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At Circa, we support and assist with filing of income tax returns, certification of forms and also assist with dispute resolution under the Income Tax Act 1961
Income Tax Return (ITR) is a form which needs to be submitted to the income tax authorities disclosing particulars of income and taxes paid during the year.
In India taxpayers can be classified as under:
The financial year in India runs from 1st April – 31st March. Every year the CBDT releases income tax return forms. Depending upon their source of income, taxpayers have to choose the appropriate form to disclose their income. As per the Income Tax Laws, every taxpayer is mandated to file their income tax returns if the income is more than the basic exemption limit. The income tax rates are prescribed for each class of taxpayers. Delay in filing of tax returns attracts late filing fees and interest.
Individuals resident in India are required to furnish particulars of their foreign assets. Similarly any individual having total taxable income in excess of INR 5 million are required to disclose particulars of their assets & liabilities in their income tax return form. Through these reporting and disclosures, the government is making every effort to bring about transparency in the tax filing regime. In case taxpayers fail to disclose the relevant information, penalties for non – disclosure can be levied.
Any taxpayer in India is entitled to claim credit of the taxes paid in a foreign jurisdiction. For this the relevant schedule in the Income Tax form is required to be filled in. Also, a separate form disclosing the particulars of income in the foreign country and proof of payment of taxes is required to be uploaded.
At the time of filing of the tax returns, care should be taken to ensure that there is no mismatch in the 26AS and the TDS and income disclosed in the return of income. In case of any deviation detected by the Income Tax Department, enquiries are being conducted and in case of any error or mis-statement detected, penalties are being levied.
Hence, it becomes essential to make correct and appropriate disclosures in the Income Tax return.
Our team of experts understands the intricacies involved in filing of the tax returns and are updated with all the latest amendments as made by the Government from time to time. We take all precautions to ensure that the tax returns filed by the client are adequate and complete in all respects. We engage in dialogue with the client to ensure that we receive complete information in connection with income sources, deductions etc. and intimate clients in case of any areas of concern which could be a potential threat.
We assist in filing income tax returns for all taxpayers.
Certain payments to non – residents may be subject to withholding of taxes while others may be exempt from tax. However, on payments of the payments to non – resident, the bank requires certifications for making the remittances. We advise on the tax rates for such payments, coordinating and liasioning with banks for making such payments & also issue of Form 15CA/CB certificates in line with the law.
Dispute resolution and litigation is one of the cornerstones of Circa Consulting. Our team is highly proficient and provides innovative solutions to complex tax concerns. We have extensive experience in representing clients in complex disputes in areas of international taxation and corporate taxation.
Dispute resolution and litigation is one of the cornerstones of Circa Consulting. Our team is highly proficient and provides innovative solutions to complex tax concerns. We have extensive experience in representing clients in complex disputes in areas of international taxation and corporate taxation.