Let’s know something about Berhampur….

 

Berhampur or Berhampur as it is called, is the largest city and gateaway to Southern Odisha.Berhampore city was now known as Berhampur, also nicknamed as "The Silk City". Silk sarees, called Berhampur pata, are famous and the reason Berhampur. Which is situated in the eastern coastline of the district of Ganjam in the state of Odisha.Its official is Berhampore which means "Home of Lord Brahma" which translates into Lord Brahma’s abode. The city is known for its love for the theatre and cinema.The top sightseeing places in Berhampur are Gopalpur beach, Dhabaleshwar temple and beach, Sri SriSri Sidhi Binayak pitha, Shopping in Berhampur, Potagarh,Taratarini temple, Panchama.Hazarduari Palace, earlier known as the Bara Kothi, is located in the campus of Kila Nizamat in Murshidabad, in the Indian state of West Bengal.

 

 

 

Income tax is a mandatory financial levy imposed by governments on the earnings of individuals, businesses, and other entities within their jurisdiction. It is a primary source of revenue for governments and is used to fund various public services and infrastructure projects. Here's a more detailed description of income tax.

 

 

 

 

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BESIC DOCUMENTS OF INCOME TAX

 

1. PHONE NUMBER
2. PAN CARD
3. AADHAR CARD
4. BANK PASSBOOK FRONT PAGE
5. BANK STATEMENT

 

INCOME TAX RETURN (ITR)

Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 , ITR 7 and ITR V . When you file a belated return, you are not allowed to carry forward certain losses.

 

FORMS LIST OF INCOME TAX

There are different ITR forms to pay income tax based on the type of income and nature of employment

ITR 1

ITR 1 is designed for individuals who have income from salary, pension, one house property, and income from other sources (excluding income from lottery and horse races).

ITR 2

ITR-2 form is for individuals and HUF receiving income other than income from 'Profits and Gains from Business or Profession'.

ITR3

ITR 3 is specifically used to report income from a business or profession, which may include self-employment, consultancy, freelancing, or any other form of professional work. It covers various sources of income related to the business or profession

ITR 4

Income Tax Return form for taxpayers who opt for a presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income.

ITR5

ITR-5 form from the Income Tax Department is designed for filing income tax returns by entities such as firms, LLPs, Association of persons (AOPs), Body of Individuals (BOIs), Artificial Juridical Person (AJP), 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.

 

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:

 

 

 

 

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.

 

 

 

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IN CONCLUSION, A disclaimer for income tax is a statement used to clarify the limitations and responsibilities associated with tax-related advice, information, or services provided by a tax professional, tax software, or any entity offering tax-related guidance. You should consult with legal counsel to ensure compliance with relevant laws and regulations. You acknowledge that you have read and understood and agree to its terms and conditions. Goods and Services Tax will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details. . You should consult with legal counsel to ensure compliance with relevant laws and regulations.