Income Tax Compliances
Income Tax Compliances
including:
- Preparation and filing of Income Tax Returns with accuracy.
- Rectification of proposed adjustments in filed returns.
- Handling faceless assessments, scrutiny, and penalty proceedings.
- Advisory services on income tax planning and related matters.
- Managing specified financial transactions reporting (Forms 61A, 61B).
- Conducting Income Tax audits under section 44AB and NGO audits (Forms 10B, 10BB).
- Addressing expatriate taxation and international tax consultancy.
- Filing petitions and grievances related to tax evasion and pending cases.
- Consultancy for survey, search, and seizure cases.
- Appearances before Investigation Wings and top authorities including CBDT and Ministry of Finance.
- Assistance in compliance related to Equalization Levy.
- Representations and preparations before tax authorities for various matters.
- Handling compounding of offences related to TDS.
- Filing quarterly statements in Form 15CC as per Rule 37BB.
- Managing transfer pricing studies, audits, assessments, and objection processes.
- Ensuring adherence to TDS and withholding tax compliance.
- Guidance for obtaining lower or no TDS deduction certificates.
- Representations before Commissioner of Income Tax (Appeals), Dispute Resolution Committees, and Income Tax Appellate Tribunal (ITAT).
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Common Questions
About Income Tax Compliances
Income tax is a tax levied by the Government of India on the income earned by individuals, businesses, and other entities during a financial year. The amount of tax depends on your income level, type of income, and the applicable tax slabs.
Every individual, Hindu Undivided Family (HUF), company, firm, or association that earns income above the basic exemption limit prescribed by the Income Tax Act must pay income tax. For FY 2024–25, individuals below 60 years are exempt up to ₹2.5 lakh under the old regime and ₹3 lakh under the new regime.
- Old Regime: Offers various deductions and exemptions (like HRA, 80C, 80D, etc.) but has higher tax rates.
- New Regime:Has lower tax rates but minimal deductions/exemptions.
Taxpayers can choose the regime that results in lower tax liability each year.
You can file your ITR online through the Income Tax e-filing portal (https://www.incometax.gov.in). You need your PAN, Aadhaar, bank details, Form 16 (for salaried individuals), and details of income and investments.
If you miss the due date (usually 31st July for individuals), you may have to pay a late filing fee (up to ₹5,000) and interest on tax due under Sections 234A, 234B, and 234C. In some cases, failure to file may even lead to penalties or prosecution.
Some popular deductions under the old regime include:
Section 80C: Up to ₹1.5 lakh for investments like ELSS, PPF, LIC, etc.
Section 80D: Health insurance premiums.
Section 24(b): Home loan interest (up to ₹2 lakh).
Section 80TTA/80TTB: Savings account interest.
You can track your refund status on the Income Tax e-filing portal or the NSDL refund tracking website (https://tin.tin.nsdl.com/oltas/refundstatuslogin.html) using your PAN and assessment year. Refunds are usually credited directly to your bank account after ITR processing.
