Legal Darbar offers ITR (Income Tax Return) filing and balance sheet registration services to ensure that businesses comply with tax law. ITR filing involves disclosing income, deductions, and tax liabilities to the government, which is necessary for legal compliance and financial transparency. Balance sheet registration involves preparing financial statements that reflect a company’s assets, liabilities, and equity, so ensuring correct financial reporting. Legal Darbar streamlines the process by handling documentation, tax calculations, and filings, ensuring that firms comply with tax laws and financial rules. legaldarbar.com
Income Tax Return (ITR):
Legal Darbar provides an Income Tax Return (ITR) service which is a type in which the individuals or businessman of the organizations have to pay taxes or some amount of from from their earnings to the Income Tax Department every year i.e; a part of their income, expenses, tax liabilities of the organization were given to the income tax department. Filing an ITR is a legal promise that is given to the individuals, businesses, and organizations whose income exceeds the basic limit amount that is being deducted from their income which comes under the Income Tax Act, 1961.
What is the purpose of Filing an ITR Registration in Legal Darbar :
Types of Income ITR form includes: The Income Tax Department defines different kind of forms based on the nature of income and the status of taxpayer.
Key Benefits legal darbar provides for Filing an ITR:
Who Should File an ITR ?
• The Individuals who have their income exceeding the basic income deduction limit (₹2.5 lakh for individuals below 60 years, ₹3 lakh for senior citizens, and ₹5 lakh for super senior citizens) should file an ITR.
• Many of the companies, partnership firms, and LLPs, etc should file an ITR.
• The Individuals who want to claim tax refunds should file an ITR.
• Those who have foreign income, a valuable document, or investments should file an ITR. legaldarbar.com
Balance sheet:-
Legal Darbar also provides a balance sheet service which is a key of financial statement that provides a clear screenshot or a valid document of an organization’s that at what position the organization is working at a specific point in time. It is an essential tool used by businesses, non-profits, and even societies to track their financial health. It is a sheet where all the details were placed in a statement. LD helps to follow the fundamental accounting equation, the equation ensures the balance sheet will always balanced equally on both the sides.
The balance sheet is divided into three main sections:
Key components legal darbar have in the Balance Sheet:
Documents required for ITR :-
• For Individuals:
o PAN card
o Aadhaar card
o Bank account details
o Form 16 (for salary based employees)
o Form 16A/16B/16C (for TDS deducted on other income like interest, rent, etc.)
o Income from other sources.
o Life insurance premium receipts
o Provident Fund (PF) contributions
o Home loan interest and principal repayment statements
o Donations under Section 80G
o Rental agreement
o Municipal taxes paid receipts
o Sale/purchase documents for property, shares, or mutual funds
o Capital gains statement from brokers or mutual fund houses
o Advance tax payment challans (optional)
• For Businesses/Organizations:
o Profit and loss statement
o Balance sheet (prepared for the financial year)
o GST returns (optional)
o TDS certificates
o Proof of expenses incurred for business purposes
o Bills and receipts for utilities, rent, salaries, etc.
o Advance tax payment challans
o Previous year’s ITR acknowledgment
o PAN card of the organization
o Inspection reports (if turnover exceeds specified limits)
Documents required for Balance sheet:-
• Assets:
1. Current Assets:
o Bank statements
o Cash finance
o Accounts details that are received
o Inventory records i.e information about company
o Prepaid expenses
2. Non-Current Assets:
o Fixed asset should be registered (for equipment, property, vehicles, etc.)
o Reduction in the asset value schedule
o Non-physical assets (e.g., patents, trademarks. etc)
• Liabilities:
1. Current Liabilities:
o Details of the accounts that are payable
o Short-term loans statements
o utility bills, salaries payable recipts
2. Non-Current Liabilities:
o Long-term loan statements
o Property rental agreements
o Bond details
• Equity:
• Funds contribution by owners/partners
• surplus funds
Businesses and professionals filing ITR-3, ITR-4, or organizations submitting ITR-6 must include a balance sheet in their ITR.
The new Income Tax Bill 2025 keeps the existing tax sheets, combines TDS sections, and provides a single “tax year” idea.
Report business/professional income in ITR-3 and probable income in ITR-4 will declare your sales, costs, and net profit/loss in a accurate manner.
If your cryptocurrencies are taxable as investment gains or business income, file your Income Tax Return (ITR) by the due date, which is usually July 31st.
ITR filing is required if income exceeds the allowed limit, professional/business earnings which fulfills the criteria, or certain transactions are required in file.
Failure to filing an ITR may result in penalties, interest, lost refunds, charges, and trouble will happen for getting loans or visas.
Individuals, businesses, and organizations that exceed taxable income limits or satisfy the specific requirements under the Income Tax Act must submit an ITR.
An Income Tax Return (ITR) might be changed multiple times before the evaluation year ends or the examination is completed.
Over 8 crore individuals in India filed Income Tax Returns.
Yes, Legal Darbar gives professional assistance in submitting income tax returns (ITRs) and preparing balance sheets for businesses which ensures compliance and accuracy.
