The Tax Planet

Delhi

INCOME TAX RETURNS FOR NRIIncome Tax Return is mandatory as per the Income Tax Act 1961. Though it's an intricate and tiring process, you don't have to worry about it. We help you release stress with our expert services for filing Income Tax returns.We begin our process by creating your E-Filing account to manage your Income Tax returns. Then, from documentation to processing, The Tax Planet helps you to execute the Income Tax returns seamlessly.We perform Income Tax filing through 26AS, 16/16A, and referring to your international sources of income. Your income tax return states your income earned during the respective financial year. It is of utmost importance that correct income is reported in IT returns to avoid Tax notices. We help you to adhere to all the legal aspects accurately.We have a separate team that caters to the Tax Compliances in India for NRIs. We can help you claim a Tax Credit for taxes paid in another country, thereby reducing your tax burden.We help you avert all the penalties that might arise due to delay in payment of the Income Tax or filing of Income Tax returns by giving you reminders before the due dates.Our affordable Tax return filing solutions will help you save much money and make you Tax compliant.

INCOME TAX RETURN INDIVIDUAL RESIDENTFiling Income Tax Return is a legal requirement according to Income Tax Act 1961. Therefore, every private, domestic, foreign, and public organization must file the above statement.The Tax Planet helps you file this document to adhere to the prescribed legal requirements.This document must be filed when any individual's total income exceeds the exemption limits.Income Tax Return compliance must be done by everyone earning beyond the exemption limit, including Not for Profit organizations. There are multiple benefits to filing Income Tax Returns. They are as follows

• Assessee can claim Income Tax refund only through Income Tax Return filing
• Losses can be carried forward by filing Income Tax Returns timely
• It makes you a law-abiding and tax-compliant citizen
• Acts as Income proof while applying for Bank loans
• Serves as Income proof while applying for VISA

The Tax Planet helps you to manage all the aspects effectively by providing you with professional Income Tax Filing services.

15CA AND 15CB CERTIFICATE Tax15CA and 15CB the certificate is required to be submitted to the Income Tax Department when payment is being remitted outside India. It is mandatory to submit 15 CA and 15CB to the remitter bank.15 CA is a declaration by the remitter. It contains the details of the remitter, payee, and the specific transaction/invoice for which the payment is being made.15 CB is the declaration by a Chartered Accountant confirming that applicable Income Tax has been deducted while making payment to the Non-Resident.There are fines for non-filing 15CA-15CB. The Tax Planet's professional team supports you in filing the 15CA and 15CB certificate timely and accurate.We recommend you to fill the form timely as in case of non-filing, the penalty amount can reach up to Rupees one lakh for each default of non-filing conditions 15CA/CB.You have the option to withdraw from 15CA before payment. Form 15CA allows you to remove the online form within seven days of submission. The withdrawal of state 15CA is available only before payment.With The Tax Planet, you can assess this certificate's elements and easily compete for filing.

INCOME TAX RETURN OF COMPANIESEvery year, each organization has to file its Income Tax Return to the Department of Income Tax.The companies are required to notify their Income, Expenditure, and other essential business details to the Income Tax Department for compliance with the Income Tax Act.The due date for Filing ITR of Companies is 31st October each year.The Tax Planet helps you file the income tax return for the companies by including all the intricate details of the Company.The department has specified ITR 6 form for submitting Income Tax returns of companies. However, it contains 59 voluminous schedules requiring expertise to fill them.Our professional and well-experienced team will file the Income Tax Return of your Company so that you don't miss any vital information and can also avail the benefits of Income tax exemptions simultaneously.Our cost-effective solutions will help you get expert answers for filing income tax returns.

The Internal Revenue Services (IRS) settles the federal tax. In addition to these, you have to estimate write-offs, credits, and other variables to determine your net taxable income and the income tax.Under which Federal and state income taxes apply to percentage rate to taxable incomes. They can considerably be applied to all deductions and tax credits. Moreover, it is important to file federal tax returns as per the deadlines to avoid penalties and, in some cases, late filing could even lead to imprisonment.

Key Points to RememberThe federal government and the majority of states have income taxes, but their rules and rates vary widely.Federal taxes are progressive, with higher rates of tax on higher levels of income.Some states have a progressive tax system, which means the average tax rate is less than the person’s marginal tax rate.
If you run a sole proprietorship business, you can report income and liabilities on a Schedule C along with the income tax return. If you operate as a corporation or in a partnership, then fill Form 1120.While filling the Schedule C Form, you have to file income tax return and expenses in the marked fields. So, add the net profit or loss amount after deducting expenses from the income in the personal income tax return.Find all Information below.

BUSINESS TAX RETURN FILING (FORMS 1120, 1120S, 1065)

• Zero tax return (No activity)
• Income/loss with one state (without balance sheet and depreciable assets)
• Basic return with balance sheet (Upto 5 depreciable assets)
• Additional state return – per state
• Form 5471 / 5472 / 8865 (will depend on transactions volume but can quote base price)

PERSONAL TAX RETURN FILING (FORM 1040)

• Basic return (2-3 W2s only, Fed & one State)
• 1040 NR return
• Schedule A
• Schedule B (up to each 5 entries)
• Schedule C (without depreciation)
• Schedule C (with depreciation, up to 5 assets)
• Schedule D (depending on transaction, minimum)
• Schedule E (Page 1 – for each rental property)
• Schedule E (Page 2 – each K1)
• Form 6251 – if subject to AMT
• Form 1116 – Foreign Tax Credit
• FBAR Form (up to 5 bank accounts)
• Form 8938 (up to 5 bank accounts)
• Additional state return – per state
• Child & Dependent care expenses
• Earned Income Credit (EITC)
• Child tax credit
• Education credit (Per Form per student)
• ITIN application
• Foreign Earned Income Exclusion