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.
We will help you in filing your Income Tax Return through professionals while you are sitting at home because You may end up spending more time you may have to commit a significantly larger amount of time than if you hire an accountant.
Online help can be insufficient
even when using preparation software some people may still frequently find themselves unsure as to whether I qualify for a deduction or not. For instance, health insurance premiums are an allowable deduction in some instances only. If you qualify but don’t take the deduction, you could miss out on additional savings. However, if you do take the deduction and it turns out to be incorrect, it could cost you in the way of audits, assessments, penalties and interest charges.
MTA holistic support to clients, integrity of performance and constant innovation in tackling matters related to Preparation and Filing of ROI.
Documents Required for Income Tax Filing
- Basic information such as PAN, Aadhar card number, and detail of the current address will be required.
- Bank account details.
- Other disclosures regarding income from salary, fixed deposits, savings bank account are also required.
- Information regarding deduction claimed under section 80.
- Information regarding TDS returns filing and advance tax payments.
DUE DATE FOR FILLING INCOME TAX RETURN
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 |
What happen if you don't file tax returns
Failing to file returns could
result in legal implications for
individuals, especially if they
file a revised return in future
Under the Income Tax Act,
non-filing of returns can lead
to a penalty amount of
about Rs 5,000
Penal interest is applicable
for delayed filing, only if you
have any pending tax liability
A belated return does not
allow you to carry forward
losses from capital gains,
income from business and
other income sources
Filing a belated return can
result in loss of interest
on the refund
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.
TDS return is to be submitted on quarterly basis by the deductor which includes the details of TDS deducted and deposited by you. Due Dates of Payments of TDS and Filing TDS returns are as follows:-
There are different TDS forms which are prescribed depending upon purpose of deducting TDS. Following are the Forms used to file the TDS Returns:
WHY SHOULD YOU TIMELY FILE YOUR 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.
At My Tax Advisor assists in obtaining the following certificates
- Certificates for Foreign Remittance outside India in Form 15CB.
- Net worth Certificates for Bank finances / Bank Guarantee.
- Net worth Certificates for Student Study Loan.
- Certificates for funds / Grants utilization for Statutory Authority.
- Certificates for funds/ Grants utilization under FERA/FEMA/other Laws.
- Certificates for funds/ Grants utilization for Charitable trust/institution.
- Certification under the Income-Tax laws for various Deductions, etc.
- Certification for claiming of refund under GST Act.
- Certificates on the grounds of statutory records being maintained under Indian Companies Act, 2013 and other applicable laws.
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 have been strongly involved in all type of certification work.
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.
We provide various auditing services required by clients, which includes
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 implement internal audit based on a risk approach, defining
-Understanding of the processes
-A risk-based audit
-The assessment of financial, operational and accounting risks -Control of the evaluation of gaps
-Accompany management to implement cost-effective restoration plans
-Revaluate the rehabilitation for a better application
-Implementation and reworking of the company’s processes
-Compliance and writing of normal operating procedures
-A risk-based audit
-The assessment of financial, operational and accounting risks -Control of the evaluation of gaps
-Accompany management to implement cost-effective restoration plans
-Revaluate the rehabilitation for a better application
-Implementation and reworking of the company’s processes
-Compliance and writing of normal operating procedures
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.
Tax Audit conducted by a Chartered Accountant is reported to the Income-tax department in Form no. 3CA/3CB and Form no. 3CD along with the income tax return.
We hold expertise and rich experience in offering Taxation Services and Tax Audit Services to our valued clients in their affordable budget. The constant efforts of our experienced professionals have helped them in handling the complex tax matters in an effective manner. With their massive experience, they are able to provide proper guidance and assistance to the clients.
Do You Know?
- Penalty for non-completion of the tax audit report is 0.5% of the turnover or the gross receipts and this penalty amount is subject to a maximum of ₹ 1,50,000.
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”.
Under the Income-tax Law, there are four major assessments given below:
Once you have received the notice, it is mandatory for you to give your response to the Income Tax Department. Our Tax Experts will advise you on the type of notice received and provide support in helping you comply with the tax notice or order.
My Tax Advisor provides a complete range of support services, including
- Preparing documents and papers as required by the department for the assessment.
- Representing the assesse from time to time before the officer for hearing.
- Disposing of the notice and collecting the Assessment order from the department.
- Assistance in preparation and representation in filing of Appeals before Commissioner of Income tax (Appeals), Dispute Resolution Panel, Income Tax Appellate Tribunal.
- Assistance in preparation and representation of case before High Courts and Supreme Court of India.
- Assistance and representation in relation to the Advance Rulings.
Flow Chart showing the hierarchy for appeals
Advisory & Tax Planning
To quote Benjamin Franklin “In this world nothing can be said to be certain, except death and taxes”.
Taxes are a fact of life. They affect every person in most aspects of their lives. Whether it’s earning an income, making a purchase, owning real property, investing, running a business or transferring your estate, life is full of taxable consequences that, if left unchecked, could consume an ever increasing amount of one’s livelihood. While the Income Tax was introduced specifically to ensure that everyone pays their fair share but at the same time it also affords all taxpayers have the right to organize their financial affairs in such a way so as to minimize their taxes whenever and however possible within the legal confines of the Act and that is the objective of tax planning. Also many people pay their taxes each year without realizing their liability could be reduced.
Our Tax Knowledge & Solutions Team is a dedicated group of professionals, rich in experience on Tax and Regulatory matters. Our team stays constantly abreast with changes in tax policies, administration & regulations and domestic & international jurisprudence. We endeavor to identify potential threats & opportunities and advise on appropriate strategies to mitigate exposure and optimize tax incidence on our clients. We strive to develop a detailed understanding of our clients’ business ecosystem and industry sector to offer insights on sectoral developments and assist our clients to develop effective strategies and business models. We help businesses to maximize value by identifying and implementing comprehensive strategies for corporate, international and local taxes. This helps ensure that the cascading effect of all taxes together is minimal on our clients.
We at My Tax Advisor focuses on you as an individual – bringing together the financial factors that have an impact on your life and provide a personal tax planning service to potentially save your thousands of rupees in tax and preserve the financial security. Our team offers a bouquet of Direct Tax Services that helps in efficient tax planning and substantially minimizes your income tax liability.
