1.income tax return
 

Income Tax E-Filing: Online Income Tax Return Filing Services in India
Income Tax e-filing is a critical process for individuals, Hindu Undivided Families (HUF), associations, and businesses, where they are required to provide accurate information regarding their income for the financial year. Once the final income is computed from all sources, the appropriate income tax is calculated and filed. The process involves selecting the correct Income Tax Return (ITR) form based on the nature and sources of income.

Advantages of Online Income Tax Return Filing

1. Avoid Penalties & Scrutiny
   Failure to adhere to Income Tax e-filing norms may result in significant penalties and scrutiny by the Income Tax authorities. Timely and accurate e-filing can help taxpayers avoid such penalties and reduce the risk of audits.

2. Enhance Creditworthiness
   Financial institutions prioritize Income Tax Return (ITR) filings when assessing loan applications. Filing your returns on time and without errors can positively impact your credit score, thereby improving your chances of securing a loan or credit.

3. Carry Forward Losses
   Unadjusted business losses or other shortfalls cannot be carried forward to subsequent financial years unless an Income Tax Return is filed. E-filing ensures that you can carry forward such losses to offset future taxable income.

4. Income Tax Refunds
   In many cases, tax has been deducted at source (TDS) on investments. To claim a refund of excess TDS deducted, timely filing of Income Tax Returns becomes mandatory.

5. Official Document
   Form 16 is an official document that outlines your income and the corresponding tax levied. It also includes revenue from other sources. Filing your ITR serves multiple purposes, including being used as proof of address and income.

6. Visa Processing
   When applying for a visa, foreign embassies often request ITR receipts to evaluate your financial stability. These receipts demonstrate your income and confirm your ability to manage expenses during your travel abroad.

Documents Required for Online Income Tax Return Filing

1. Form 16 (if applicable)

2. PAN Card / Aadhar Card

3. Bank Account Statements

4. Investment Details under Section 80

5. Tax Audit Report (if applicable)

6. Proof of Income Tax E-filing Payment

7. Receipts for Claiming Expenses

8. Consolidated Credit Statement (Form 26AS)

At Shiromani Associates, we specialize in guiding you through the entire income tax filing process, ensuring compliance with all legal requirements and optimizing your tax benefits. Our experienced Chartered Accountants are dedicated to providing personalized services for accurate, timely, and efficient e-filing of your income tax returns.


2.TDS Return 

TDS Return Filing in India | TDS Return Status | TDS Refund

TDS Filing: Eligibility, Process, Due Dates, Revised TDS Returns, and TDS Refunds

In India, any person or business that deducts Tax Deducted at Source (TDS) is required to file a TDS return. The TDS return must be filed with the government every quarter to report the TDS deducted on payments made and the corresponding TDS deposited with the government for that particular quarter. Filing the TDS return is mandatory and must be done online. It is important to note that a TDS refund is only possible if the deductor has complied with the filing requirements.

To ensure that you are fully compliant with TDS laws and to efficiently process any potential TDS refund, it is highly recommended to consult with a Chartered Accountant. We at Shiromani Associates provide expert guidance and support for your TDS filing needs.

TDS Provision Compliance

If you are deducting TDS, it is essential to file the TDS return with the government on a quarterly basis. This process informs the government about the TDS deducted on payments made by the deductor and the TDS deposited in the relevant quarter. Non-compliance with filing can result in issues regarding the claim of TDS refunds. To ensure accurate and timely filing, and to receive any eligible TDS refunds, it is advisable to work with a Chartered Accountant.

How to Verify TDS Deduction and Deposit

If your TDS has been deducted, you can verify whether it has been deposited correctly with the government by checking Form 26AS on the Income Tax Department's official website. Form 26AS provides a consolidated record of all the TDS deducted from your income and deposited with the government.

Types of TDS Return Forms

1. TDS Return Form 24Q
   This form is used when TDS is deducted on salary payments. It is filed by employers and contains details of salary paid and the TDS deducted from the employee’s salary.

2. TDS Return Form 26QB
   This form is used when TDS is deducted during the payment for the transfer of immovable property. It is filed by the buyer of the property.

3. TDS Return Form 27Q
   This form is used when TDS is deducted on payments made to non-residents. It is specifically filed for payments like royalties, technical fees, or other income that is subject to TDS under the provisions of the Income Tax Act.

4. TDS Return Form 26Q
   This form is used for any other type of TDS deduction, such as payments made for interest, commission, professional fees, contractual payments, etc.

Documents Required for Filing e-TDS Return

1. PAN Card

2. TDS Certificates (if TDS has been deducted by another party)

3. Payment Details including TDS challan date, challan number, BSR code, and the TDS challan amount

4. Details of Notice/Original Return in response to any notices received from the Income Tax Department

At Shiromani Associates, we ensure that your TDS returns are filed in compliance with all applicable laws and regulations. Our team of experienced Chartered Accountants will guide you through the filing process, manage your TDS deductions, and help you claim any eligible refunds efficiently and without hassle.

For expert assistance with TDS return filing, please contact Shiromani Associates.