Income Tax Return ITR

Income Tax Returns Filing (India)

What is Income Tax Returns (ITR)?

To offer information to the income tax returns division about your earnings and taxes, you must file an income tax returns (ITR). The payment of tax due from a taxpayer estimated utilizing their income. The taxpayer is allowed an income tax refund from the Income Tax Department if the return reveals (an extra amount of tax paid) in a certain year.

A return must be filed by any individual or corporation annually who acquired any income during the last fiscal year. The money may come from income, salary, real estate, rental income, business profits, or other sources like interest, dividends, capital gains, or other income by a certain deadline.

Income Tax Returns Filing

Is Income Tax Returns (ITR) compulsory?

If your income exceeds the basic exemption threshold, you are required under Indian tax law to file income tax returns. The taxpayer is informed in advance of the income tax rate. In addition to incurring late filing fees, filing your taxes after the due date will make it more difficult for you to obtain a loan or a visa.

How Do We File an Income Tax Returns (ITR) with DAR & COLLP?

The process of filing an Income Tax returns, allows you to complete it in three steps!

Step 1

As soon as you reach our expert team will get in contact and gather all the necessary information.

Step 2

Our team will instantly start the needed paperwork and will prepare the return.

Step 3

Your expert- will be ready for a filled income tax returns before you know it!

Who should file Income Tax Returns (ITR)?

According to the Income Tax Department (ITR), the following entities file IT returns yearly:

  • Salaried people having a gross income that exceeds the exemption amount before section 80C to 80U deductions
  • Every company, whether private limited, LLP, or partnership, requires to file IT returns regardless of profit or loss.
  • Individuals who hold the positions of Director or Partner in a Limited Liability Partnership.
  • Individuals who receive dividend payments from stocks, bonds, mutual funds, fixed deposits, interest, and other sources
  • Individuals who earn income from charitable or religious trusts as well as from contributions made voluntarily
  • Individuals and companies requesting tax refunds
  • NRIs, tech experts on onsite deputies, and anyone with assets or income abroad

Documents needed to fill Income Tax Returns (ITR)

Before beginning the e-filing process, it is important to have all the necessary documents.

  • Bank, post office savings account, and PPF account passbook Book
  • Salary slips
  • PAN card
  • Aadhar Card
  • Form-16– You will receive a TDS certificate from your workers, which has information on the salary you obtained and any TDS deducted from it.

Certificates of Interest from Banks and the Post Office

  • Form-16A, If TDS is withheld from payments other than salaries, like interest from fixed deposits, recurring deposits, etc., over the permitted thresholds as per the applicable tax laws
  • Form-16B when you have sell a property, the TDS deducted from the sum paid to you.
  • Form-16C for providing information about any TDS from the rent you received from your tenant.
  • Form 26AS – your annual tax statement that is connected. It has all the details the taxes that deposited against your PAN.
  • a) TDS by your employer
  • b) TDS deducted from banks
  • c) TDS deducted from any other organizations
  • d) Advance taxes
  • e) Self-assessment taxes
  • Tax-saving proofs
  • To claim deductions under sections 80D to 80U
  • Home loan statement

We provided following services:

A direct tax is a tax that a person or organization pays directly to the entity that imposed it. Examples include income tax, real estate tax, personal property tax, and asset taxes, all of which are paid by an individual taxpayer directly to the government. 

We are managing complexities involved in the Indian tax structure by offering services in the areas of corporate tax, transaction services, and filing of income tax and other returns. 
We provided the following services:

Income Tax Planning and Management
Assistance in quarter-wise advance tax computations,
Assistance in filing corporate tax returns
Opinions on various transactions from domestic law to double taxation treaty viewpoint

Representation Services for Assessments before Income-tax officers,

Assistance in drafting and presenting applications to the revenue authority,
Income tax Appeal Proceedings before CIT(A) as well as Income Tax Appellate Tribunal (ITAT)

Helping in representation for pending tax refunds
Providing follow-up with revenue authorities
Representing clients in Search & Seizure Proceedings

Issuance of 15CA and 15CB certificate for remittance to Non-resident/Foreign Entities under section 195 of the Income-tax Act, 1961
Issuing Certificates under the Income Tax Act i.e., u/s 80IA/80IB/10 A/10B & other certificates to claim deduction.

