Return Filing Service
Income tax return is the form in which the assessee files information about his Income and tax thereon to the Income Tax Department. It is administered by Income Tax Act 1961 and rules thereunder. Various forms for filing returns are ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 and ITR7. Every person who is liable to file a return has to file the return before due dates mentioned in section 139 of the Income Tax Act, 1961. Due date for return is 31stjuly(for Individuals who are not required to undergo audit under any law), 30thseptember (for Companies or working partners of a firms or Individuals requiring audit under any law), 30thnovember (for any person (corporate/non corporate) who is required to furnish a report in Form No. 3CEB u/s 92E of the Act), Furthermore extension can be given by concerned authority .
Further, Individuals will have to pay the late fee after the last date to file an income tax return
Rs 5000 if a tax is filed after the due date of 31st July but on before 31st December of that assessment year (in this case, 31st December 2018)
Rs 10,000 if a return is filed after 31st December but on or before 31st March of the relevant assessment year (in this case from 1st January to 31st March 2019)
But, there is relief to small taxpayers, IT department has stated if the total income does not exceeds 5 lakh , the maximum penalty of Rs 1000 will be levied for delay of ITR filing.
Audit And Assessment Services
ITS provides advisory services related to audit and assessment under income tax act 1961 and rules thereunder.
Following persons have to undergo for compulsory audit under section 44AB of the income tax act 1961.
- Businesses if turnover > 1 Cr during the previous year
- Profession, if gross receipt >50 lakh during a previous year
- If assesses is covered under section 44ad and 44 ada and assessee claims income less than 8% and 6%( in case the receipts are received in modes other than cash) or 50% respectively and total income is more than basic exemption limit.
- If the assessee is covered under 44ae, 44bb and 44 bbb and assessee claims income less than the profits and gains from business and profession deemed under the respective sections.
Tax auditor shall furnish his report in a prescribed form which could be either Form 3CA or Form 3CB where:
- Form No. 3CA is furnished when a person carrying on business or profession is already mandated to get his accounts audited under any other law.
- Form No. 3CB is furnished when a person carrying on business or profession is not required to get his accounts audited under any other law.
In case of either of the audit reports mentioned above, tax auditor is also required to furnish the prescribed particulars in Form No. 3CD which forms part of an audit report.
If assessee fails to get his account audited, he is liable to penalty u/s 271b i.e.
- 5% of turnover or gross receipt, or
Whichever is lower
ITS provides advisory on the following related to assessment under income tax act 1961
- Scrutiny assessment u/s 143(3)
- Best judgment assessment u/s 144
- Income escaping assessment and reassessment under section 147
- Rectification of mistake u/s 154
- Search and seizure u/s 132
- Survey under the Income Tax Act
- Representation before CIT(A) and ITAT
- Representation of various orders u/s 263 and 264 of income tax act
Our services related to international taxation includes advisory regarding the below mentioned:-
- Various aspects of transfer pricing
- Taxation of Non-Resident Indian
- Taxation of Global Depository Receipts
- Advance ruling under the Income Tax Act.
- Taxation of foreign companies
- Income received by non-resident sportsmen, sports associations and entertainers u/s 115bba