INCOME TAX RETURN
Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Income Tax Return filing is the process of giving information about the Income and Expenditure of the taxpayer. This declaration is used to determine the tax liability of the taxpayer for the period between 1st April to 31st March.
ASSESSEE | DUE DATE | TAX AUDIT CASE |
---|---|---|
INDIVIDUAL | 31 JULY 2020 | 30 SEPT 2020 |
PROPRIETOR | 31 JULY 2020 | 30 SEPT 2020 |
PARTNERSHIP FIRM | 31 JULY 2020 | 30 SEPT 2020 |
LLP | 31 JULY 2020 | 30 SEPT 2020 |
COMPANY | 30 SEPT 2020 | 30 SEPT 2020 |
TDS Returns & procedure
The government uses TDS as a tool to collect tax in order to minimize tax evasion by taxing the income (partially or wholly) at the time it is generated rather than at a later date. For deducting tax, a person has to obtain TAN or Tax Deduction and Collection Number. A proprietorship business which is covered under tax audit and a Private Limited Company, LLP etc. must deduct tax at source while making certain payments like salary, payments to contractors or sub-contractors, payment of rent etc.
There are different TDS forms which are prescribed depending upon purpose of deducting TDS. Following are the Forms used to file the TDS Returns:
Opinion and Certificates under I.T Act
Certificates from Chartered Accountants are necessary for various purposes under different relevant rules & regulations of various acts. Different types of certificates are needed by different legal entities under the various laws, financial arrangements with the financial institutions, benefits & deductions to be claimed under various statutes and compliance of relevant rules & regulations.
These certifications do not reduce the risk of litigation in the hands of the entity but judicious selection of professionals mitigates such risk to a great extent.
We honor ourselves on a practical, ethical and professional access to all certification work issues. We at MTA have vast experience in this field with our special dedicated team looking after this activity.
Audit
Audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law.
Why is Internal Audit necessary?INTERNAL AUDIT
According to the Institute of Internal Auditors, “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
We have our own as well as a large network of internal auditors, qualified professional & experts providing comprehensive internal audit and assurance services designed to enhance the effectiveness of internal controls of the enterprise. Our clients are well served by having an internal audit function assisting it with its risk assessment processes and ensuring that the responsibility for maintaining a system of internal controls has been fulfilled.
Section 44AB specifies that the following professional/business persons need to get their accounts audited:TAX AUDIT
Under Section 44AB of the Income Tax Act, 1961, persons involved in certain professions or exceeding a certain amount in business have to get their account books audited by a Chartered Accountant. Audit refers to inspection or scrutiny of accounts, in order to ensure compliance with the Income Tax Act and other related laws and to check fraudulent practices.
Assessment
Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. The Income Tax Department examines the return of income for its correctness. The process of examining the return of income by the Income-Tax department is called as “Assessment”.
Advisory & Tax Planning
To quote Benjamin Franklin “In this world nothing can be said to be certain, except death and taxes”.
Free GST registration with Annual Package |