Preparation of computation of income & filing of income tax returns of various HNI assessee and other HUFs, Partnership Firms and Companies.

Advisory on Taxation of Employees sent on secondment basis.
Processing and coordinating department related to Income tax refunds
On call Business advisory in regard of taxation issues.

Indirect Tax

An indirect tax is the tax levied on the consumption of goods and services. It is not directly levied on the income of a person. Instead, he/she has to pay the tax along with the price of goods or services bought by the seller. 

An indirect tax is a tax that can be passed on to another individual or entity. An indirect tax is generally imposed on suppliers or manufacturers who pass it on to the final consumer. Goods and services taxes are examples of indirect taxes.

GST Services Offered by D A R & CO LLP

We help clients in fulfilling all their compliances required under Goods and Services Tax (“GST”) laws. Compliances, inter-alia, include the following:-
Reviewing the accounting data of client and check for GST compliance as per the tax laws .
Assisting clients in the Classification of the transactions under the correct HSN/ SAC code for goods/ services.

Assessing potential impact of GST Laws on different business operations of the client. In other words, advising clients on the applicability of GST on various transactions undertaken or proposed to be undertaken.

Applying provisions related to place of supply in client’s transactions and determining the correct type of tax (CGST & SGST or IGST) to be paid on the basis of classification under inter-state or intra-state supply.

Determining the time of supply to eventually determining the tax period in which tax dues are required to be paid.

Preparation of tax invoices, bill of supply, credit notes, debit notes, etc. containing all the relevant details mentioned under the provisions of GST Rules.

Review of all invoices etc. where the client himself prepares them.
Identification of invoices available for input tax credit with respect to the relevant provisions.

Intimation for payment of taxes as per output liability of the clients.
Monthly reconciliations.
Determining the inputs, input services and capital goods on which taxes have been paid and credit of which are eligible to be taken and determining the reversals of input tax credit availed as per GST laws.

Determining the applicability of reverse charge mechanism.
Regular updates to clients in relation to notifications or circulars issued under GST laws for GST compliance.
Refund of the unutilized input tax credit (‘ITC’):
Discussing client in relation to the collection of relevant documents to be submitted for the claim of refund.

Preparation and filing of online application along-with filing of relevant documents against which refund is to be claimed.
Following up with the department for the finalization of refund claims.

Analyzing the requirement of cross charge of expenses or common centralized services rendered, among multiple registrations taken by the client under same permanent account number.

On call Tax advisory with respect to various queries and issues under the GST law.
Conducting Anti-profiteering study
Analyzing the books of accounts and relevant notifications issued under GST laws to check the applicability of the provisions of anti-profiteering on the client.

Assisting on any ongoing enquiry or investigation initiated.
Preparing and filing of E-Way Bills for movement of goods.

We help clients in filing of their GST returns as well as for all periodic returns under other tax schemes. We services also include collecting relevant data, review of annual returns, certifying reconciliation statements, and keeping clients updated on GST amendments.

Our GST Registration services for clients begins by assessing and determining the status of a client’s requirement to register under GST. Our services include registration process including applying for the GST registration, identification of the goods and services being sold und GST, amending the details mentioned in the registration certificate in accordance with the relevant Rules of the GST laws, filing appeal for restoration and more.

Collecting the relevant data from client, analyzing and consolidating them.

Preparing and filing of all periodic returns for taxpayers registered under normal scheme or composition scheme or registered as input service distributors (‘ISD’), casual taxable person, non-resident taxable person, input service distributor, tax deductor at source, tax collector at source etc. in accordance with the provisions of GST laws.

Preparation and filing of periodic returns. For this purpose, we do following:-
Consolidation of all periodic returns filed on the GST Portal by the respective client.

Reconciliation of outward supplies made during the year as taxable supplies, non-taxable/zero rated supplies/exempted supplies & transaction not leviable to GST.

