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INCOME TAX RETURN

Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person's income and the taxes to be paid on it during the year.

Information filed in ITR should pertain to a particular financial year

Income from salary

Profits and gains from business and profession

COMPLIANCE/Assesment

A compliance check is a contact with the customer that involves a review of filed information and tax returns of the entity. It is a verification of recordkeeping and tax return and information return filing; it is not directly related to the determination of a tax liability.

If any demand is raised by the Assessing Officer in the assessment, what’s the next step for Assessee. Aggrieved tax payer can file appeal before the Commissioner (Appeals) having, jurisdiction over the tax payer. Designation of the Commissioner (Appeals), with whom appeal is to be filed is also mentioned in the notice of demand issued by the Assessing Officer under section 156 of Income Tax Act.

T.D.S

Tax Deducted at Source (TDS) is a specific amount that is deducted when a certain payment like salary, commission, rent, interest, professional fees, etc. is made. The person who makes the payment deducts tax at the source, while the person who receives a payment/income has the liability to pay tax. It lowers tax evasion because the tax will be collected at the time of making a payment.