Compliance under Income Tax
Companies act of 1956, is a regulatory act for the governance of the company. It provides rules according to which a company is registered, set up, run, and even closed. Any issues pertaining to the running of a company will be dealt with according to the standards set under this Act. In particular, our firm deals with the following issues.
TDS Return Fillings
TDS or tax deducted at source, is the As per the government’s TDS Scheme. TDS is tax that has to be deducted at the time of making payment. Person who makes the payment – deducts & deposits TDS with the government. TDS deducted is usually deposited to the government by submitting an ‘income tax challan’ along with the payment. Besides depositing tax, as a Deductor, you must also file a TDS Return.
A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you. TDS Returns include details of PAN of the deductor and deductees, particulars of tax paid to the government, TDS challan information and other details as required in the forms.
Advance tax is the tax payable on total income of the year earned from different sources including salary, business, profession, rent, etc. The tax is supposed to be paid before the end of the financial year. It is also known as ‘Pay as you earn’ scheme. The tax is payable if your tax liability exceeds Rs.10,000 in a financial year. The tax should be paid in the same year in which the income was received.
Salaried individuals need not pay advance tax as they already pay tax at source (TDS), the employer deducts the tax at source. Advance tax is applicable only to individuals who earn income from sources other than salary. If a salaried individual earns income from other sources then they have to pay advance tax too.
Income Tax Department Representation
High Net worth Individuals (HNIs) pose significant challenges to tax administrations due to the complexity of their affairs, their revenue contribution, the opportunity for aggressive tax planning, and the impact of their compliance behavior on the integrity of the tax system.
Income Tax is levied on all sources of income other than agricultural income. Income taxes are applicable on all the resident citizens who earn their income in India. If you are an NRI (Non Residential Indian), you are only liable to pay taxes for the income that is earned in India. Thus the Income tax rules for the NRIs differ from that of the resident citizens.