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S3 FACILITY SOLUTIONS PVT. LTD.S3 FACILITY SOLUTIONS PVT. LTD.S3 FACILITY SOLUTIONS PVT. LTD.

Income Tax

Income Tax

Get a dedicated tax specialist work on your taxes with in every step of the way. Don’t pay any more tax than you need to. Prepare the forms you need easily. Make no mistake in complicated filing procedures.

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Income Tax

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                Income Tax

                Five Main Heads of Income

                Income from Salary

                i.Salary is defined as the remuneration that a person receives periodically for rendering services based on an implied or express contract.

                ii.The Salary for the purpose of calculation of income from Salary includes:

                Wages
                Pension
                Annuity
                Gratuity
                Advance Salary paid
                Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages
                Annual accretion to the balance of Recognized Provident Fund
                Leave Encashment
                Transferred balance in Recognized Provident Fund
                Contribution by Central Govt. or any other Employer to Employees Pension A/c as referred in Sec. 80CCD.

                Income from House Property

                i. Basis of Charge [Section 22]:

                Income from house property shall be Taxable the house property should consist of any building or land.

                ii. The Gross Annual Value of the house property shall be higher of following:

                Expected rent
                Rent actually received or receivable after excluding unrealized rent but before deducting loss due to vacancy

                iii. Deductions

                Municipal Taxes
                Standard Deduction [Section 24(a)]
                30% of net annual value of the house property is allowed as deduction
                Interest on Borrowed Capital [Section 24(b)]
                Let-out property - Actual interest incurred on capital borrowed
                Self-occupied property - Interest incurred on capital borrowed allowed as deduction upto Rs. 2 lakhs. The deduction shall be allowed acquisition or construction of house property is completed within 5 years.
                Maximum loss set off allowed in a Financial Products year is limited upto Rs. 2 lakhs, remaining loss can be carried forward to future years, 8 years in total

                Income from Capital Gains

                Any Income derived from a Capital asset movable or immovable is Taxable under the head Capital Gains under Income Tax Act, 1961.

                1. Short Term Capital Gains:
                Sold a Capital asset within 36 months and Shares or securities within 12 months of its purchase then the gain arising out of its sales after deducting there from the expenses of sale (Commission etc) and the cost of acquisition and improvement is treated as short term capital gain and is included in the income of the Taxpayer.

                2. Taxability of short term capital gains:

                Section 111A of the Income Tax Act provides that those equity shares or equity oriented funds which have been sold in a stock exchange and securities transaction Tax is chargeable on such transaction of sale then the short term capital gain arising from such transaction will be chargeable to Tax @10% upto assessment year 2008-09 and 15% from assessment year 2009-10 onwards.

                3. Long Term Capital Gain

                A Capital Asset held for more than 36 months and 12 months in case of shares or securities is a long term capital asset and the gain arising there from is a long term capital gain. Long term capital gains are arrived at after deducting from the net sale consideration of the long term capital asset the indexed cost of acquisition and the indexed cost of improvement of the asset.

                4. Taxation of Long term capital gains

                The long term capital gains are Taxed @ 20% after the benefit of indexation as discussed above. No deduction is allowed from the long term capital gains from Section 80C to 80U. But in case of individual and HUF where the Income is below the basic exempted limit the shortage in basic exemption limit is adjusted against the long term capital gains.

                Income from Profits and Gains of Business or Profession

                1. Under Section 28, the following income is chargeable to Tax under the head “Profits and Gains of Business or Profession”:
                Profits and Gains of any Business or Profession.
                Any compensation or other payments due to or received by any person specified in Section 28(ii).
                Income derived by a trade, professional or similar association from specific services performed for its members.
                The value of any benefit or perquisite, whether convertible into money or not, arising from Business or the exercise of a Profession.
                Any interest, salary, bonus, commission or remuneration received by a partner from firm .
                Fair market value of inventory as on the date on which it is converted into, or treated as, a capital asset determined in the prescribed manner.
                Income from speculative transaction.

                Income from Other Sources

                “Income From Other Sources” is any income which is not specifically Taxed under any other head of income will be Taxed under this head.

