Income Tax Services
We provide comprehensive Income Tax services for individuals, businesses, and corporates, ensuring timely compliance and efficient tax planning. From filing returns to managing TDS/TCS compliances, we handle everything with precision, helping you minimize tax liabilities while staying fully compliant with Indian tax laws.
What is Income Tax?
Income Tax is a tax levied on the income earned by individuals, businesses, and other entities. Every entity whose income exceeds a certain threshold is required to file an income tax return (ITR) and pay taxes based on the prevailing rates.Types of Income Tax Returns (ITR) and Filing Due Dates
| Form Type | Type of Income |
| ITR 1 | For individuals earning income from salary, one house property, and other sources (interest, etc.), where total income is up to ₹50 lakhs. Due Date: July 31st (for non-audit cases). |
| ITR 2 | For individuals and HUFs not having income from business or profession but earning income from salary, house property, capital gains, etc. Due Date: July 31st (for non-audit cases). |
| ITR 3 | ITR-3: For individuals and HUFs having income from a proprietary business or profession. Due Date: July 31st (for non-audit cases); October 31st (for audit cases). |
| ITR 4 | For individuals, HUFs, and firms (excluding LLPs) with presumptive income from business or profession, where total income is up to ₹50 lakhs. Due Date: July 31st (for non-audit cases). |
| ITR 5 | For companies other than those claiming exemption under Section 11. Due Date: October 31st. |
| ITR 6 | For companies other than those claiming exemption under Section 11. Due Date: October 31st. |
| ITR 7 | For persons including companies required to furnish returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) (trusts, political parties, etc.). Due Date: October 31st. |
TDS Compliance
Tax Deducted at Source (TDS) is a method of collecting income tax at the source of income. It is the responsibility of the payer (deductor) to deduct TDS and deposit it with the government on behalf of the payee (deductee). TDS is applicable on various payments such as salary, rent, professional fees, commissions, and contract payments.TDS Compliances involve:
- Timely deduction: Deduct TDS as per prescribed rates at the time of payment or credit, whichever is earlier.
- Filing of TDS returns: TDS returns must be filed quarterly as per the following schedule:
- Q1 (April – June): July 31st
- Q2 (July – September): October 31st
- Q3 (October – December): January 31st
- Q4 (January – March): May 31st
- Issuing TDS certificates: Deductors must issue TDS certificates within 15 days of filing the TDS returns:
- Form 16 (Salary): Issued by June 15th.
- Form 16A (Non-salary): Issued within 15 days from the due date of filing TDS returns.
TCS Compliance
Tax Collected at Source (TCS) is a tax payable by the seller which is collected from the buyer at the time of sale of certain goods like scrap, timber, minerals, and e-commerce transactions.TCS Compliances involve:
- Collecting TCS: TCS is collected at the time of sale based on applicable rates.
- Depositing TCS: The seller must deposit the TCS amount to the government.
- Filing TCS returns: TCS returns must be filed quarterly as per the following schedule:
- Q1 (April – June): July 31st
- Q2 (July – September): October 31st
- Q3 (October – December): January 31st
- Q4 (January – March): May 31st
- Issuing TCS certificates: Sellers must issue TCS certificates (Form 27D) within 15 days of filing the TCS returns.
Commonly Used TDS Rates
Here are some commonly used TDS rates under Indian Income Tax Law:- Salary (Section 192): As per income tax slab rates applicable to the individual.
- Interest on securities (Section 193): 10%
- Dividend (Section 194): 10% (if dividend exceeds ₹5,000 in a financial year).
- Rent (Section 194I): 10% for rent of land/building; 2% for rent of plant/machinery.
- Professional Fees (Section 194J): 10%
- Contract Payments (Section 194C): 1% for individual contractors; 2% for companies.
- Commission/Brokerage (Section 194H): 5%
- Purchase of immovable property (Section 194IA): 1% on property value exceeding ₹50 lakhs.
- Payments to non-residents (Section 195): 20% or as applicable depending on the nature of payment.
Commonly Used TCS Rates
Here are some commonly used TCS rates:- Sale of scrap: 1%
- Sale of minerals (coal, lignite, iron ore): 1%
- Sale of timber obtained by any mode: 2.5%
- Sale of any other forest produce: 2.5%
- Sale of motor vehicles: 1% (if the value exceeds ₹10 lakhs).
- E-commerce transactions: 1% for e-commerce operators collecting TCS on goods/services sold through their platform.
Documents required for ITR filing
1. For Proprietorship:
- PAN card of the proprietor.
- Aadhaar card.
- Bank statements and passbooks.
- Profit and loss account, balance sheet.
- TDS certificates (if applicable).
- GST returns (if applicable).
2. For Partnership Firms:
- PAN card of the firm and partners.
- Partnership deed.
- Bank account statements.
- Financial statements (profit and loss account, balance sheet).
- TDS certificates.
- GST returns.
3. For Private Limited Companies:
- PAN card of the company.
- Incorporation certificate and MOA/AOA.
- Bank account details.
- Financial statements (profit and loss account, balance sheet).
- Details of loans, advances, and investments.
- TDS certificates.
- GST returns.
Why Choose Our Income Tax Services?
- End-to-End Tax Compliance: From filing returns to managing TDS/TCS compliances, we provide complete tax solutions.
- Expert Advice: Our team helps you understand the latest tax laws and minimize tax liabilities.
- Timely and Accurate Filings: We ensure that your tax returns and TDS/TCS filings are done accurately and on time, avoiding penalties.
- Personalized Services: Tailored tax planning strategies for individuals, businesses, and corporates.
- Transparent Processes: Full transparency in the documentation and filing process, ensuring you are always in control.
What is ITR?
ITR refers to Income Tax Return. It is a form to be filled out by the taxpayers and submitted to the income tax department of India. It includes information about the income earned, taxes paid, deductions claimed, and refunds due for a financial year. Filing ITR is mandatory for individuals and entities with taxable income in India, as per the Income Tax Act, 1961.
Get in touch with us today to learn how we can simplify your income tax compliance and save you money!