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Income Tax Compliances
Indian Taxation Consultant
Over a decade, Indian Taxation system has undergone tremendous reforms challenging large and growing businesses, particularly those operating internationally. The way your business meets these challenges and addresses the risk of non-compliance with Indian tax laws can have a significant impact on its existence in this dynamic and evolving environment. Drawing on our expert knowledge and understanding of tax regime in India & around the world, we can help you minimise your tax exposure by timely highlighting the risks present in this complex legislation. We provide a host of taxation services to support our clients in achieving their business objectives, mitigating their risks and improving their business performance. We at AKM specialize in International Taxation, Expatriate Taxation and Transfer Pricing. Our team has a rich experience in handling matters related to Direct Tax, Indirect Tax and GST.
Available Services:
Full Assignment
Business Return Tax Filing
Business Return Tax Filing
Income tax return forms range from ITR 1 to ITR 7, used for different types of income and different types of entities. Depending on the type of forms, there are various disclosure requirements. Filing ITR in India is completely online and paperless. There is no need for you to submit a physical return at the local income tax offices. All documents, wherever necessary need to be submitted online. Income tax return is to be filed for a particular Financial Year (i.e. April to March) irrespective of Accounting Year adopted by you.
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Documents Required:
  • Balance Sheet(Balance Sheet FY 2022-23)
  • Profit and Loss A/c(Profit and Loss A/c FY 2022-23)
  • Income Tax Login Password(Password to Login at ITR Portal)
  • Schedule attached to Financial (All Schedule and Notes to Account etc)
  • Bank Statement(Bank Statement from 01.04.2022 to 31.03.2023)
  • GSTR-1(All Returns for FY 2022-23 )
  • Others (if require )
Business Tax Audit
Business Tax Audit
A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed Rs 1 crore in the financial year. However, a taxpayer may be required to get their accounts audited in certain other circumstances
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Documents Required:
  • Balance Sheet(Balance Sheet FY 2022-23)
  • Profit and Loss A/c(Profit and Loss A/c FY 2022-23)
  • Schedule and Notes to A/c (Schedules Attached to Financial )
  • GST Returns (GST Returns for FY 2022-23)
  • Other Documents (Other Documents as require )
ITR-2 Return
Income tax return filing for persons having DIN or owing private limited company shares.
ITR 2 Form is an Important form income tax return form that is used by the Indian Citizens as well as the NRIs to file the return with the Income-tax department of India. The taxpayers who are not eligible to file ITR 1 can file ITR 1 to file the income tax returns. ITR 2 can be filed by the individuals and Hindu Undivided Families who have their income for the financial year through salary, pension, more than one property, income from capital gains, income from foreign assets, business or income from a profession as a partner and other sources that include lottery, Racehorses, legal gambling. Also, an individual who is not eligible to file using ITR 1 as the income is exceeding Rs.50 Lakh can file ITR 2 Form.
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Documents Required:
  • TDS Certificate (Form 16 Etc)
  • Capital Gain(Assets sales and Purchase Details )
  • Deduction (Section 54 deduction Details )
  • Others(Others Documents)
ITR-3 Return
File your business tax returns and maintain compliance seamlessly through bmentindia.com. Get a Dedicated Accountant and LEDGERS compliance platform for your business.
ITR 3 Form is applicable for the individuals and Hindu Undivided Families that earn profit and gains from business or profession. If the individual or the Hindu undivided family is having an income as a partner of a partnership firm that is carrying out business then ITR-3 cannot be filed as in such cases the individual is required to file ITR-2.
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Documents Required:
  • Form 16 / Salary Slips(in case of income from salary)
  • Rental Agreement(Rental Agreement, if any)
  • Business Income (Proof of Business Income, if any)
  • Other Sources (Proof Other Sources Income )
  • Bank Statement(Bank Statement From 01.04.2022 to 31.03.2023)
  • Others (Others Documents )
ITR-4 Return
File your business tax returns and maintain compliance seamlessly through bmentindia.com. Get a Dedicated Accountant and LEDGERS compliance platform for your business.
Form ITR 4 is filed by the taxpayers who have opted for the Presumptive Taxation Scheme under Section 44D, 44DA, 44AE of the Income Tax Act,1961. But this is subject to the business turnover limit i.e in case if the turnover is exceeding Rs.2 crore then the taxpayer is required to file ITR 3 Form.
