Income Tax Forms

Income Tax Forms

Income tax is a tax paid to the central government on personal income. According to Income Tax Act 1961 (External website that opens in a new window), every person who is an assessee [an Assessee is a person by whom any tax or any other sum of money (eg. interest, penalty, fine, etc) is payable under the Income Tax Act] and whose total income exceeds the maximum exemption limit shall be chargeable to the income tax at the rate prescribed in the Finance Act (External website that opens in a new window).
Section 139(1) of the Income Tax Act has been revised w.e.f 1/8/1998 with the view to make it obligatory upon any person to file return if he/she satisfies any one of the six conditions:
Is the owner or the lessee (the user of equipment or property being leased/rented out for a time period) of a Motor vehicle
Occupies specified floor area of an immovable property
Incurs expenditure for himself or any other person on foreign-travel
Subscribes to a telephone
Is a holder of the credit card, not being an 'add-on' card, issued by any bank or institution
Is a member of a club where the entrance fee charged is Rs.25,000/- or more then he is required to file a return.
Filing of Income Tax Returns (ITR) is a legal obligation of every person whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T. Act, 1961. To file your Income Tax returns, you need to submit ITRs. There are different ITRs to file your income returns, depending on your profession/business/property.

M A K S AND ASSOCIATES is a single window professional outfit rendering an integrated range of Advisory & Compliance services that is expected from an Auditing/ Accounting firm. We provides Auditing, Taxation, Management Consultancy and Advisory Services to various corporate and commercial clients as well as individuals throughout India and abroad. The firm represents a combination of specialized skills, which are geared to offer sound financial solutions and services. We, at our best, provide consultancy with a blend of local & International flavor.
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M A K S AND ASSOCIATES provides Auditing, Taxation, Management Consultancy and provides Taxation, Company, Investments, Accounting, Auditing, Financial services, Management Consultancy and Advisor Services to various corporate and commercial clients as well as individuals throughout India and abroad. The firm represents a combination of specialized skills, which are geared to offers sound financial solutions and services. We have a stated policy of ensuring that quality services are offered to our clients, irrespective of their location and size. We have achieved this by bringing the professional and analytical skills, to every single assignment, that are developed through the academic backgrounds, internal training, ongoing professional education and engagement experience of our members. the organization is a congregation of professionally qualified and experienced personnel, who are dedicated to add value and optimize the benefits accruing to our clients. The company is presently managed by so many associates.
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