                Section 56(2)(i), Dividends
                Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form whatsoever, are always Taxed under this head.
                Interest Income
                Gifts received by an individual
                The long term capital gains are Taxed @ 20% after the benefit of indexation as discussed above. No deduction is allowed from the long term capital gains from Section 80C to 80U. But in case of individual and HUF where the Income is below the basic exempted limit the shortage in basic exemption limit is adjusted against the long term capital gains.
                Income Tax

                Advantages of Filing Income Tax (IT) Returns

                Eligibility

                No Benefits In Future For Mere Filing Of NIL Income Tax Return.
                Tax Returns Are Now Eligible Documents.

                Tax Planning

                Plan & Save Your Income Tax Payment

                Risk

                Carry Forward Loss Only The Return Filed Before The Due Date
                Do Not Claim Wrong Income Tax Refunds

                Compliance

                Compare The Services Not Cost Of Filing Income Tax Returns.
                First Of Wholeheartedly Plan For Taxes, Pay Taxes and Enjoying Without Non Compliances.
                Income Tax

                S3 FACILITY Safeguards You

                Confidential

                File Your Income Tax Return with utmost Confidence and total Trust With Us
                Confidentiality Of All Your Information Fully Secured.

                100% Accurate Filing

                We ourselves carry out the Process and Filing of Income Tax for all our clients thus making them totally error-free.
                We Provide Check Points For Your Missing Taxable Transactions

                Financial Services HUB

                Surpassing Others S3 FACILITY Provides All Benefits Of Services in One Single Platform.
                Providing All Benefits of Services in One Single Platform is Your Hassle-free advantage.
                Providing All Benefits of Services in One Single Platform is Your Hassle-free advantage.
                S3 FACILITY Covers Financial Products Life Cycle Services To The Client's End-To-End Products.
                Our Logo depicts The Financial Products Life Cycle With Human Natures In Colour.

                CA & Tax Experts

                Direct Involvement of Our CA Experts in Preparing Validating Finalizing and Computing of Income Tax is your added advantage.
                Confirming Of IT Computation From Client's end before IT Filing Mandatory Process With S3 FACILITY Before Filing.
                S3 FACILITY Is a Perfect Platform For Income Tax Holders and Tax Experts.
                Income Tax

                Document Required for E-Filing Income Tax Return

                Proof of Income

                Form 16 Copy – Part A & Part B
                Fixed Deposits
                Capital Gain Statement Share Broking
                FD Interest Certificate
                Invoice Copy
                Contract Copy

                Proof of Deduction

                Life Insurance Premium
                Medical Insurance Premium
                School Fees Receipts
                House Property Tax
                Interest Certificate Housing Loan
                Tax Savings Documents
                Additional Deduction Documents

                This may come as a surprise but you don’t need any documents or proofs to attach with your Income Tax Returns.
                All you need is your Aadhar ID linked with your PAN.
                You need documents ONLY IF YOU SEEK TO CLAIM DEDUCTIONS while filing Income Tax.
                You DO NOT NEED TO ATTACH ANY DOCUMENTS in your IT return application. Fill your Income Tax return honestly and claim deductions that genuinely apply to your application.
                You may need documents only if an Income Tax assessing officer sends you a notice asking you to present those documents before them. Till then, procure all the documents that may be needed and keep them safe.

                Income Tax

                Advantages & Benefits of E-Filing Income Tax Returns With S3 FACILITY

                Guaranteed

                Guaranteed Accurate Tax Calculations.
                Internal Expert Check Before Filing Tax Returns.
                Draft IT Computation Sent To Client For Confirmation.
                Filing Tax Return After Client Confirmation.

                Maximum Refund

                Fastest Refund Process.
                Free D-mat Account Opening.
                Claim Your Eligible Tax Deductions.

                Error Free

                Total Elimination Of Clerical Error / Error - Free Return.
                S3 FACILITY Recommends/Suggests Tax Savings Plan & Products To Clients.
                Income Tax

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                Freelancers

                Income Tax

                Important Tools

                Check Refund Status

                Emi Calculator

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                Tax Calculator

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                Our team of professionals possess extensive knowledge of industry best practices and performance measures that you can leverage to move your business forward.

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