TAXATION

We focus both Direct & In Direct Taxation..

TAXATION

The data related to tax you are preparing must be correct and accurate as you are sharing a part of your business income to the government hence, you need experts to provide you legitimate tax consultancy services. Our tax professionals have years of experience and in-depth domain knowledge in both Direct &In Direct Taxation. Our service offerings include advising on tax implications as well as implications on specific business activities /transactions, assisting in various compliances, and ensuring the most tax efficient structure to achieve the business objective.

Direct tax:

A tax, such as income tax, which is levied on the income or profits of the person who pays it, rather than on goods or services.

Income Tax Return filling

Income tax return gives you a detailed picture of your total income earned during a year and taxes paid on it. In fact, you must ideally file your return so that you can carry forward the losses you have incurred to set it off against the income of the subsequent years Income return filling helps at the time of applying for loan, travelling abroad, buying a high value insurance cover and claiming refund etc

Income Tax audit

The Income Tax audit is an examination of an individual's or organisation's tax returns by any outside agency to verify that all the income, expenditure and deduction information are filed correctly. The audit report is given as per format available in the form numbers 3CA/3CB and 3CD. Tax audit ensures proper maintenance of books of accounts and certification by a tax auditor.If the taxpayer who is required to get his books audited fails to do so then he is liable for paying penalty of 0.5% of his turnover /gross receipts subject to a maximum of Rs 1.5 lakh.

TDS returns

TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments.Filing Tax Deducted at Source returns is mandatory for all the persons who have deducted TDS. TDS return is to be submitted quarterly and various details need to be furnished like TAN, amount of TDS deducted, type of payment, PAN of deductee, etc.

PAN & TAN

Permanent Account Number or PAN is a means of identifying taxpayers in the country. PAN is a unique identification number assigned to every Indian, mostly who pay tax.The Permanent Account Number (PAN) card, issued by the Income tax Department . The card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity.

TAN stands for Tax Deduction and Collection Account Number. It is a unique 10 digit alpha numeric number allotted by the Income Tax Department (ITD) of India. It is compulsory to quote TAN in TDS / TCS return (including any e-TDS / TCS return), any TDS / TCS payment challan and TDS/TCS certificates. TAN is to be obtained by all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS).

80G and 12A Registration

An 80G Certificate is issued by the Income Tax Department to a non-governmental organization (NGO) such as a charitable trust, or a Section 8 Company. The 80G Certificate is granted to encourage the donors to donate funds into such non- profit organizations. In order to avail the exemption, the donor needs to attach the stamped receipt of the donation made. Such a receipt must contain the donor’s name, date of donation, and PAN of the organization.Section 12 A of the Income Tax Act, 1961, is a onetime tax exemption provided to trusts, NGOs and Section 8 Companies. Organizations holding a registration under section 12A are exempted from paying taxes on their surplus income.

The 12A registration facility is available for all non-profit entities. Hence, it is necessary for all Trusts, NGOs and other Not-for-Profit organisations to be aware of Section 12A of the Income Tax Act.

Indirect Tax

Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India. GST is one indirect tax for the entire country

GST Registration

Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies.Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand),Casual taxable person / Non-Resident taxable person, Agents of a supplier & Input service distributor,Those paying tax under the reverse charge mechanism, Person who supplies via e-commerce aggregator etc is required to register under GST.

GST Return Filing:

GSTR 1 Filing

Every registered dealer is required to file GSTR-1 every month. The return contains details of all outward supplies made during the month. However, certain taxpayers having annual turnover upto Rs 1.5 crores can opt to file the GSTR-1 once in every quarter.

GSTR 3B filing

3B is a tax return form required to file every month. Every registered dealer is liable to file 3B every month on or before 20th. It is a simplified return to declare summary GST liabilities for a tax period.All taxpayers, including those with nil returns are required to file this GST Return Form on a monthly basis.You cannot revise/amend GSTR3B.You have to file a separate GSTR 3B for every GSTIN you have.

Annual Return

GST returns comprises of two types of return - periodic and annual returns. Periodic returns are monthly or quarterly returns for reporting transactions during the month or quarter, while annual return is for reporting the summary of the periodic returns filed during a financial year It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year.

up