The review of income tax returns is important to ensure accuracy and proper compliance of tax provisions. Such reviews can help ensure that no income or tax benefits are missed out from reporting, as such mistakes can lead to tax penalties or even legal consequences. Further, this helps in maintaining proper records for a strong financial standing in the future.

Income tax returns are the documents filed by taxpayers in which they declare the income earned by them throughout the financial year along with the deductions they can claim upon the income. The taxpayers hereby declare the tax liability due upon them after considering the income earned and the deductions claimed.
On the other hand, income tax assessments, are conducted by the income tax authorities to verify the details so provided by the taxpayers via IT returns. This process involves the verification of the filed tax returns to ensure the validity of the income reported in the returns. Through this process, the authorities determine the final tax liability due from or the refund amount owed to the taxpayer.

The penalty for non-compliance with TDS/TCS provisions depends upon the nature and the extent of the non-compliance.For example, the penalty for failure to deduct TDS/TCS can differ from that of late filing of TDS/TCS returns. Our consultants at Bs consultancy services are at your disposal to make you understand the nature and differences of different TDS/TCS compliances.

Yes, tax consultants can suggest ways for better tax planning by analyzing the current financial position for example the current income, investments, and deductions which can further help to identify potential tax-saving opportunities for the taxpayers. Tax consultants have expertise in the fields of tax laws and provisions as specified under the IT Act and hence they can offer specialized advisory services to optimize the tax situation.

The different types of income tax assessments include regular assessment, summary assessment, best judgment assessment, complete scrutiny assessment and protective assessments.

The common mistakes that taxpayers make in income tax returns include incorrect calculation of income, non-reporting of income, missing out on deductions, incorrect PAN, incorrect bank details, and incomplete personal information.

The role of the settlement commission in income tax matters is to provide a platform for the settlement of tax disputes between the Income Tax Department and income tax aassessee outside the regular assessment and appeals process. It is like a premier Alternative Dispute Resolution body in India provided by tax authorities to taxpayers for the settlement of disputes.

Tax consultants are well versed with the provisions of the Income Tax Act and are also aware of all the regular updates in tax rules and provisions. Their interpretation of tax laws can help taxpayers to understand the tax requirements which can further ensure accurate income and tax reporting, compliance with tax laws etc. Consultants can help identify the potential deductions and thus accurately calculate the tax liabilities for the taxpayers.

Direct taxes are levied directly on individuals or companies, such as income tax and corporate tax. Direct taxes are imposed on an individual’s income or wealth. In contrast, indirect taxes are imposed on an individual who consumes goods/services. Such taxes collected by intermediaries who provide such services, such as Goods and Service Tax (GST) and excise duty etc.

The different types of tax audits include field audit, office audit and correspondence audit.