INCOME TAX RETURN (ITR)

At JR Compliance we help you file your Income Tax Return (ITR) in order to stay on the right side of the law and increase your chance of refunds. Instead of struggling through the pile of paperwork, One of the best compliance services experts guide you in this process the right way for all individuals and businesses to meet deadlines efficiently and hassle-free.

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Service Overview

Individuals, businesses, and organizations must file Income Tax Returns if they satisfy certain income thresholds. Our service simplifies the frequently complicated process of filing taxes, making it possible for anyone to comply without errors. With JR Compliance, you can expect timely and customized services that are fully supported by qualified personnel in tax consultations.

‍Challenges of Filing for a Private Limited Company

Complex Procedures

The formation of the private limited company is quite complex as it requires many legal formalities.

Time-Consuming

Sometimes, its exhausting to gather all the necessary papers and fill out all necessary documents.

Share Limit

In a Private Limited Company there is a limit of 200 shareholders, with a restricted limit on share transfers.

Business Commencement

Within 180 days of registering a Private Limited Company, the certificate of commencement of business must be obtained.

‍Challenges of Filing for Income Tax Return

Understanding Tax Regulations and Policies

Given the ongoing evolution of tax laws, an individual or business will find it extremely daunting. But with our expertise in updated taxation regulations, it will be a compliant journey.

Maintenance of Financial Records

Accurate record keeping is vital in ITR filing; bad record keeping leads to discrepancies. We help organize and validate your data for filing for better organisation.

Declaration Deadline

If a submission is late, penalties and legal steps are involved. JR Compliance assures every submission is on time for the management of deadlines and documentation.

Claim Deductions and Exemptions

Much higher tax would be the result of being unaware of the deductions for which one is qualified. The applicable deductions are identified by our team to maximize the benefit received from taxes.

Advantages of Income Tax Return

Simplified Filing Process

We handle complex documentation and procedural steps, providing a hassle-free tax filing experience tailored to your needs.

Timely Submissions Guaranteed

Our structured approach ensures your ITR is filed well within deadlines, avoiding penalties or legal complications.

Expert Financial Guidance

Receive professional insights and advice to maximize refunds, ensuring compliance with all applicable tax norms.

Confidential and Secure Service

Your financial information is handled with the utmost confidentiality and protected by stringent data security measures.

Service Process

01

Data Collection

We gather all required financial documents and records to ensure complete and accurate information.

02

Document Validation

Our experts review your documents to validate entries, ensuring compliance with applicable tax laws.

03

Deduction and Exemption Review

We review your financials for applicable deductions and exemptions to optimize your tax liability before final preparation.

04

Calculation and preparation

As required, accurate calculations are performed, and your tax return is ready for submission.

05

Review and Approval

All the documentation to process returns is reviewed with you for the final approval, ensuring an accurate and transparent process.

06

Submission

Once approved, we submit the return on your behalf and share acknowledgment for your records.

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Service Process

Consultation

We will have a consultation regarding your business vision and requirements to decide on whether the private limited company fits you well.

Documentation

We will help you to do the paperwork involving preparation of the Memorandum of Association and Articles of Association.

Registration

We will then forward all the necessary documents to the Registrar of Companies as required for registration.

Support

We will always be here with you to offer assistance and advice so that you can efficiently run your private limited company.

Compliance:

We will assist you in maintaining a continuing compliance with all legal and regulatory standards.

Service Process

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Service Breakdown

Eligibility

Exceeding Earning From Exemption Limit: Individuals having annual income beyond ₹2.5 lakh. For senior citizens, it is ₹3 lakh. Therefore, they must file returns.

Owning Foreign Assets or Accounts: Taxpayers holding assets or bank accounts outside India must report them through ITR filing.

Claiming Refunds or Adjustments: If excess tax has been deducted, filing ITR is mandatory to claim refunds or adjust payments.

Engaged in High-Value Transactions: Individuals involved in transactions like property purchases or investments over prescribed limits must file ITR.

Documents

Keep investment proofs and expense records: Keep details of the tax-saving investments, expenses, and deductions to be able to reproduce the files whenever required.

Permanent Account Number or PAN: PAN or Permanent Account Number is essential for identifying the individual taxpayer and connecting all of their sources of income at the Income Tax department level.

Form 16 or Income Proofs: Form 16 is mandatory for salaried employees; for others, copies of the current bank statement or any other proof of income are to be produced like bank statement.

Previous Returns of Last Year: Last year's tax return copies matter the most in the process of carrying forward the losses or confirming the returns of the current assessment year.

Who Needs

PAN Card of the Individual or Business: Mandatory for filing income tax returns.

Aadhaar Card: Required for individual taxpayers to verify their identity.

Bank Statements: Transactions of the financial year to track income and expenses.

Form 16 (for Salaried Individuals): A certificate from the employer specifying salary details and TDS deductions.

Balance Sheet & Profit and Loss Statement (for Businesses): Required to calculate business income and tax liability.

Creating Trust-Driven Relationships

JR Compliance is one of the known name for BIS certification, they are well versed with processes and guide client properly.

Kartik Shah

Published on 4 March 2024

We have outsourced the entire BIS certification responsibility of our panels to JR compliance since 2017 and their service so far has been exemplary.

K Narayanan

Published on 4 March 2024

We have been using JR Compliance services since last 3 years on various BIS related registration & testing of our various IT & electronic products. We really appreciate your full-fledged & excellent support in all respect in this matter.

P N Dhawanjewar

Published on 4 March 2024

FAQ

When should I be filing my ITR ?

Normally, it is 31st July for salaried people to file their ITR, but for others, the date changes as per categories.

Is it possible to file ITR after the due date?

One can file the ITR belatedly with some late fee and interest on the unpaid dues if any.

Which are the required documents for the ITR filing process?

Documents required for filing ITR include taxation details like PAN card, Form 16, bank statement, and proof of investment accrued over the last year.

Does one has to file ITR?

When the income surpasses the exemption limit or when an individual requires claiming a refund, they must file the ITR.

Can JR Compliance assist with tax notices?

Yes, we offer expert assistance to address tax notices and ensure smooth compliance with all requirements.

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INCOME TAX RETURN (ITR)

Service Overview

‍Challenges of Filing for a Private Limited Company

‍Challenges of Filing for Income Tax Return

Advantages of Income Tax Return

Service Process

Service Process

Service Process

Expert guidance ensures accurate and efficient tax filing services.

Dedicated support helps you maximize savings and minimize liabilities.

Timely submissions prevent penalties and ensure smooth compliance processes.

Confidential handling of your data ensures privacy and security.

Why Choose JR Compliance?