Managing income tax involves periodical payment of advance tax, proper filing of income tax returns and compliance with provisions like depreciation, tax audit, and loan. This continuous process requires accuracy to avert cost implications such as penalties and liabilities.
- Advance Tax Planning: Plan how to make early payments of taxes to correspond with the expected revenues so as not to incur additional interest charges.
- Detailed Return Filing: Make certain that the income tax returns are filed correctly and with great care to include provisions of the Income Tax Act and related regulations.
TDS and TCS regulation require compliance with a number of sections, rules and thresholds; quarterly return filing is a significant component of compliance. Mistakes in these filings can result in significant costs.
- Strategic Compliance Strategies: Preventive measures should be taken to avoid any compliance-related risks in TDS, TCS, and GST, and every transaction should be made as per the provisions of the law.
- Risk Assessment and Mitigation: Ensure that there is no compliance risk that can lead to interest, penalties or regulatory attention by identifying compliance risks and addressing them early enough.
