Income Tax filing

Income Tax filing Services

Income Tax law (It consists of 298 sections and 14 schedules) is an ever changing legislation (IT Act of 1961) in India. We focus on providing update in the income tax law to our client for compliance with the law and help them to avoid unnecessary action against them, and necessary arrangements are made to comply with the requirements of law and to identify opportunities for our clients that can help them to manage their affairs in the most tax efficient manner.

Income Tax filing Services

Tax consultants’ services for Resident Indians – DIRECT TAXES

  • making the most of tax-free opportunities
  • Keeping tax rates as low as possible across the family
  • developing a plan for tax-efficient profit extraction
  • keeping business taxes to a minimum
  • minimising the tax on the sale/merger/de-merger/acquisition of your business
  • a tax-efficient remuneration package
  • reducing the cost of company cars and electronic equipments
  • Identifying tax-efficient savings Schemes
  • reducing the tax on your estate
  • planning to reduce capital gains tax  Our Taxation service includes a wider range of services provided to individuals of different backgrounds as per their requirements

Tax consultants’ services for Resident Indians – DIRECT TAXES

Income Tax filing Services
  • To obtain Permanent Account Number (PAN) and TAN number online.
  • Tax planning
  • Advance tax computation
  • Tax Audit
  • Filling of Income return
  • Follow up income tax refunds.
  • Rectification & revision of income tax orders.
  • Representation before Income Tax Authority for Scrutiny Cases.
  • Quarterly return for TDS/TCS in electronic form
  • Consultancy in TDS matters
  • No TDS/ TCS Certificate.
  • Registration of trust for charitable purposes
  • Obtaining advance Ruling
  • Specific advice on taxation
  • Other Compliances as per Income Tax Act.
Income Tax filing Services

Income tax audit

  • Income Tax Act, 1961 requires, Persons (individuals, firms or companies) whose turnover during the financial year exceeds limits specified below to get their books of accounts audited by an independent Practicing Chartered Accountant:
  • For persons carrying on business Rs. 1 Crore( For businesses declaring income under section 44AD the limit is Rs 2 Cr)
  • For persons carrying on profession Rs. 50 Lakhs
  • JP & Co., has over a period of 20 years has established itself as one of the best Auditor & tax Consulatant Firm in Bangalore to its expertise, honesty, timeliness.

E TDS Filing

Income Tax filing Services

Income Tax Act, 1961 mandates deduction of tax at source from the payment forvarious services to residents and non-residents. Person making payment for specified services to a resident person and a person making any payment to non-resident person is required to deduct tax at rate specified for various services. Such deducted tax needs to be deposited with the government within specified due date and an ETDS return required to be filed to appropriate such deposit of tax to individual deductees. ETDS return needs to be in an error free manner within the due dates to avoid any hassles to the deductees. Deductees will not be able to claim credit for such deducted tax in case of non-reflecting of such tds in their PAN account.

Lower TDS Deduction Certificat

Income Tax filing Services

Indian Income Tax Act provides for withholding of tax(TDS) on various type of payments like rent, professional fees, lottery winning, interest, property purchase consideration etc. Tax withholding provision is prevalent in most of the countries having taxation on income and is based on the principle that tax is paid when it is earned than when it is assessed. It also provides cash flow to the government throughout the year Provisions of section 197 of the Income Tax Act, 1961 provide taxpayers with a lower tax rate or NIL deduction of TDS (TDS exemption). Provisions of section 197 of the Income Tax Act, 1961 provide taxpayers with a lower tax rate or NIL deduction of TDS (TDS exemption). Application for Lower / Nil Deduction Certificates U/S 197:

* To be applied in Form No. 13 (Link to TRACES for Form No. 13)

1. Standard Requirements for making an Applicant u/s 197:

  • 1.1 Name : Name as per your PAN/TAN
  • 1.2 PAN
  • 1.3 Jurisdictional Assessing Officer details as per last Income Tax Return. Details of Range, Circle/Ward and AO number are to be supplied. 1.4 Details regarding Nature of business/income earning activity are to be provided.

2. Contact person (responsible for TDS) details:

  • 2.1 These details will be used in case any information/ documents are required for processing the application.

3. Income/Tax payment details:

  • 3.1 Details of last three years income and projection for current year to be provided.
  • 3.2 Tax payment details for last 3 years to be filled.
  • 3.3 Details of tax already deducted / paid for current FY to be filled.
  • 3.4 Details of demand outstanding before any Income Tax authority to be provided including details of AY, amount outstanding , section and current status(whether any stay granted).
  • 3.5 Particulars of default as reported in column 27 of tax audit report (Form No. 3CD) for last three years to be provided. Reasons for the default and corrective action taken should also be mentioned.
  • 3.6 Details of pending scrutiny assessment or penalty proceedings to be provided.
  • 3.7 Details of receipt/utilization/accumulation for last 10 years to be provided if the applicant is a person referred to in Rule 28AB(1)

4. Details of Cumulative Tax likely to be foregone by issue of certificate

  • 5.1 Section: Section of the Income Tax Act under which the receipt is liable for TDS.
  • 5.2 Projected amount: Cumulative amount of projected receipt under this section.
  • 5.3 No. of parties: No. of parties from whom the receipt is expected.
  • 5.4 Normal rate of TDS: Rate of TDS applicable as per Income Tax Act if no certificate is issued.
  • 5.5 Lower rate requested: Rate at which lower deduction certificate is requested for receipts covered under this section.
  • 5.6 Tax Foregone.
  • 5.7 Total Tax foregone as per certificate proposed.
  • 5.8 Tax foregone as per certificate, if any issued earlier during Financial Year: to be filled if certificate for lower deduction issued earlier for the same financial year.
  • 5.9 Cumulative tax foregone.

6. Deductor wise details with respect to payments for which certificate is sought to be provided.

  • 6.1 Name: Name of the deductor from whom payment is expected. Name should be same as appearing in TAN allotment letter.
  • 6.2 TAN
  • 6.3 Address: Current correspondence address of the deductor.
  • 6.4 Email: Email ID of the deductor.
  • 6.5 Receipt amount: Expected receipt amount to be filled.
  • 6.6 TDS Section under which receipt is covered.

7. Documents to be submitted along with application:

  • 1. ITR-V/Acknowledgement of filing Income Tax return for relevant financial years to be provided.
  • 2. Computation of Income for relevant financial years.
  • 3. Balance Sheet and Profit and Loss Account for relevant financial years with all Schedules/Annexures.
  • 4. Audit report in Form-3CD/3CA-3CB/10B ( Whichever is applicable) for relevant financial years.
  • 5. Complete Chart showing all the payments made, the head of such expenses (e.g. contract payment, legal professional fees, etc.) and the section under which tax has been deducted by the applicant.