Filing your Indian Income Tax Returns

A financial year in India relates to the period from 1st April to 31st March of the following year. Indian Income taxes are required to be filed in respect of every financial year by 31st of July following the end of the financial year. An individual required to undergo a ‘tax audit’ in accordance with the provisions of the Income Tax Act, 1961 is required to file both a tax audit report as well as his/her income tax return by 30th September following the end of the relevant financial year.We provide tax filing services in India as well as overseas – USA, Australia & Singapore. We ensure that returns filed in both countries are in agreement in so far as income sources, assets and other disclosures are concerned.Timely filing of tax returns is an essential step in ensuring compliance with tax regulations. We encourage our clients to be proactive when it to comes to adhering to timelines in this regard

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    While filing returns in India we take into account the following:

    • Examining the sources of income and computing taxability in India.
    • Reviewing tax deduction claims.
    • Reviewing asset and income disclosures.
    • Ensuring adequate documentation and maintenance of records, keeping view of possible assessments/ notices from Income tax Department.
    • Computation of exemptions and/or credits under Income Tax Act read with Double Taxation Avoidance Agreements.
    Why file your return? Mr Rahul, is an NRI who has an NRO (Non-Resident Ordinary) account in India. The interest income earned on this account is being taxed at, say 30%. Now if the assessee files his returns at the end of the year he will be taxed as per slab rates applicable, say 10% (after self-assessment).That means if his income is Rs. 100, the bank would have deducted Rs. 30 as TDS(Tax Deducted at Source). But in reality, it should have been Rs. 10. If the assessee had filed his tax return, he could have got a refund of Rs. 20. Without this return of income, the tax department will not be in a position to process the refund. Hence, in this case, it is of prime importance to understand that filing tax returns is not just a burden but helps save taxes.


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