Income Tax & TDS

With the run of small or large business setup, there is need of proper tax calculation and its registration. We help to manage your taxes while you are busy in maintaining your business. We offer specialized services for fulfilling such kind of professional taxation needs.

Relieve all your worries regarding the preparations of tax returns. We are here to provide all the related information. With the benefit of our tax software, we can easily able to scrutinize all your related information in safety mode for any future use. The entire entries are properly audited and verified before the final saving into tax software. With the appropriate examination of client data, we can proficiently deal in income tax processing with the accurate classification of related items in appropriate fields.

We offer treatment to your accounts along with the interpretation to taxability process. We also have the ability to analyze and classify your profit and loss. Also try our consultancy services for TDS where the basic source is to collect tax from the very source of income.

Frequently Asked Questions (FAQ)

There are following categories which required to file ITR-
-Total annual gross income is more than 2.5 Lakh and your age is less than 60 year.
-For NRI total annual gross income earned in India is more than 2.5 Lakh.
-Total annual gross income is more than 3 Lakh and your age is 60 or above and below 80 year (senior citizen category).
-Total annual gross income is more than 5 Lakh and your age is 80 year or above (super senior citizen category).
-As a company or a firm, ITR filing is a must for a financial year whether you are in loss or profit.
-If you are looking forward to claiming a tax refund for the financial year.
-On the sale of equity shares or unit of business which costs more than 2.5 Lakh and have gained tax-exempt long-term capital gains from the same.
-On income of the sale of property which lies under a charitable trust, religious trust, political party, educational institution, any authority, body or trust.
-If you are an Indian resident and possess an asset or financial interest located outside India.
-On treaty benefit as a foreign company which has any transaction made in India.
-If you are an Indian resident and act as a signing authority for any foreign account.
-Entirely away from all the above categories, if you are looking for any kind of loan then filing ITR is must which works as a valid income proof.

The due dates to file an income tax return can be divided into two parts.
1) Individuals, HUF, BOI, AOP. (Taxpayers with no audit requirement.)- 31st July of the relevant AY
2) Company, Taxpayers whose accounts need to be Audited, Working partner (whose firm’s books need to be Audited)- 30th September of the relevant AY

Even after the above mentioned dates, returns can be filed along with interest & penalty. The last date to file an income tax return is within the relevant assessment year.

It is common for all citizens within two categories.
1) Rs. 2.5 Lakh for below 60 years
2) Rs. 3 Lakh for senior citizens
3) Rs. 5 Lakhs for Super Senior Citizens

a) Penal interest of 1% per month on the unpaid tax amount
b) No carry forward of business losses, if return is not filed within due date
c) Penalty upto Rs. 10,000 for not filing return within due date
d) Assessee will not be able claim any refund of TDS without filing the income tax return

To get away from such kind of risks, one must has to submit 15G (age below 60)/Form 15H (age 60 or above) to bank in order to avoid tax deduction. Usually, they deduct TDS interest income on FDs when it crossed the threshold limit.

- Short Term Capital Gain = Sale Price -(Cost of Acquisition + Cost of Improvement + Cost of Transfer)
-Long Term Capital Gain = Sale Price - (Indexed Cost of Acquisition + Indexed Cost of Improvement + Cost of Transfer)
-Indexed Cost = Cost incurred * (CII of the year of transfer)/ (CII of the year of Acquisition or Improvement)
-Short Term Capital Gain: If a property is sold within two three years of buying it. This is added to the total income and taxed according to the slab rate.
-Long Term Capital Gain: If a property is sold after two three years from the date of purchase. It is taxed at 20% after indexation. In this category, one can avail various benefits on tax exemptions as compare to Short term capital gains.

If you forget to show your investments for getting the benefits of tax saving then don't worry. You still have the chance for tuition fees or for investment in equity-linked savings schemes (ELSS), especially when it is done via the systematic investment route.
On the deduction of TDS, you still have the chance to get a refund by disclosing the investments, expenses and other deductions (life insurance premium paid, children's tuition fees, HRA, housing loan repayment, investments in tax saving FD's, ELSS etc.) while filing your ITR anytime between April 1, 2019 and July 31, 2019, the last date for filing tax returns or can be claimed directly at the time of filing of return of income.

ITR form have particular column in which taxpayers have to fill information about total earning and applicable tax on it. As per the source of income, net amount and individual or company like factors there are 7 types of forms i.e ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7

ITR-1 OR SAHAJ - For one house property and agricultural income up to Rs.5000.

