In today's digital age, many tax consultants and experts offer online services. You can search for online Income Tax consultancy services in Katwa or work with professionals from other locations who provide remote assistance. Income tax is a vital source of revenue for governments worldwide, including India. It plays a crucial role in funding public services and infrastructure development. In Katwa, a quaint town in the Indian state of West Bengal, income tax is no exception. This blog aims to provide you with a comprehensive understanding of income tax in Katwa, West Bengal, covering the basics, tax rates, exemptions, and the process of filing income tax returns. To find Income Tax consultants or experts in Katwa, you can search online directories, consult with local business associations, or ask for recommendations from friends and colleagues in the area. These professionals can assist you with tax planning, filing returns, and addressing any tax-related issues. While seeking low-cost Income Tax registration, it's essential to ensure that you are working with a qualified and reputable consultant. Be cautious of extremely low-cost options that may compromise the quality of service.

 

Basic Document needed to INCOME TAX:

1. PAN Card
2. Adhaar card
3. Photo of Individual
4. Bank account details
5. Phone number

 

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.

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.

 

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.

 

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Understanding income tax in Katwa, West Bengal, is crucial for individuals and businesses to meet their tax obligations and contribute to the nation's development. Tax laws may change, so it's essential to stay updated or consult a tax professional for personalized guidance. Proper tax planning can help you optimize your finances and ensure compliance with tax regulations. If you require legal assistance or representation for Income Tax matters, you can search for Income Tax advocates or lawyers in Katwa. They specialize in handling tax-related legal cases .Some accounting and tax firms in Katwa may specialize in Income Tax matters. You can inquire with such firms for services related to Income Tax compliance and planning. To find trusted consultants, consider checking online reviews and ratings, asking for references, or seeking recommendations from individuals who have used their services. The best consultancy may vary based on your specific needs. Consider factors such as expertise, reputation, cost, and proximity to your location when determining the best consultancy for your requirements. You can use online search engines or maps to find Income Tax consultancies near your location in Katwa.