Welcome to LENSTAX SOLUTIONS PVT. LTD. We provide best services for you. Such as INCOME TAX, GST, ESI, PF, PARTNERSHIP, ESIC, FSSAI etc. In today's digital age, many tax consultants and experts offer online services. You can search for online Income Tax consultancy services in Bankura or work with professionals from other locations who provide remote assistance. The cost of income tax registration may vary depending on the complexity of your financial situation. To find affordable registration services, you can compare quotes from different consultants or explore online tax filing platforms that offer cost-effective solutions. You can find income tax consultants or experts in Bankura by asking for recommendations from local businesses or searching online directories. Look for professionals with a good reputation and experience in income tax matters. Look for established tax practice firms in Bankura that offer a range of income tax services. You can contact us to discuss your specific needs. To register LENSTAX SOLUTIONS PVT. LTD. you can visit our website or contact us.

 

WHY YOU CHOOSE Lenstax Solutions Pvt. Ltd.
 
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 Call us anytime and get support for your business.
 We believe in “Value for Money”
 Our objective is to fullfill your requirement in minimum time.
 Get best advice with no cost
 Just call us and get advice

 

Lenstax Solutions Pvt. Ltd. is a leading company engaged in providing tax related services to its clients. The terms ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7 refer to different Income Tax Return forms used in India for filing income tax returns. Here's a brief overview of each:

 

ITR 1 OR SAHAJ

 Income from Salary/Pension.
 Income from One house property.
 Income from Other Sources (Lottery and Income from Race Horses).
 Agricultural income up to Rs.5000.

ITR 2

 Income from Salary/Pension.
 Income from House Property.
 Income from Other Sources (Lottery and Income from Race Horses).
 Total income more than Rs 50 Lacks
 If you are an Individual Director in a company.
 If you have had investments in unlisted equity shares at any time during the financial year.
 Being a resident not ordinarily resident and non-resident.

 Income from Capital Gains.
 Foreign Assets/Foreign income.
 Agricultural income more than Rs 5,000.

 

ITR 3

 

 Carrying on a business or profession.
 If you are an Individual Director in a company.
 If you have had investments in unlisted equity shares at any time during the financial year.
 The return may include income from House property, Salary/Pension and Income from other
sources.
 The income of a person as a partner in the firm.

 

ITR 4

 The current ITR 4 is applicable to individuals, Partnership firms (other than LLPs) which are
residents having income from a business.
 It also includes those who have opted for the presumptive income scheme as per Section 44AD,
Section 44ADA and Section 44AE of the Income Tax Act.
 When the turnover of the business exceeds Rs 2 crore, the taxpayer will have to file ITR-3.

 

ITR 5

 

 Basically ITR 5 is for firms, Limited Liability Partnership, Body of Individuals, Artificial Juridical Person, Estate of deceased, Estate of insolvent, Business trust and investment fund.

 

ITR 6

 

 Income Tax Return. The income tax department of India mandates that all businesses, apart from those that can hold their income from properties for charitable or religious reasons, should fill up the ITR - 6 Form and submit it in order to file for income tax returns.
 

ITR 7

 

 ITR-7 form is to be used when the tax access is a Trust, filing as a Company, Firm, Local authority, Association of Person (AOP) or Artificial Judiciary Person and is claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D).

 

ITR V

 

 Form ITR-V stands for "Income Tax Return-Verification Form". It is a single-page document which is received when an ITR is filed online without a digital signature.

 

Document needed to INCOME TAX:

 PAN Card
 Aadhaar card
 Photo of Individual
 Bank account details
 Phone number

 

INCOME TAX DEDUCTION SECTION LIST
 

 Section 80CCC

The Income Tax Act 1961 offers tax deductions up to Rs 1.5 lakhs per year for contributions made by a person towards certain pension funds offered by a life insurance policy. The 80CCC deduction is within the limit of section 80C.
 
 Section 80CCD
Section 80CCD relates to the tax deduction for the contributions made in the National Pension System (NPS) and the Atal Pension Yojana (APY). Under this section, you can claim a deduction of up to ₹2 lakh in a financial year.
 
 Section 80D
Section 80D offers  tax  deductions  on health insurance premiums of up to a maximum limit of ₹ 25,000 in a financial year.
 
 Section 80DDB
Section 80DDB provides that if an individual or a HUF has incurred medical expenses for treatment of a specified disease or ailment, such expense is allowed as a deduction, subject to such conditions and capped at such amount as specified, under Section 80DDB of the Income Tax Act.
 
 Section 80E
Section 80E education loan deduction is a tax incentive given to people who avail education loan for higher studies.
 
 Section 80EE
Section 80EE allows income tax benefits on the interest portion of the residential house property loan availed from any financial institution.
 
 Section 80RRB
Section 80RRB of the Income Tax Act is for those individuals whose source of income is royalty on their works of art, inventions, patents, etc
 
 Section 80TTA
Section 80TTA of the Income Tax Act 1961 provides a deduction on the interest earned on your savings account with a bank, cooperative society, or post office, up to Rs. 10,000/-.
 
 Section 80U
Section 80U of the Income Tax Act, 1961 includes provisions for tax deduction benefit to individual taxpayers suffering from a disability.
 
 Section 24
Section 24 of the Income Tax Act lets homeowners claim a deduction of up to Rs. 2 lakhs (Rs. 1,50,000 if you are filing returns for last financial year) on their home loan interest if the owner or his family reside in the house property.
 
INCOME  TAX  PAYMENT DETAILS

Income tax payment is the process of remitting a portion of your income to the government, typically on an annual basis, as required by tax laws. This payment is calculated based on your total income, deductions, and tax credits, with the resulting amount representing your tax liability. It can be paid through various methods, such as direct debit, check, or online, depending on the tax authority's guidelines. Meeting tax payment deadlines and fulfilling your tax obligations accurately is essential to avoid penalties and legal consequences.
 
INCOME TAX CALCULATION

Income tax calculation is the process of determining how much income tax you owe to the government based on your earnings, deductions, and applicable tax rates. It involves subtracting eligible deductions and tax credits from your total income to arrive at your taxable income. The tax liability is then computed using the tax rates applicable to your income level. Accurate income tax calculation is crucial for fulfilling your tax obligations and ensuring compliance with tax laws.
 
E-Filing INCOME TAX

E-filing income tax, also known as electronic filing, is a method of submitting your income tax return to the tax authorities electronically, typically over the internet. Instead of filing a paper tax return, you use specialized software or online platforms provided by the tax authority or authorized third-party providers to complete and submit your tax documents digitally. Here are some key points about e-filing income tax:
 
INCOME TAX RETURN (ITR)

Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.
 
WHO IS ELIGIBLE FOR INCOME TAX RETURNS????

It is mandatory to file ITR for individuals If the total Gross Income is over Rs.3,00,000 in a financial year (Including standard deduction). This limit exceeds Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens. The entities listed below must pay taxes and file their income tax returns.
                                                                                                                                                                                                                                                   

In Conclusion, The specific ITR form you should use depends on your income sources, the type of taxpayer you are, and the total income you earn. For further information you can visit our website or contact us. Ensure you have all the necessary documents and information required for registration. To find the best income tax consultancy in Bankura, research different firms, read reviews, and consider their expertise and track record in handling income tax matters. Use online search engines and maps to locate income tax consultancy services near your location in Bankura. It's essential to use the correct form to avoid any complications or discrepancies while filing your income tax return in India. Additionally, the Income Tax Department may update these forms, so it's advisable to refer to the latest versions and guidelines provided by the department when filing your taxes.