individuals are eligible for various tax exemptions and deductions, such as the standard deduction, house rent allowance, and deductions for investments in specified savings and investment instruments.
Income tax in India is typically collected through payroll taxes, self-assessment, and tax returns. Employers handle tax deductions from employee salaries and deposit them with the government, while self-employed individuals and those receiving rental income must file a tax return and pay their tax liability. India Advocacy will keep you on top of your income tax obligations and you can enjoy peace of mind.
Why should you pay taxes?
Paying taxes in India is not only a legal obligation but also an important civic duty. By contributing to the development and progress of the country, individuals can support various government services such as education, healthcare, infrastructure, defense, and public welfare schemes. Moreover, paying taxes ensures social justice and helps to reduce income inequality by imposing higher taxes on higher incomes. Avoiding legal issues and claiming tax benefits are additional reasons to pay taxes on time and accurately report income.Don't miss out on the benefits of tax deductions for investments, home loans, medical expenses, and charitable donations. Fulfill your civic duty and support your country's growth by paying taxes today!
Income Tax Return :
According to the Income Tax Act, 1961, Income Tax Return (ITR) refers to the document that individuals or entities file with the Income Tax Department to report their income and tax liability for a specific financial year. ITR is an essential aspect of the tax system, and it helps the government to track the income and tax paid by individuals or entities.
Filing Income Tax Return is mandatory for individuals whose total income during the financial year exceeds the basic exemption limit prescribed under the Income Tax Act. Filing ITR is also necessary for entities, including companies, partnerships, and firms, irrespective of their income. Failing to file ITR can result in a penalty, and in severe cases, the individual or entity may face legal action.Filing Income Tax Return is a crucial step towards being a responsible citizen and fulfilling your tax obligations. It also helps individuals or entities to claim tax refunds, apply for loans, and avail of other financial benefits.
Income Tax Filing Eligibility :
If you earn a gross annual income above Rs.2,50,500 in a fiscal year, you may be required to file an income tax return, as per tax regulations in India. This includes earnings from various sources, such as salaries, real estate, capital gains from investments, and more.
If you fall under any of the following categories, you must file an income tax return:
Salaried individuals with gross income exceeding the exemption level before deductions under Sections 80C to 80U.
Any type of firm, whether private limited, LLP, or partnership, regardless of profit or loss
Individuals who are Directors in a Private Limited Company or Partner in a Limited Liability Partnership firm.
Individuals who earn dividends from mutual funds, bonds, equities, fixed deposits, interest, and other sources.
Individuals that receive income through charity or religious trusts, as well as income from voluntary contributions.
Individuals and businesses seeking tax refunds.
NRIs and tech professionals on onsite deputation, as well as anyone with foreign income or assets.
Make sure to file your income tax return on time to avoid any penalties or legal consequences. If you need assistance with filing your tax return or have any questions, consult us, India Advocacy a group of qualified tax professionals for guidance.
Follow the general instructions listed below while furnishing the digital signature application form:
• The signature of the applicant should be in blue ink only
• The signature of the applicant should be as it is in the Identity Proof
• A photo of the applicant in the application form should be signed by the applicant
• All supporting documents should be attested by either Gazetted Officer / Bank Manager / Post Master
• For proof of attesting officer, either one of the below is mandatory –
• Contact Details of Attesting Officer including the name, designation, office address, and contact number. This should be part of the attestation. If provided separately, it should be attested either by the Applicant or Attesting Officer
• Self-Attested copy of the Organizational Identity card of the Attesting Officer
• Organizational Documents can also be attested by Authorized Signatory. However, if the taxpayer fails to get the Organizational Documents attested by the authorized signatory, an attested copy of the organizational ID card of the authorized signatory is mandatory.
How Digital Signature work
Like handwritten signatures, digital signatures are unique to each signer. The providers of digital signing solutions, such as DocuSign, follow a specific protocol called Public Key Infrastructure (PKI). PKI requires the provider to use a mathematical algorithm to generate two long numbers called keys. One key is public, and one key is private.
When someone electronically signs a document, the signature is created using the signer’s private key, which is always securely kept by the signer. The mathematical algorithm acts as a cypher, creating data matching the signed document, called a hash, and encrypting that data. The resulting encrypted data is the digital signature. The signature is also marked with the time that the document was signed. If the document changes after signing, the digital signature is invalidated.
For instance, suppose that Jane signs a timeshare sale agreement with her private key. The buyer receives the document. A copy of Jane's public key is also sent to the document's purchaser. If the signature is not Jane's or the document has changed since it was signed, the public key will be unable to decrypt it using the cypher that produced the keys. The signature is then invalid. To ensure the integrity of the signature, PKI mandates that keys be generated, carried out, and stored securely. As a result, a reliable Certificate Authority (CA) is typically required. Companies that provide digital signatures, like DocuSign, address the PKI criteria for secure digital signatures.
Forms of Income Tax :
Income Tax Returns (ITR) are documents filed by taxpayers to declare their annual income and calculate the amount of tax they owe to the government. There are several types of ITR forms available to taxpayers, each catering to different categories of taxpayers.
There are a total of 7 ITR forms that individuals can use to file their tax returns. These forms include ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. The selection of the ITR form depends on various factors such as the type of income earned, the source of income, and the amount of income earned.
For instance, ITR-1 is applicable to individuals with an income of up to Rs. 50 lakhs and having income from salary, one house property, and other sources. On the other hand, ITR-4 is suitable for individuals and HUFs with a total income of up to Rs. 50 lakhs and income from business or profession. Understanding the right ITR form to file your tax returns is essential to ensure compliance with tax regulations and avoid penalties. As a taxpayer, it's crucial to seek professional advice or consult the income tax department's website for detailed information on the appropriate ITR form to file.
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