The income-tax act has laid down the plan for paying taxes in advance during the year of earning itself. It is called as ‘pay as you earn’ theory. Taxes may also be accumulated on your behalf during the previous year through TDS and TCS mode. If you find that you have some balance tax to be paid at the time of filing of return after taking into account your advance tax credit, TDS & TCS, the shortfall is to be deposited as self-assessment tax.

Under the income-tax act, every individual is responsible for computing and paying his due taxes correctly. Where the agency finds that there has been an understatement of income and resultant tax due, it takes measures to calculate the actual tax amount that ought to have been paid. This demand uplifted on the person is called the tax on regular assessment. The tax on routine inspection has to be paid within 30 days of receiving the demand notice.

An exempt income is not imposed to tax, i.e., Income Tax law grants explicitly exemption from tax to such income. On the other hand, incomes that are chargeable to tax are called taxable incomes.

Self–assessment or advance tax is to be placed at the government’s credit by using the challan prescribed on this behalf, i.e., ITNS 280. The challan can be copied from www.incometaxindia.gov.in. Tax can be deposited in the designated banks through two modes: physical mode, i.e., cash/cheque or e-payment mode.

No, you are thereafter accountable for securing that the tax credits are accessible in your tax credit statement and TDS/TCS certificates acquired by you and that full particulars of income and tax payment are yielded to the income-tax department in the form of the return of income which is to be filed before the target date stipulated in this regard.

Income tax is levied on the annual income of a person. The year under the Income Tax law starts from 1st April and ends on 31st March of the next calendar year. The income tax classifies the year as the previous year and assessment year. The year in which income is earned is called the previous year in which the income is charged to tax is called as assessment year.

If you file your ITR after the deadline, a late filing fee will be levied. Till last year, if a taxpayer missed the ITR filing deadline, the maximum penalty they would have to pay was Rs. 10,000. However, with effect from FY2021-21, a person filing belated ITR will have to pay a penalty of up to Rs. 5,000.

1. Domestic taxation

Under domestic taxation, we cater to large multinational enterprises and domestic business houses. Our focus is on evolving and planning compliance tools and policies that complement your business. Our team is also proficient in handling assessments and representations.

2. International taxation

Under international taxation, we provide advisory services for corporate structuring and planning. Our team is proficient in double tax relief and tax treaties interpretation, outbound and inbound investments, compliance related to foreign remittances, transfer pricing and representation in assessments. In addition, our experts advise you and your employees on tax-related issues that come into existence due to employee mobility. Repatriation assistance for employees, tax compliance, tax return preparation, annual tax equalization calculations, payroll processing services also form part of our services.