Income Tax
Every taxpayer is required to provide details of their income to the Income-tax Department through the process of Income Tax Return filing. This involves furnishing information about both income and expenditure. The declaration submitted in this process serves to calculate the taxpayer’s liability for the period spanning from 1st April to 31st March.
We streamline the process of filing your Income Tax Return through professional assistance, right from the comfort of your home. Opting for our services saves you valuable time, considering the significant commitment required when attempting to handle it yourself. While online resources may offer support, they can fall short in addressing specific complexities. Even with preparation software, uncertainty may arise regarding eligibility for certain deductions, such as health insurance premiums. Incorrectly claiming or overlooking deductions can lead to missed savings or, worse, potential audits, assessments, and associated penalties.
At MTA, our commitment extends beyond mere assistance. We provide holistic support to our clients, emphasizing integrity in performance and a continual commitment to innovation in addressing matters related to the preparation and filing of Income Tax Returns.
Documents Required for Income Tax Filing
PAN, Aadhar card number, and current address details are necessary.
Bank account details are required.
Disclosures about income sources like salary, fixed deposits, and savings bank account are needed.
Details of deductions claimed under section 80 must be provided.
Information on TDS returns filing and advance tax payments is essential.
DUE DATE FOR FILLING INCOME TAX RETURN
ASSESSEE
TAX AUDIT CASE
DUE DATE
INDIVIDUAL
31 JULY 2024
30 SEPT 2024
PROPRIETOR
31 JULY 2024
30 SEPT 2024
PARTNERSHIP FIRM
31 JULY 2024
30 SEPT 2024
LLP
31 JULY 2024
30 SEPT 2024
COMPANY
30 JULY 2024
30 SEPT 2024
What happen if you don't file tax returns
Penalty Imposed Under Income Tax Act:
Non-filing of income tax returns can result in a penalty of approximately Rs 5,000, as stipulated by the Income Tax Act. This financial consequence serves as a deterrent to encourage timely compliance with filing obligations. It is crucial for individuals to be aware of and adhere to the prescribed deadlines to avoid incurring such penalties.
Interest Charges on Delayed Income Tax Return:Delay in filing income tax returns in India can lead to interest charges. The longer the delay, the higher the accrued interest, underscoring the importance of timely filing to mitigate financial consequences. Taxpayers should be mindful of deadlines to avoid additional interest burdens.
Loss of Deductions Due to Late Filing:Filing income tax returns after the deadline may lead to the loss of valuable deductions and exemptions. Timely filing is imperative to ensure eligibility for various tax benefits, reducing the overall tax liability. Late filers risk forfeiting legitimate deductions, impacting their financial outcomes.
Legal Consequences for Non-Filing:Failure to file income tax returns may trigger legal action, exposing individuals to potential investigations and penalties. The legal repercussions emphasize the importance of timely compliance to avoid entanglements with tax authorities. Adherence to filing deadlines is crucial to steer clear of any legal complications.
Loan Ineligibility Due to Non-Filing: Failing to file income tax returns can render individuals ineligible for loans. Financial institutions often require ITRs as proof of financial stability and creditworthiness, making timely filing essential for maintaining eligibility for various loans and credit facilities. Non-compliance may hinder access to crucial financial opportunities.
TDS Returns & procedure
The government employs Tax Deducted at Source (TDS) to curb tax evasion by taxing income at the time of generation. To deduct tax, individuals or entities must obtain a Tax Deduction and Collection Number (TAN). Businesses, such as those under tax audit or Private Limited Companies, LLPs, are required to deduct tax at source for payments like salaries, contractor payments, and rent.
TDS returns must be submitted quarterly by the deductor, providing details of TDS deducted and deposited. The due dates for TDS payments and filing TDS returns are crucial:
- Proprietorship businesses under tax audit and Private Limited Companies, LLPs, must adhere to these deadlines.
- Timely submission is essential to ensure compliance with TDS regulations and avoid penalties.
- The procedure underscores the government’s strategy to collect taxes efficiently and deter tax evasion.
WHY SHOULD YOU TIMELY FILE YOUR TDS RETURNS?
Opinion and Certificates under I.T Act
Opinions and certificates from Chartered Accountants play a crucial role under the Income Tax Act. These certificates are essential for compliance with diverse rules and regulations across various acts, facilitating financial transparency and adherence to legal requirements. Different legal entities, financial arrangements, and statutory benefits necessitate specific certificates, ensuring proper documentation and adherence to relevant rules and regulations.
At Jain TaxTech Advisor, we facilitate the acquisition of various certificates to address diverse financial needs:
Obtain Form 15CB certificates for Foreign Remittance outside India.
Secure Net Worth Certificates for Bank finances and Bank Guarantee purposes.
Attain Net Worth Certificates for Student Study Loans.
Obtain Certificates for funds and Grants utilization for Statutory Authorities.
Acquire Certificates for funds and Grants utilization under FERA/FEMA/other Laws.
Obtain Certificates for funds and Grants utilization for Charitable trusts/institutions.
Seek Certification under the Income-Tax laws for various Deductions.
Secure Certification for claiming refunds under the GST Act.
Obtain Certificates ensuring compliance with statutory records under the Indian Companies Act, 2013, and other applicable laws.
We are deeply engaged in various types of certification work.