Reconciliation of expenses and income with financials.
Review the availability of Input Tax Credit (‘ITC’) including proportionate credit availed, ineligible credit and examine the correctness of input tax credit claimed in the GST returns.

Review whether the company has correctly identified the transactions on which tax is liable to be paid under reverse charge mechanism (‘RCM’) and whether liability correctly and timely discharged under RCM.

Assistance in the preparation or the review of reconciliation of GSTR 2A i.e. auto populated from supplier data and purchase data recorded by the receiver of supplies. Taking relevant actions as per Rule 36(4) of the CGST Rules for the input tax credit availment and utilization.
Filing of Annual Return in Form GSTR-9 or in other relevant form as per the status of the taxpayer.

Review of Annual Return in Form GSTR-9. For this purpose, we do following:-
Review of the audited annual accounts including the accompanying notes to accounts (i.e. vouching of outward and inward invoices) of the company for the relevant period from GST perspective.

Review of the reconciliation statement under section 44(2) of CGST Act 2017 i.e. statement reconciling the value of supplies declared in the returns furnished for the relevant period with the audited Annual Financial Statements.

Certify the aforesaid Reconciliation Statement in Form GSTR-9C, electronically through the common portal and report for the deficiencies found during the audit.

Updating the clients on amendments under GST laws so that they comply with the requirements of the amended laws on time to avoid any penal or other consequences of non-compliance.

Taxation of Expatriates

An expatriation tax is a government fee charged to those who renounce their citizenship or take up residency in another country.

Our team of Chartered Accountants and attorneys working in the Tax and Regulatory team would provide the following services:

We provide a comprehensive analysis on the tax and regulatory implications on seconding an expatriate in India. The advice usually covers the Permanent Establishment issues, tax efficient salary structure advice, applicability of social security contributions, foreign exchange issues and other tax compliance requirements.

We can assist the expatriate and the employer in arranging the correct documentation for VISA and Bank account opening purposes.

All foreigners visiting India on a long term visa of more than 180 days, are required to get FRRO registration done within 14 days of their arrival in India.

Foreigners (including minors above the age of 16) need to get their registration done. Therefore, the family members of the expatriate, above the age of 16 will have to get themselves registered.

We help obtain PAN, a unique identification number given by the Indian income tax authorities and an expat needs to obtain it in case his/her income is taxable in India. This is also used for filing a return of income in India.

The entity employing the expats is required to withhold the taxes (accurately converting salaries in foreign currency as per the Income-tax Rules, 1962 and taking into account various exemptions and deductions) due on the salaries paid to those expatriates.

Post this withholding the entity needs to pay these taxes to the government and file quarterly returns of withholding taxes in Form 24Q with details of the expatriates.

At the end of the year, Form 16 which contains the taxes withheld and computation for taxable salary and Form 12BA containing detail of perquisites has to be issued.
We help in doing the tax equalization calculation and the hypo tax workings.
We help the employers end to end in this entire process.

We assist the expatriates in finalizing the computation for the relevant financial year and filing the income tax return before the due date i.e. 31st July of the next financial year. We also help the expat to disclose the overseas foreign assets and liabilities in case it’s applicable.

Prior to final departure from India, we can help the expat to obtain an Income-Tax Clearance Certificate (‘ITCC’) from the Indian tax authorities and get the FRRO cancelled. The ITCC is required to be presented to the immigration authorities

We can recommend trusted Real Estate consultants specializing in relocation services for expats and immigration consultants to take care of the VISA formalities.

International Tax Planning

Companies the world over are exploring options to expand in different geographies as globalization becomes absolutely essential. The opportunity to become global leaders is what is driving more and more companies out of their home countries.

Operating in multiple jurisdictions also brings opportunities to reduce costs and gain market share across countries. However, the complicated laws including the tax laws in different territories can make overseas expansion time consuming and costly. 

Whether you are an Indian company looking to expand overseas or a foreign company wanting to invest in India, you must understand the laws that can affect your business strategy and operations.

