What we do
Our work in this practice group is structured around the records, deadlines, and decisions involved:
- Accurate computation and reporting of taxable income.
- Selection and preparation of the appropriate Income Tax Return form.
- Review of applicable deductions, exemptions, and tax benefits.
- Reconciliation of income, tax deductions, advance tax, and other tax credits.
- Timely filing and compliance support.
- Reduced risk of errors, omissions, and inconsistencies in the return.
- Assistance with tax notices or return-related queries, where applicable.
How the engagement works
Income Tax Return filing is governed by the applicable provisions of the Income-tax Act, 1961, Income-tax Rules, and notifications issued by the Income Tax Department. The applicable ITR form, filing requirement, due date, audit requirement, tax computation, disclosures, and supporting documentation depend on the taxpayer’s status, income sources, transactions, and other circumstances. Returns should be filed accurately and within the prescribed statutory timelines.
Scenario 1: A salaried individual wants professional assistance with filing an annual Income Tax Return involving salary, investments, interest income, and deductions.
Scenario 2: A professional or freelancer has multiple sources of income and requires accurate computation and reporting of business or professional income.
Scenario 3: A business owner needs assistance with reporting business income, expenses, depreciation, tax payments, and other relevant financial information.
Scenario 4: A partnership firm or LLP requires preparation and filing of its Income Tax Return along with the necessary financial information and disclosures.
Scenario 5: A taxpayer has income from property, capital gains, investments, foreign sources, or other complex transactions requiring detailed ITR preparation.
Income & Document Review
We collect and review relevant income records, Form 16, Form 16A, AIS, TIS, bank statements, investment details, financial statements, and other supporting documents.
Tax Computation
We compute taxable income and estimated tax liability after considering applicable deductions, exemptions, tax credits, and other relevant provisions.
ITR Form Selection & Preparation
We determine the appropriate Income Tax Return form based on the taxpayer’s income sources, status, transactions, and applicable filing requirements.
General questions
01Who needs to file an Income Tax Return?
The requirement to file an Income Tax Return depends on the taxpayer’s income, status, transactions, and other conditions prescribed under the Income-tax Act. Certain taxpayers may also be required to file returns due to specific circumstances even where their taxable income is below a particular threshold.
02Which ITR form should I use?
The appropriate ITR form depends on factors such as residential status, type and amount of income, business or professional activity, capital gains, investments, and other applicable conditions. We can help determine the appropriate form based on your circumstances.
03What documents are required for ITR filing?
Depending on the taxpayer, documents may include Form 16, Form 16A, AIS, TIS, bank statements, investment records, capital gain statements, rent or property details, business financial statements, and details of taxes already paid.
04Can you file an ITR if I have multiple sources of income?
Yes. We can assist with ITR preparation for taxpayers having multiple income sources such as salary, business or professional income, rental income, interest, dividends, capital gains, and other applicable income.
05What happens if I file my ITR late?
Late filing may result in applicable interest, fees, loss or restriction of certain benefits, or other consequences depending on the circumstances and provisions applicable to the taxpayer. Filing within the prescribed due date is therefore important.
06Can you help if I receive an Income Tax notice after filing my return?
Yes. We can review the notice, identify the issue involved, and assist with the appropriate response, clarification, or compliance action based on the nature of the notice.
