- A Form 16A reflecting income under the category of “Professional Fees, Commission” can often be indicative of an individual working as a professional consultant or being self-employed.
- The presence of Form 16 typically signifies salaried employment as it serves as a certificate issued by employers detailing an employee’s income and tax deductions at source (TDS).
- Income derived from trading in Futures and Options (F&O) or derivatives is classified as business income.
- If Business Profit is less than 8% of Sales, then you are liable for Tax Audit.
- A professional is generally considered liable for a tax audit if their gross receipts from the profession exceed a designated threshold and their declared profit falls below 50% of those receipts.
- In instances where Form 16A is issued for income arising from fixed deposit (FD) interest, rather than professional or business income, the aforementioned income should be categorized as “Income from Other Sources” during tax filing.
- Please be advised that if you inadvertently select the “Buy Now” option, your Income Tax Return (ITR) will only be filed upon receipt of the additional fees.
- For any further assistance, you may reach us at our support email address: support@ykttalentica.com. Our team will be happy to address your inquiries.
- Please be advised that in the event your IT password is unavailable, resetting it can take up to 48 hours. This security measure is in place to ensure the integrity and protection of your account. Consequently, processing of your ITR (Income Tax Return) may be delayed by the time it takes to reset your IT password.
ITR
Read Instructions
Individuals
Income Heads | Rs. 400+ 18% GST | Rs. 700+ 18% GST | Rs. 2,200+ 18% GST | Rs. 3,000+ 18% GST |
|---|---|---|---|---|
| 1 Form 16 | ||||
| 1 House Property | ||||
| Withdrawal from PF & Bank Deposits | ||||
| Donations | ||||
| FD Interest | ||||
| Brought Forward Losses | ||||
| Foreign Assets | ||||
| 2 Form 16 | ||||
| 2 House Property | ||||
| Commission/Contract/Other Income | ||||
| Capital Gains | ||||
| Income earned Outside India |
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Welcome to India’s Leading
Finance Professional Company
Professional network in 100+ cities