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ITR & TDS Services

WHAT IS ITR?

The Income Tax Return (ITR) is a form that is submitted to the Income Tax Department of India. A tax return provides information about a person’s income and the taxes that must be paid on it. ITRs should pertain to a particular financial year, i.e. beginning on 1st April and ending on 31st March of the following year.

The Process of Filing an Income Tax Return

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Income from Salaried, Capital Gains (Stock Investor), Foreign Income, NRIs, and Business
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You will be assigned a Tax Expert and your return will be processed or re-checked.

Here are a few things to keep in mind when filing your income tax return

Why do IT returns need to be filed?

Advantages

Filing for IT returns has the following advantages:

Loans:

Bank loans such as education loans, vehicle loans, and personal loans are readily available since they do not require the last three years' IT returns.

Visa

Bank loans such as education loans, vehicle loans, and personal loans are readily available since they do not require the last three years' IT returns.

Avoid penalties

Major penalties would be charged for non-filing of income tax returns, so it is wise to file them in order to avoid legal repercussions.

In India, you need these documents to file income tax

The following documents are required for IT filing in India

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 the filed PAN application and its acknowledgment
If you have not yet applied for a PAN, a PAN application form duly filled out accompanied by two passport-sized photographs
For businesses, a copy of the audit report, balance sheet, trading account, profit and loss account, and personal account for each proprietor or partner
Receipts and payments when there are no regular books maintained
Tax receipts supporting the claimed deductions such as insurance premium receipts, provident fund purchases of NSCs, new stock certificates, mutual fund statements, NSS statements, etc.

TDS: HOW DOES IT WORK?

Individuals and businesses are required to file TDS returns

Employers and companies with a valid TAN – Tax Collection and Deduction Account Number can file an online TDS return. A person or business making a payment that is stated under the I-T Act must deduct tax at source. This must be done within the prescribed time frame. The following types of payments are included:

Salary
Insurance commission
Income from winning horse races
Income by way of “Income on Securities”
Income by way of winning the lottery, puzzles, and others
Payment in respect of National Saving Scheme and many others

Those who had TDS deducted from their income can file an e-TDS return. It is the assessee's responsibility to file by the due date otherwise a penalty is incurred. TDS returns can be electronically submitted by the following categories of assessees:

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In order to meet regulatory and statutory requirements, we constantly engage with our clients. Our delivery approach aims to be constructive and value-added. We assist our clients in achieving their organizational objectives through audit services. With our tried and trusted methodology, senior personnel are involved at regular intervals throughout the audit process; thus, our audit reports provide value beyond the scope of the actual audit. In order to maintain a high level of quality in our audits, we constantly seek feedback from our clients.