Income Tax Compliance
Income Tax Compliance is the end to end process of meeting all Income Tax Department obligations throughout the year advance tax payments, TDS deductions, and final return filing ensuring your business stays fully compliant, not just at deadline time.
WHAT YOU NEED
Requirements to register a Public Limited Company
How it's done
- ✓Track Income & Expenses : Maintain accurate financial records throughout the year
- ✓Pay Advance Tax : Quarterly installments if liability exceeds ₹10,000
- ✓Deduct & File TDS : Deduct tax at source on applicable payments and file quarterly returns
- ✓Prepare Financials : Finalize books before year end
- ✓Prepare Financials : Finalize books before year end
Good to know
- ✓Missing advance tax or TDS deadlines attracts interest and penalties
- ✓Statutory audit required if turnover exceeds prescribed limits (₹1 crore for business, ₹50 lakh for professionals subject to conditions)
Who needs it
- ✓All businesses, professionals, and individuals with taxable income
- ✓Especially critical for businesses with employees, contractors, or significant transactions
Documents Required
PAN Card & financial statements- TDS records and challans
- Investment/deduction proofs
- Bank statements