We take pride in our pragmatic, ethical, and professional approach to all certification work matters at MTA. With a dedicated team specializing in this area, we bring extensive experience to ensure that certification processes are handled with precision and expertise.
Audit
Audit is a thorough and impartial examination of an organization’s financial records, statutory documents, and vouchers. It aims to verify the accuracy and fairness of financial statements, ensuring compliance with legal requirements. The process enhances transparency and reliability in financial reporting.
We offer a comprehensive range of auditing services tailored to meet the diverse needs of our clients.
INTERNAL AUDIT
According to the Institute of Internal Auditors, internal auditing is a self-reliant, objective assurance, and consulting function aimed at enhancing an organization’s operations. It adds value by applying a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Through this, internal audit plays a crucial role in helping organizations achieve their objectives with a focus on ensuring efficiency and robust governance.
Why is Internal Audit necessary?
We execute internal audits employing a risk-centric approach, strategically defining our examination parameters.
*Comprehensive understanding of organizational processes.
*Conducts audits based on a thorough risk assessment.
*Evaluates risks across financial, operational, and accounting domains.
*Systematically assesses and addresses control gaps.
*Supports management in implementing cost-effective remediation plans.
*Teratively reevaluates rehabilitation efforts for improved application.
*Actively involved in the implementation and refinement of organizational processes.
*Ensures compliance and meticulously documents standard operating procedures.
Our Internal Audit Team: We boast an in-house team along with an extensive network of internal auditors, qualified professionals, and experts. Together, they deliver comprehensive internal audit and assurance services tailored to elevate the efficiency of an enterprise’s internal controls.
Client Benefits: Our clients benefit significantly from our internal audit function, which aids in risk assessment processes. This ensures the fulfillment of responsibilities related to maintaining a robust system of internal controls.
TAX AUDIT
In accordance with Section 44AB of the Income Tax Act, 1961, individuals engaged in specific professions or exceeding specified business thresholds are mandated to undergo a comprehensive audit of their account books conducted by a Chartered Accountant. This audit involves a meticulous inspection and scrutiny of accounts, ensuring adherence to the Income Tax Act and related laws while also safeguarding against fraudulent practices.Section 44AB mandates that the following professional and business individuals are required to undergo a statutory audit of their accounts:
Tax audits, conducted by a Chartered Accountant, are reported to the Income-tax department through the submission of Form No. 3CA/3CB and Form No. 3CD, filed along with the income tax return.
Expert Taxation Services:
Leveraging our expertise and extensive experience, we deliver top-notch Taxation Services and Tax Audit Services to our esteemed clients within their budget constraints. Our dedicated professionals, with their unwavering commitment, adeptly navigate complex tax matters to ensure effective solutions.
Guidance from Experienced Professionals:
The relentless efforts of our seasoned professionals empower them to adeptly handle intricate tax issues. Drawing from their vast experience, they offer invaluable guidance and assistance to our clients, ensuring comprehensive support in navigating the complexities of taxation.
Did you know?
Did you know? The penalty for failing to complete the tax audit report is 0.5% of the turnover or gross receipts, capped at a maximum of ₹1,50,000, under current regulations.
Assessment
After a taxpayer submits their income tax return, the subsequent phase involves the processing of the return by the Income Tax Department. This examination, termed as “Assessment,” entails a thorough review of the return for accuracy and compliance. The Income Tax Department carefully assesses the details provided by the taxpayer to ensure the correctness of the filed return.
Under the Income-tax Law, there are four primary assessments, outlined as follows:
Upon receiving a notice, it is imperative to respond to the Income Tax Department. Our Tax Experts stand ready to guide you on the nature of the notice and offer assistance to ensure compliance with the tax notice or order.
Jain TaxTech delivers a comprehensive suite of support services, covering a wide spectrum of taxation needs.
Preparation of required documents for assessment.
Disposal of notices and collection of Assessment orders.
Support in filing Appeals before Commissioner of Income tax (Appeals), Dispute Resolution Panel, Income Tax Appellate Tribunal.
Assistance in preparation and representation of cases before High Courts and Supreme Court of India.
Flow Chart showing the hierarchy for appeals
Advisory & Tax Planning
"In the words of Benjamin Franklin, 'In this world, two certainties endure – the inevitability of death and the ever-present reality of taxes.''
Taxes permeate every facet of life, influencing income, purchases, real estate ownership, investments, business operations, and estate transfers. Unchecked, they can gradually erode one’s livelihood.
While the Income Tax ensures fair contributions, it also grants taxpayers the right to strategically organize their finances, minimizing taxes within legal bounds – the essence of tax planning. Many pay their taxes without realizing potential reductions. At Jain TaxTech, our dedicated Tax Knowledge & Solutions Team, well-versed in Tax and Regulatory matters, stays abreast of policy changes and jurisprudence.
We identify threats, opportunities, and offer strategic advice to mitigate exposure and optimize tax impact. Understanding our clients’ business ecosystems, we provide insights on sectoral developments, aiding in effective strategy and business model development. For businesses, we implement comprehensive tax strategies, ensuring minimal cascading effects.
Jain TaxTech focuses on individuals, merging financial factors impacting their lives. Our personalized tax planning services aim to save significant amounts in taxes and preserve financial security. Offering a range of Direct Tax Services, our team efficiently minimizes income tax liabilities.”