Income Tax

Our experts provide cost effective tax planning advice to our clients throughout the year. We cater to average as well as high net-worth tax payers. We review the income, expenses and potential tax liability and also keep our clients updated with tax law changes so that they can efficiently invest in the best options available as they strive to meet their financial goals.

The Income Tax Department processes income tax return after it is filed and successfully verified by the taxpayer; hence, it is advised to submit the return on time for quick processing of the returns.

Our professionals at MentorisCorp provide assistance to our clients through the entire process by:

1. Income tax return filing- the returns are filed on behalf of our clients by collecting their information of earnings/ gain, checking slab rates, investments/expenditures made, HRA calculations, checking the due-dates to avoid interest penalty. Selecting the right form for filing the returns and submitting the same on or before due-date for quick processing of the same
2. Income Tax Return Verification- Income Tax department starts processing of return only after it has been successfully verified, this is done by linking Aadhar card, bank pre-validation, EVC code, etc.
3. Income Tax Return Status- The status of the return files is checked on behalf of the clients for possible cases of refund, demand determination or no demand no refund.
4. Reply to notices- In case of receipt of any notices we consult with our clients and provide our expertise to reply to the notices by Income tax department.

There are many payments and expenses identified by the government against which a prescribed rate of tax has to be deducted. Tax deducted at source is commonly known as Withholding Tax. While making payments to parties, the payer has to deduct tax at source, and the same has to be collected and paid to the government by filing E-TDS return and statement of TDS has to be issued through Form 16 or 16A as the case may be.

At MentorisCorp our TDS related services include:

• Advising our clients to calculate and deduct the appropriate tax by checking the rate slabs.
• Meeting the deadlines for E-TDS filing and issuance of Form 16/16A.
• TDS returns rectification, notices and assessments.

We also provide services related to:

• TDS on sale of property
• TDS on rent(residential)
• TDS on non-residents, etc

To widen the tax net, the Finance Act 2020, has provided for Tax collected at source (TCS). Under this provision certain persons are required to collect a specified percentage of tax on exceptional transactions from their buyers.

Our Professionals at MentorisCorp are skilled to assist our clients in:

• Filing TCS returns quarterly through Form 27EQ
• Issuing TCS certificates through Form 27D
• TCS payments & returns on / before the due date
• Submission of Form 24G for government companies paying credit to central government. 

Advance tax payment is a part of total tax liability that is paid in advance as per the due dates indicated by Income-tax authorities. It is very important for companies and individuals, any delay in payment of advance tax can lead to interest penalty.

MentorisCorp helps its client in Advance tax compliance by:

• Checking the advance tax applicability
• Calculating the tax payable
• Filing returns and payment of tax on or before the due-date

It is not easy to handle Income Tax notices, the best is to avoid it but when notices are issued by the Income Tax authorities in case of errors, mistakes or discrepancies in the Income Tax return filed we are to help. The notice is issued under various sections of the Income-tax Act, if the notices are ignored it may lead to penalty or prosecution. MentorisCorp believes in taking care of its client by regularly checking the status of the Income Tax returns and checking for income tax intimations and notices. 

Tax Experts at MentorisCorp review the notices and resolve them by:

• Filing rectifications if any in returns
• Clearing Defects in returns
• Submitting appropriate response to the notices issued.

MentorisCorp’s taxation services extend appealing and/or appearing on behalf of our clients before the Income Tax authorities. We extend full support to our clients for redressal and challenging orders passed by Income tax authorities.

Our team of experienced tax lawyers understand your situation as an aggrieved taxpayer and assist you in the best manner. We accompany our clients to the hearing procedure with tax authorities and challenge the order based on the information provided by our clients and assist our clients till the order is settled.

At MentorisCorp we believe in delivering transparent, practical and tailor made services to meet our client’s’ needs at best competitive price. To maintain long-term relations with our clients, we also provide value added services that include:

• Tax consultancy
• Tax reporting 
• Tax compliance
• Drafting/ executing wills