Income Tax

1. Income Tax registration and compliance

Ensure that the business or individual is registered under Income Tax and that all registration details, such as PAN, are up-to-date.

Verify the correctness of details furnished in the Income Tax registration form.

Keep track of the Income Tax registration status, expiry, and renewals.

Update the Income Tax registration details in case of any changes

Check and comply with the TDS and TCS compliance.

Check and comply with the Income Tax annual return filing requirements and due date.

2. Income Tax return filing

File Income Tax returns such as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7 within the due date to avoid penalties

Check the correctness and completeness of the Income Tax returns filed.

Keep track of the Income Tax return filing status and compliance.

Keep records of Income Tax returns and documents filed for future reference.

Ensure compliance with Income Tax return due dates

3. Record keeping and documentation

Maintain proper and accurate records of all Income Tax-related transactions, including salary slips, bank statements, investment proofs, and Income Tax returns

Ensure that all documents and records are in compliance with the Income Tax laws

Keep records of TDS and TCS credits.

Keep records of Income Tax refunds claimed and received - Ensure compliance with Income Tax record-keeping due dates.

4. Compliance for different heads of income

Check and comply with compliance for income from salary.

Check and comply with compliance for income from house property.

Check and comply with compliance for income from business and profession.

Check and comply with compliance for income from capital gains.

Check and comply with compliance for income from other sources.

5. Compliance with deductions and exemptions

Check and comply with compliance for deductions under chapter VI-A of the Income Tax Act.

Check and comply with compliance for exemptions under section 10 of the Income Tax Act.

Keep records of all investments made for deductions and exemptions.

6. Compliance with foreign income and assets

Check and comply with compliance for foreign income and assets.

Keep records of all foreign income, assets and remittances.

7. Compliance with TDS and TCS

Check and comply with compliance for TDS and TCS.

Keep records of TDS and TCS credits.

Ensure compliance with TDS and TCS due dates

8. Compliance with tax audit

Check and comply with compliance for tax audits if applicable.

Keep records of tax audit reports and documents.

Ensure compliance with tax audit due dates.

9. Compliance with Advance Tax and Self-Assessment Tax

Check and comply with compliance for Advance Tax and Self-Assessment Tax.

Keep records of Advance Tax and Self-Assessment Tax payments.

Ensure compliance with Advance Tax and Self-Assessment Tax due dates

10. Keep updated with Income Tax laws and regulations.

Stay updated with Income Tax laws and regulations and take necessary action accordingly.

Seek professional help from a Chartered Accountant or Income Tax consultant if required.

Review and update the Income Tax compliance checklist regularly.

Conduct an internal audit and Income Tax compliance review to ensure that all Income Tax compliance requirements are met - Implement a system for monitoring and addressing Income Tax compliance related issues - Provide Income Tax compliance training to employees and staff - Communicate with relevant government authorities and seek clarification on Income Tax compliance related queries if required.

Please note that due dates for Income Tax returns and compliance may change as per the government notifications. It's crucial to pay attention to the updates. This checklist is a general guide, and the specific compliance requirements may vary depending on the nature of the business or profession and the laws in force. As Wealth Tax and Gift Tax are no longer applicable in India, removing the related points from the checklist.