Income Tax
Direct tax compliance, audit and representation for businesses, institutions and individuals, under the Income-tax Act, 2025 and, for earlier years, the Income-tax Act, 1961.
What the income tax practice does
The practice prepares and files returns, carries out tax audits, manages withholding tax compliance and represents clients in assessment and appeal proceedings. It has been part of the firm since it was established in 2014.
From 1 April 2026, the Income-tax Act, 2025 applies, with a single "tax year" in place of the previous year and assessment year. Proceedings for earlier years continue under the 1961 Act. The firm maps each client's compliance calendar, contracts and systems to the new provisions.
Image: bound copies of the Income-tax Act, 2025 and the 1961 Act, side by side
Six sub-areas of the income tax practice
Returns & compliance
Preparation and filing of income tax returns and the compliance around them, for every type of taxpayer.
- Returns for companies, firms, LLPs, trusts and individuals
- Advance tax estimates and payment reminders
- Revised and updated returns
- Rectification requests and refund follow-up
- ·Financial statements or books of account
- ·Form 26AS, AIS and TIS
- ·Investment and deduction proofs
- ·Previous year return and computation
A specific list is shared after the first meeting.
An annual income tax engagement
Planning meeting
Income heads, expected transactions and advance tax are reviewed at the start of the tax year.
Quarterly compliance
Advance tax estimates and TDS / TCS returns are prepared for approval each quarter.
Tax audit
Where applicable, the audit is planned after books are closed and the report is filed with the forms required.
Return filing
The computation and draft return are shared for approval, then filed and verified.
After filing
Intimations, refunds and notices are tracked; replies are prepared within the time allowed.
| OBLIGATION | DUE DATE | CUMULATIVE |
|---|---|---|
| Advance tax, first instalment | 15 June | 15% |
| Advance tax, second instalment | 15 September | 45% |
| Advance tax, third instalment | 15 December | 75% |
| Advance tax, fourth instalment | 15 March | 100% |
| TDS / TCS statements | 31 Jul, 31 Oct, 31 Jan, 31 May | — |
| Tax audit report | 30 September | — |
| Return, audited taxpayers | 31 October | — |
Dates as on 26 October 2026, subject to extension by CBDT. Source: incometaxindia.gov.in.
Recent CBDT notifications and circulars
All income tax updates →Extension of the due date for furnishing tax audit reports for Assessment Year 2026-27
The extension applies to the audit report only. The due date for the return itself should be checked separately against any later notification.
Income-tax (Twelfth Amendment) Rules, 2026: revised format of the statement of financial transactions
Reporting entities will need to update their extraction logic for the revised fields before the statement for calendar year 2026 is filed.
Utility for the updated return under the Income-tax Act, 2025 made available on the e-filing portal
Taxpayers who need to correct a return for the first tax year can now use the utility. Additional tax and the time limits apply as set out in the Act.
Articles and notes on income tax
Tax year under the Income-tax Act, 2025: what finance teams should update
The new Act replaces "previous year" and "assessment year" with a single tax year. Notes on records, contracts and systems.
Tax audit for AY 2026-27: clauses that need extra documentation
A clause-by-clause note on the reporting items that usually need schedules from the client, and how to prepare them.
Forms 15CA and 15CB: ten questions on foreign remittances
When a certificate is needed, what the Chartered Accountant examines, and the information the remitter must provide.
Income tax questions the firm is often asked
General answers only. The position in a specific case depends on its facts.
It depends on the year the notice relates to. Proceedings for years up to the assessment year 2026-27 generally continue under the Income-tax Act, 1961. Tax years from 1 April 2026 fall under the Income-tax Act, 2025. The firm checks the reference in the notice first.