Some important requirements when expanding your business or company into a new territory include local accounting legislation, tax compliance, and others.
It can be difficult for you and your company to change your pace with changing tax rules and accounting laws.
That's why it is important to have procedures for compliance and tax filing with the latest rules.
In addition; various disputes can arise due to confusion between the above. The expertise and sophistication of tax have been changing, due to which you need professional advice for tax compliance procedures throughout its cycle.
That's why our team is dedicated to guiding you in every aspect related to tax compliance.
In addition, we delivered tax-related and compliance services to fulfil the needs of every law department, especially major companies and multinational groups.
Our team is a combination of tax Accountants and certified tax specialists. We ensure that your requirements and business comply with the latest Intex rules and regulations with the ever-changing standards of the world.
We combine the knowledge of a tax specialist with your business into one team. In addition, our team has in-depth insight into tax authorities, which will help you add significant value to your business.
What are tax return compliance services?
With the introduction of new tax laws in India, there has been a shift in how tax compliance procedures occur.
While the new laws and schemes were introduced to reduce the interference between taxpayers and tax authorities, it has also brought new challenges.
Our professionals are always ready to give in-depth knowledge about these procedures and navigate the challenges.
Here are tax return compliance services provided by our team to our clients:
- Analyzing as well as managing the impact of income tax disclosure standards and computation standards on your business. In addition, we also assist you with your business based on filing income tax returns.
- Assisting in computations of advanced text in various departments of your business.
- Assisting in filing and maintaining tax returns for both foreign entities and Indian entities.
- Assistance in filing and preparations for submissions. The submissions can be based on various matters of business, such as reassessment and assessment procedures. In addition, our services also include assistance related to rectification procedures, penalty procedures, and others.
- Assistance in other tax compliance such as tax registration, etc.
- Assistance regarding pending tax refunds and follow-ups with tax authorities.
Tax return compliance
- It is mandatory to file income tax returns if you are annual income tax income is more than the minimum income, which is exempted from paying tax. In other words, it is compulsory to file income tax returns if your annual income is liable for income tax. Although if you are income is not liable to pay income tax returns, you might still receive non-filing income tax returns. In a case where you have filed an income tax return excessively, the amount will be refunded by the Income Tax department.
- As per the laws of income, tax returns should be filed every financial year for the income which is liable for income tax returns. This income which is liable for an income tax return can be in any form, such as interest, business profit, salary income, capital gains, house rent, and others. A specific date is before an individual or a business entity should file the income tax return. If there is a delay in filing an income tax return from the date it is supposed to be, the individual must pay the penalty.
- Is it necessary to file an income tax return? As per the rules and regulations stated in the Income Tax Act by the Income Tax department and the Government of India, if an individual's annual income exceeds a certain limit, he is liable to pay an income tax return. There are various consequences if an income tax return is not filed or filed late. For example, it can welcome a penalty that the individual must pay. In addition, it can create problems in getting a visa to travel.
- There are some income slabs or brackets. Those individuals who fall under these brackets with a certain limit have to pay income tax returns. Here are some business entity regulations or individual limits those have to file income tax returns in India:
- Every Indian citizen up to 59 years of age whose annual income is more than 2.5 lakhs. For senior citizens from 60 years old to 79 years old, the limit has been increased to two-three lakh or above per annum. In addition, for super senior citizens over 80 years old, the limit has been increased to 5 lacks or above per annum. It is important to note that the total annual income should be calculated before filing an income tax return. In other words, Indian citizens who fall under a certain age limit and have a certain annual income mentioned above are liable to file for income tax returns.
- Every company that is registered in India is liable to file income tax returns. It doesn't matter whether they generate any profit and only or not.
- Those individuals that want to get a refund for getting a deduction on their income excessively have to file income tax returns.
- Those Indian citizens that have assets, as well as financial interest entities that live outside India, have to file for income tax returns.
- Foreign companies with certain privileges and profits in India for making transactions in our nation must file income tax returns.
- NRI or non-residents of India that earn 2.5 lacks or more than 2.5 lacks per annum have to file for income tax returns.
- With ever-changing tax regulations in India, it can be very confusing to remember what documents are required to file income tax returns. Here are some documents you should always keep handy before filing an income tax return.
- Salary or income slips.
- Bank account passbook, post office saving passbook, passbook of pff account, and others.
- PAN card as well as Aadhar card.
- Form 16 is required a TDS certificate which is provided by your employer to you and has details regarding your salary, as well as TDS detected is also required.
- An interest certificate from both the post office and the bank is required.
- According to tax law, form 16A is required if TDS is detected from other factors excluding your salary, such as recurring deposit or interest from fixed deposit, etc., more than specified limits as stated in current tax law.
- It would be best if you had form 16b in case you have sold any property. The buyer should give this form to the seller for the amount of TDS detected when paid to you.
- In addition, form 16 c is also required by you from your talent. This form contains rent details, including TDS detected when you received any rent.
- Any proof of tax-saving investment.
- Statement of home loan from the bank itself.
Tax return compliance under Form 26AS
Form 26as is an important document that any investor, businessman, or freelancer requires to show as proof of the tax deduction for any portion of payment or investment.
They should be made by individuals or text pairs who have paid excessive tax.
In other words, individuals or taxpayers who wish to claim a tax refund for additional tax paid must complete this form.
The new form 26, introduced in the annual year 2020 to 2021, makes it easier for a taxpayer to file income tax returns online.
In addition, it also makes it easier for taxpayers to comply with rules and regulations for paying taxes.
- An important feature of the new form 26AS, released in the annual year 2020 to 2021, shows the importance of the financial transaction. As the name suggests, these are major financial transactions made by individuals or taxpayers that can be very beneficial when filing income tax returns.
- The updated format of Form 26AS will also display the details of the Aadhar Card. These details can include your name, date of birth, address, and mobile number.
- In addition, the new form 26 AS will also include text proceedings that might be completed or pending concerning tax authorities.
Link Aadhar to Income Tax returns
It is not only compulsory but also beneficial for you to link your Aadhaar card to income tax returns.
This is done by linking the Aadhar card number with the income tax return when an individual is filling out for income tax return.
In Addition, the PAN card is also linked with the Aadhar card. In simple words, you would not be able to file for an income tax return unless and until it is linked with your Aadhar card through an Aadhar card number.
Senior citizens up to 80 years old can file income tax returns manually. But senior citizens above 80 years old should file income tax returns electronically only.
Linking your Aadhar card with your income tax return is very simple. Here are the steps:
- Additional space is provided in new forms of income tax returns. Write down your Aadhaar Card number on the income tax website in this additional space.
- There can be cases where you have filed your income tax return with an Aadhar card number but still haven't received it. What would you do in this case? Here is a simple solution to this problem! Write your 28-digit enrollment number in the spaces given in the enrollment form.
- If you have already added your Aadhaar Card number in any income tax return form, it will automatically and electronically be populated.
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Why ESPECIA For Tax Return Compliance Services
ESPECIA is the one-stop solution for all your financial and tax requirements. Our team is always ready to offer services through our specialists in tax administration, tax optimization, and tax returns.
We are always one step ahead in taking care of your stressful and time-consuming tax requirements so that you can fully focus on your business. Based on your business type, we offer the best solution.