Income Tax
We will provide income tax return preparation, Revised return, Responding to Department notices and solving other Income Tax related issues.
Individual Income Tax Filing
The individual income tax (or personal income tax) is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year.
Timeline - 10 to 15 Working days
Individual Income Tax Filing
What is individual Income Taxes
The individual income tax (or personal income tax) is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year. The tax is generally imposed by the state in which the income is earned. However, some states have reciprocity agreements with one or more other states that allow income earned in another state to be taxed in the earner’s state of residence.
Individual Income Tax Filing
Benefits of Income Tax Filing
Loans
Bank loans like educational loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.
Visa
As immigration centres scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.
Avoid penalties
Heavy amount would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.
Income Tax Assessment
Three Forms of Individual Income Tax Return Filing
01.
Form 1040
Form 1040 is a densely packed two-page form with an abundance of schedules to complete. Any taxpayer up to the challenge may use this individual tax return form. However, individuals with dependents, income above $100,000, and who itemize deductions must use IRS Form 1040. Form 1040 is the most complex of all individual tax filing documents to complete. This document gives taxpayers the ability to submit information on complex investments, itemized deductions, and various tax credits.
02.
Form 1040A
Form 1040A is a two-page individual tax return for those with dependents and an income below $100,000. Allowable income sources are wages, salary, tips, capital gains, dividends, interest, unemployment compensation, pensions, annuities, Social Security, railroad retirement, taxable scholarships, and the Alaska Permanent Fund dividends. To use this form, the taxpayer must take the standard deduction. The 1040A is a simplified version of Form 1040. Individuals may file under any of the five filing statuses, single, head of household, married filing separately, married filing jointly, or widowed.
03.
Form 1040EZ
Form 1040EZ is a one-page individual tax return form for filers with no dependents and income below $100,000. Taxpayers must take the standard deduction and file as either a single taxpayer or married filing jointly taxpayer. Only the earned income credit (EIC) may be claimed as a deduction on this form.
Founder's Agreement
We Serve Everywhere
Thewealthbridge.in is web portal of the Virutchamwealth Bridge Private Limited is one stop business setup and consulting company, managed by specialized team of Business Analysts,Company Secretaries, Chartered Accountants, Corporate Lawyers and Financial Professionals company headquartered in Vellore,Tamilnadu, India. Having known for our quality of services, delivering the projects on time, we have clients spread across the globe
Business Licenses
Our Professionals Will help you in getting your business licenses and Business licenses necessary for smooth running of businesses
Financial Services
we will Provide Funds for both personal and Business. Our funding system gives a credit line facility, enabling you to expand your business to new heights
GST Returns
We will make your business to GST Compliance. Returns are required to be filed digitally online through a common portal to be provided by GSTN
What are the Documents required for Income tax filing?
Bank statements
Proof of investments
T.D.S Certificates in Form 16 or 16A as applicable
Documents on purchase and sale of investments / assets
Challan of tax paid such as advance tax or self-assessment tax
If PAN is applied but not received, a copy of filed PAN application and its acknowledgement
Statement of receipts and payments when no regular books are maintained
Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions
Process
Step 1: Visit the income tax portal.
Step 2: Register or login to e-file your income tax.
Step 3: Select the user type. & Enter your details
Step4: The account becomes active
income Tax Assessment
FAQ
You can pay the tax directly on the Income Tax Department website using your Netbanking account with challan 280.
Yes, deducting TDS and filing a tax return are two different things. You file a tax return to show that you have paid all the taxes you needed to pay. The income tax return is also a useful document when it comes to applying for a loan or visa.
Yes, in any given financial year, you can file for the last two years.
Filing the ITR will help individuals when they have to apply for a vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns
Yes, in any given financial year, you can file for the last two years.
About Wealth Bridge
We Help You To Form Your Company In A Simple Way Wealth Bridge Will Making More Possibilities which aims at providing much-needed funds to businesses across the trading and service industry
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Head Office
2nd Floor, #23, 8th East Main Road
Gandhinagar, Katpadi, Vellore
(+91) 416 2241199
(+91) 86677 53901
Branches
ARAKKONAM OFFICE
# 10/1, Thiruthani High Road ,
Upstairs to Central Bank ,Jothi Nagar,
Arakkonam , TamilNadu - 631003
Phone:+91 6381184522 , +91 8012747723.
RANIPET OFFICE
No 126, MBT Road, Mahaveer Complex,
First Floor, Muthukadai,
(NearDarling bakery) Ranipet - 632401
Phone : +91 417 2295006 +91 86675 42148