We are members of reputed international alliances and have close relationships with our foreign affiliates who have the technical expertise to help you navigate through the complex maze of international tax laws worldwide.
A glance at the International Tax Services we offer to our clients:

Setting up Fund and guidance on tax issues relating to the setting up and operation of the Fund.
Inbound business structuring.
Advice on taxability on Liaison Offices, Branch Offices and Project Offices.
Advisory on Investment holding structures.
Planning asset transfers between the Indian and foreign companies.

Structuring for cross-border acquisitions
Permanent Establishment analysis including advise on the ways to avoid the exposure
Advice on Head Office charges and other PE tax issues.

Analysis of Royalty and service contracts to determine the taxability by analyzing the Indian Income-tax Act, 1961 and the Double 

Taxation Avoidance Agreements.
Withholding tax issues while doing business with Indian clients.
Advice on how to avoid permanent establishment due to secondment of expatriates.

Tax issues relating to formation of Association of Persons (‘AOP’)
Customs issues on exporting to India
Indirect tax issues in Trading in India
Assistance in obtaining Special Valuation Bench Order for the Indian subsidiary for import from related parties.

Advice on Inter Company charges and the direct tax and indirect tax impact on them
Guidance on equalization levy

Base Erosion and Profit Shifting (BEPS’) impact assessment and continuous guidance
Guidance on issues relating to TDS on Fee for Professional Services received from Non Resident, TDS on Royalty Payments, etc.
Help in Obtaining Tax Residency Certificates

Outbound international business structuring
Strategizing structures for International Tax Planning and Management.

Advise on setting up multi-tiered holding structures through tax efficient jurisdictions.
Structuring for cross-border acquisitions
Intellectual Property migration.
Shifting the holding company outside India
Advice on utilization of foreign tax credits
Global Tax Planning and Management

With the huge influx of Foreign Direct Investment in India there has also been increase in demand of specialized skills of mobile employees known as ‘expatriate’ in India.

Companies the world over are exploring options to expand in different geographies as globalization becomes absolutely essential.

Transfer Pricing Services in India

Increased number of intercompany transactions has made transfer pricing a leading risk management issue for global businesses.
The litigation, with regard to transfer pricing in India, is humongous. We aim to facilitate companies by providing practical transfer pricing Services & Solutions that are aligned to their global business and objectives and also provide controversy management

Transfer Pricing Advisory services for new transactions/existing transaction including:
Loans and Guarantees.
Intra Group services.
Research and Development activities.
Restructuring or Reorganization.
Purchase or sale of marketable securities etc.
Transfer Pricing Advisory can be related to:
Formulation and Implementation of domestic and global transfer pricing policies including pricing (mark up and pricing methodology)
Conducting Functional analysis (including Functions, Assets and Risks Analysis)
Advance Pricing Agreement
Mitigation of Transfer Pricing Risks

International Benchmarking is usually conducted where foreign entity is treated as a tested party for the purpose of computation of arm’s length price.
Benchmarking services are carried out with a wide range of global, private, and public comparable company databases so the search for private and public company data to find and identify the similar comparables for international transaction.

Through our global alliances we have the capability to provide international benchmarking support for Multinational Companies in the following global databases for foreign tested parties or for benchmarking special transactions
Thomson Reuters

Assistance in all the stages the entire lifecycle of Advance Pricing Agreement (APA) comprising of pre filing consultation, filing of APA application, site visits, data gathering, negotiation, finalization and administration (filing of annual compliance report).
Representation before Transfer Pricing Officer (TPO), Commissioner of Income Tax (Appeals), Dispute Resolution Panel (DRP) and Income Tax Appellate Tribunal (ITAT).
Assistance in Mutual Agreement Procedure (“MAP”)
Assistance in application of Safe Harbour Rules

Preparation of detailed transfer pricing documentation relating to international and specified domestic transactions as required u/s 92D read with Rule 10D of the Rules
Issuance of Accountant’s Report / Transfer Pricing Certification (Form 3CEB) as required u/s 92E read with Rule 10E of the Rules
Assistance in Preparation and submission of Master File and Country by Country reports (CBCR) in accordance with OECD’s BEPS Action Plan 13