INCOME TAX

• Income Tax Compliance refers to the degree to which a taxpayer complies (or fails to comply) with the tax rules of his country.
• Taxes are calculated on the annual income of a person, and an annual cycle (year) in the eyes of the Income Tax law.
• India starts on the 1st of April and ends on the 31st of March of the next calendar year.
• The law recognizes and classifies the year as “Previous Year” and “Assessment Year”
• The year in which income is earned is called the previous year and the year in which it is charged to tax is called the assessment year

a. Corporate Income Tax Return

• All levels of Government levy Corporate Income Tax (Both Central & State).
• Corporate tax is levied on the profit of a firm & different rates are used for different levels of profits.
• Thease taxes against profits earned by businesses during a given period for which taxation is done; (generally applied to companies’ operating earnings).
• Earns the corporate income needs to file corporate income tax return and also essential that needs to be filed regularly.

b. Personal Tax Return

• Personal tax return in India is filed by both single & marries individuals.
• This type of tax return is filed by individuals who earn certain kind of an income.
• Personal tax is paid on one’s individual income and is different from the tax paid on firm’s profits.
• The owners or the shareholders have to pay tax on both, their personal income (such as dividends) as well as the firm’s income (profits).
• It can provide you with best Personal Tax Return Service. We also help you with filing of TDS Return as well.
• We can help you with personal services pertaining to Income Tax Return.

c. TDS Return

• On successful TDS payment, the deductor is required to issue TDS certificate on yearly/quarterly basis.
• Tax Deducted at Source refers to a means of collecting income tax in India, under the Indian Income Tax Act of 1961.
• Any payment which is covered under these provisions shall be paid after deducting prescribed percentage.
• The tax which is deducted at source is known as TDS as the name suggests.
• It is compulsory for all corporate and government deductors to file their TDS returns on electronic media (e-TDS/TCS returns).
• Any payment which is covered under these provisions shall be paid after deducting prescribed percentage.
• The tax which is deducted at source is known as TDS as the name suggests.
• It is compulsory for all corporate and government deductors to file their TDS returns on electronic media (e-TDS/TCS returns).
• The deductors who are not corporate/government deductors can file either in physical or in electronic form.
• So if you are facing any problem regarding TDS return filing services, just contact us, and we can solve your query with the help of our own professional team.

d. Advance Tax Calculations

• Advance tax means income tax should be paid in advance instead of lump sum payment at year end which is also known as pay as you earn tax.
• These payments are made in instalments as per due dates provided by the income tax department.
• It is not possible for the tax authorities to estimate the income of a person till it is earned and this figure will be better known by the person earning the income.
• Advance tax is paid if the total tax liability is Rs. 10000 or more. Senior citizens, who are 60 years or older, and do not run a business, are exempt from paying advance tax.
• If the taxpayer does not pay advance tax as per the schedule mentioned above, penal interest has to be paid along with tax dues, before filing of income tax return.

e. Litigation Assessment

• Litigation by definition is a legal method for setting controversies or disputes between and among persons, organizations, and the state.
• Litigation is the claim of damages decided by legal proceedings.
• If you are supplying goods or services from one to another in multi-department, multi-office, or multinational firms then transfer pricing needs to be done and you can approach us for these services.

f. Scrutiny Assessment

• It is the examination of return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc.
• Claimed in the return with the help of evidence.
• These assessments are made under section 143(3) of the income tax act.

GOODS & SERVICE TAX ACT (GST)

• GST (Goods and Services Tax) is the biggest indirect tax reform of India. GST is a single tax on the supply of goods and services.
• It is a destination-based tax. GST has subsumed taxes like Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc.
• GST is a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. Businesses are required to obtain a GST Identification Number in every state they are registered.
• Dual GST model is adopted in which both States and Central levies tax on Goods or Services or both.

1. SGST – State GST, collected by the State Govt.
2. CGST – Central GST, collected by the Central Govt.
3. IGST – Integrated GST, collected by the Central Govt.
4. UTGST – Union territory GST, collected by union territory government.

• Ceck the list of goods and services exempted from GST.
• GST is applicable on all made in India supplies of Goods or Services by a taxable person for business purpose and imports.

• Generally, the supplier is liable to pay the tax. But many exceptions to this rule exist.
• So, if you are buying from a firm not registered with GST, you have to raise a self-invoice and pay tax under the reverse charge mechanism.
• An e-commerce operator has to pay tax collected at source (TCS) @1 per cent on behalf of firms selling goods on its website.

• As a GST registered firm, you must charge GST on all taxable supplies at the prevailing rate.
• Use Harmonised System (HS) of nomenclature along with the description for classifying the goods.

• The submission of correct and timely return is the most crucial responsibility of a GST registered firm.
• You must submit your GST returns one month after the month in which supplies took place.
• You need to file monthly, quarterly and annual returns Any wrong filing of return would result in blocking of money and possible loss of business.
• Annual return is to be filed by December 31 of the following financial year.
• Incomplete returns are considered as invalid returns.

• The GST charged and collected at the time of supplies is known as the output tax which must be paid to the government through the GSTN.
• GST paid by you on business purchases and on import is known as input tax.
• You can claim input tax credit on such purchases if your firm satisfies the conditions for doing so. Keep proper business and accounting records.

• You need to inform the GST authority within 30 days after any change in your business circumstances.

1. Change in business name.
2. Change in business constitution or ownership.

• When your GST registration is cancelled, you need to account for GST on business assets held on the last day of registration.
• You must ensure that not only you but firms involved in the business transactions with you file returns and pay tax on time.
• If they fail, you will not get the input credit due and suffer financially.

TRANSFER PRICING GOVERNANCE

• The price charged by individual entities for goods or services supplied to one another in multi-department, multi-office, or multinational firms.
• Transfer pricing is setting of the price for goods and services sold between controlled/related legal entities within an enterprise.
• When two or more associated enterprises companies enter into a joint contract during a global transaction in order to allocate a particular cost incurred in relation with a profit, service or facility presented by any one or all of the companies, that cost shall.

1. Arm’s length price of the particular assistance
2. Service
3. Facility

FEMA COMPLIANCE

• FEMA reads with the Regulations stipulates several pre-conditions, eligibility criteria, entry route restrictions, monetary thresholds and limits, etc
• The Stakeholders need to be in compliance with such pre-conditions, eligibility criteria, entry route restrictions, monetary thresholds and limits, etc