ITR 2 - For the use of an individual or a Hindu Undivided Family (HUF) whose total income should be more than 50 Lakhs and also includes:
-Income from Salary/Pension
-Income from House Property
-Income from Other Sources (including Lottery and Horse races)
-If you are an Individual Director in a company
-Investments in unlisted equity shares
-Being a resident not ordinarily resident (RNOR) and non-resident
-Income from Capital Gains; or
-Foreign Assets/Foreign income
-Agricultural income more than Rs 5,000

ITR 3 - ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from sources like:
-Carrying on a business
-If you are an Individual Director in a company
-If you have had investments in unlisted equity shares
-Return may include income from House property, Salary/Pension and Income from other sources
-Income of a person as a partner in the firm

ITR-4 or Sugam - ITR 4 is applicable to:
-individuals and HUFs
-Partnership firms (other than LLPs)
-Having income from a business or profession
-Also who opted presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE.

However, if the turnover exceeds from net of Rs 2 crore, then the taxpayer will have to file ITR-3.

ITR-5 - ITR 5 is for:
-LLPs (Limited Liability Partnership)
-AOPs (Association of Persons)
-BOIs (Body of Individuals)
-Artificial Juridical Person (AJP)
-Estate of deceased
-Estate of insolvent
-Business trust and investment fund.

ITR-6 has to be filled electronically only for the companies claiming exemption on income from property held for religious or charitable purposes.

For persons including companies have to pay return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F).
-Return under section 139(4A): Income derived from property held under trust, charitable or any other religious place.
-Return under section 139(4B): Filed by political party on net income (without putting effect on provisions of section 139A) which is not chargeable to income tax.
-Return under section 139(4C): Filed by Scientific research association, News agency, Educational Institute, University, Hospital or any other medical institute.
-Return under section 139(4D): Filed by every university, college or other institution, which is not required to furnish return of income or loss.
-Return under section 139(4E): Filed by every business trust which is not required to furnish return of income or loss.
-Return under section 139(4F): Filed by any investment fund referred to in section 115UB.

An individual can legitimately put efforts to save his income taxes by putting his money in well known tax saving options.
-Firstly in Section 80C. The available options like PPF, NPS, EPF, Life insurance premium, tax-saving mutual funds (ELSS), children’s tuition fees and housing loan principal repaid among others are good options which helps to claim and invest Rs. 1.5 lakhs.
-Claim deduction up to Rs. 2 Lakh for interest amount paid on home loan.
-You can get an advantage of Rs. 25,000 for the medical coverage premium paid for yourself, your life partner and your dependent children under area 80D. This will also include insurance of your parent's health separately. This benefit of Rs. 25,000 may exceed if you parents are senior citizens.

TDS (Tax deducted at source) is the deduction of amount from income in the form of tax. TCS (Tax deducted at source) is an amount accumulated by the seller or company as a tax.

If you are selling goods from any specific category then you are able to collect TCS from the buyer of the goods. Similarly, TCS should be collected at the time of debiting such amount or during getting the receipt of this amount, whichever is earlier.

Due Dates for Payment of TDS
- Government Office without challan - Same Day
- Government Office with challan - 7th of next month
- On perquisites opt to be deposited by employer - 7th of next month
- Others In the month of March - 30th April
- Others In other months - 7th of next month

Tax Deduction/ Collection Account Number (TAN), is that particular number which is mandatory in case one becomes liable to deduct TDS or collect TCS. As per the income tax act, one has to pay penalty in case of non-mentioning the TAN or mentioning incorrect TAN.
One can apply for TAN online at NSDL-TIN Website (

If an individual whose TDS has been deducted will have to file his/her TDS return. The assessee should be filed TDS return after particular intervals of time.
Form number and Its purpose
- Form 24Q - TDS from salaries
- Form 26Q - TDS on all payments apart from salaries
- Form 27Q - Subtraction of tax from dividend, interest or any other amount payable to non-residents
- Form 27EQ - Collection of tax at source

Form 16 is for salary income which certifies how much tax was deducted at the source. TDS certificate (for the Form 16) is to be issued annually. Form 16 can only be downloaded and issued by your employer.

Form 16A is also a TDS Certificate. It is applicable for TDS amount for non-salary earnings of an individual. TDS certificate in Form 16A is to be issued quarterly. Any individual cannot download his / herForm 16. You will receive it on the deduction of TDS by bank on interest income earned from FD's.

In case you have not deposited TDS or delay of filing TDS by the correct date, the following penalties are applicable:

- Late filing fee (if you do not file by the deadline)
- Interest (if you do not deposit the TDS amount in time)
- Penalty (if TDS is not filed within one year of the due date)