Direct tax or income tax are those taxes that are levied directly on the individual or organizations on their incomes and the burden of which cannot be shifted to others. In India, income tax is governed by the provisions of the Indian Income-tax Act, 1961 (‘Act’). The Act works on the principle of self-assessment whereby every person in receipt of income or any amount is required to assess and compute its total income under five categories of income via salaries, income from house property, income from business or profession, capital gain, and income from other sources and discharge its tax liability before the filing of return of income. In addition to this, there are certain compliances that are required to be made by the payer of the income like TDS/WHT-related compliances. There is an internal mechanism under the Act to ensure proper and timely compliance. The Act provides for the levy of interest, penalty, and prosecution depending upon the quantum and nature of failures. Generally, the following compliances are required to be made by every person within the prescribed time:
ASC has a proficient team keeping up with ever-changing taxation policies, rules, and regulations. Our team also provides solution-oriented advice to a client and apply their timeless experience of the taxation provisions for the ease of the client. We aim at providing timely fast-paced services to our clients with effectiveness in their taxation practices to reduce the interest, penalty, and prosecution to the most insignificant levels.
Over the years the Government has been expanding the tax base by ensuring strict and proper compliances and therefore it is imperative all the compliances under the Act should be timely made. We assist our clients in the following ways:
Following are the various income tax forms and their applicability:
Following are the due dates for filing income tax returns and audits:
Particulars |
Due Date (of assessment year) |
A company other than the company that is required to furnish report under Section 92E in Form No. 3CEB |
31st October |
Any person that is required to furnish report under Section 92E in Form No. 3CEB |
30th November |
Any person (other than a company) whose accounts are required to be audited under this act or any other law. |
31st October |
A working partner of a firm whose accounts are required to be audited under this act or any other law. |
31st October |
Audit under the income tax law |
30th September |
Any other assessee |
31st July |
With effect from 1st August 2022, income tax returns shall be e-verified within 30 days after submission of the returns. However, for returns filed till 31st July 2022, the time limit for e-verification is 120 days from the date of submission of the return.
The due date for payment of TDS to the government is the 7th of next month. Therefore, the TDS deducted in August shall be paid till the 7th of September and so on.
If you fail to file your ITR within the above deadline, then you can file a belated return as per Section 139(4). The due date for filing a belated return is 31st December of the assessment year.
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