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CA IndiaPunith & AssociatesChartered Accountants

Returns, TDS, tax audit, assessments and appeals for individuals, HUFs, firms, LLPs, companies and trusts.

The Income-tax Act, 2025 applies from 1 April 2026. It uses a single “tax year” in place of the previous year and assessment year. The Income-tax Act, 1961 continues to apply to years before that date.

Services

  • PAN and TAN applications
  • Returns of income for individuals, HUFs, firms, LLPs, companies and trusts
  • Tax audit under Section 63 of the 2025 Act (earlier Section 44AB), with the report in Form 26
  • TDS and TCS returns and certificates
  • Statement of Financial Transactions (SFT)
  • Advance tax and capital gains computation
  • Replies to notices, scrutiny assessments and rectification
  • Appeals before the Joint Commissioner (Appeals), Commissioner (Appeals) and the Income Tax Appellate Tribunal
  • Applications for lower or nil deduction of tax
  • Tax Residency Certificate
  • Advice on income tax for residents and non-residents

Questions

What is taxable income?

It is the total income of a person for the tax year, after the deductions the Act allows, on which income tax is computed.

Under which heads is income taxed?

Salaries; income from house property; profits and gains of business or profession; capital gains; and income from other sources.

Who is a “person” for income tax?

An individual, a Hindu undivided family, a company, a firm (including an LLP), an association of persons or body of individuals, a local authority, and every other artificial juridical person.

What is a tax year?

The 12 months beginning on 1 April. Tax year 2026-27 runs from 1 April 2026 to 31 March 2027.

Who must get a tax audit done?

A business whose turnover exceeds Rs 1 crore, or Rs 10 crore where at least 95% of receipts and payments are through banking or online modes. A profession whose gross receipts exceed Rs 50 lakh. An audit can also apply where income lower than the presumptive rate is declared.