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Documents Required:
  • TDS Certificate (Form 16 Etc)
  • Business Income(proof of Business Income)
  • Bank Statement (Bank Statement FY 2022-23)
  • Others (Others Documents)
ITR-5 Return
ITR-5 Return
For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
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Documents Required:
  • Balance Sheet(Balance Sheet FY 2022-23)
  • Profit and Loss A/c (Profit and Loss A/c FY 2022-23)
  • Others(Others Documents)
ITR-6 Return
ITR-6 Return
For Companies other than companies claiming exemption under section 11
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Documents Required:
  • Balance Sheet(Balance Sheet FY 2022-23)
  • Profit and Loss A/c(Profit and Loss A/c FY 2022-23)
  • Others(Others documents)
ITR-7 Return
ITR-7 Return
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
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Documents Required:
  • Balance Sheet(Balance Sheet FY 2022-23)
  • Profit and Loss A/c(Profit and Loss A/c FY 2022-23)
  • Trust Deed(Copy of Trust Deed)
  • Certificate 12A(Copy of Certificate 12A)
  • Others(Others Documents)
Quarterly TDS Return Filling
Quarterly TDS Return Filling
Filing TDS returns is mandatory as per the prevailing provisions of the Income Tax Act in India. For tax deducted at the source on certain types of payments, the assessee who has deducted the taxes at source should file the returns quarterly by producing TDS/TCS statements along with details such as TAN, PAN, deduction amount, payment type etc. The section below provides details of the various forms involved in the filing process. Form 24Q: TDS statement for salaries Form 26Q: TDS on all payments except salaries Form 27Q: Tax collected from dividend/interest paid to non-resident Indians (NRIs) Form 27EQ: Collection of taxes at source
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Documents Required:
  • Challan(Tax paid Challan for Quarter)
  • TDS Computation(TDS Computation sheet)
Tax Notice
Tax Notice
The Income Tax Department sends the notices for various reasons like not filing the income tax returns, any defect while filing the returns, or other instances where the tax department is requiring any additional documents or information. Nothing is frightening or alarming about the notice that is received. But the taxpayer has to first understand the notice, the nature of the notice, the requestor's order in the notice, and take steps to comply. IndiaFilings offers a comprehensive suite of services for families and businesses to help them in maintaining the compliances. In case an income tax notice is received get in touch with the Tax Expert at IndiaFilings to understand the income tax notice and determine a course of action. Let us understand the various types of notices or intimations issued by the Income Tax Department. Types of Income Tax Notice Type of Notice Description Notice u/s 143(1) - Intimation This is one of the most commonly received income tax notices. The income tax department sends this notice seeking a response to the errors/ incorrect claims/ inconsistencies in an income tax return that was filed. If an individual wants to revise the return after receiving this notice, it must be done within 15 days.Else, the tax return will be processed after making the necessary adjustments mentioned in the 143(1) tax notice. Notice u/s 142(1) - Inquiry This notice is addressed to the assessee when the return is already filed and further details and documents are required from the assessee to complete the process.This notice can also be sent to necessitate a taxpayer to provide additional documents and information. Notice u/s 139(1) - Defective Return An income tax notice under Section 139(1) would be issued if the income tax return filed does not contain all necessary information or incorrect information. If tax notice under Section 139(1) is issued, you should rectify the defect in the return within 15 days. Notice u/s 143(2) - Scrutiny An income tax notice under Section 143(2) is issued if the tax officer was not satisfied with the documents and information that was submitted by the taxpayer.Taxpayers who receive notice under Section 142(2) have been selected for detailed scrutiny by the Income Tax department and will have to submit additional information. Notice u/s 156 - Demand Notice This type of income tax notice is issued by the Income Tax Department when any tax, interest, fine, or any other sum is owed by the taxpayer.Al
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Documents Required:
  • Notice(The Income Tax Notice copy.)
  • Proof of Income(Proof of Income source such as (Part B ) of Form 16, Salary receipts, etc.)
  • TDS Certificate (TDS certificates, Form 16 (Part A))
  • Investment(Investment Proof if they are applicable.)
  • Other (Others Documents)