TAXATION SERVICES
Tax planning is an important aspect where we are looking for business growth and Tax management is also very important to save tax. It is our responsibility to file a timely tax return and pay tax accordingly.
We provide a one-stop solution for all requirements relating to the tax aspects and provide solutions for tax-related issues.
In India, the Taxation aspect is divided into two aspects i.e Indirect Tax i.e Goods and Services Tax & Direct Tax i.e Income Tax.
GOODS AND SERVICES TAX – GST
The Goods and Service Tax (GST) is an Indirect Tax on the supply of goods and services. GST has replaced all indirect taxes levied on goods and services by the Indian Central and State governments. GST would subsume with a single comprehensive tax, bringing it all under a single umbrella, eliminating the cascading effect of taxes on the production and distribution prices of goods and services.
GST Registration
Now, a Taxpayer is required to get himself registered under GST and have to pay only one tax irrespective of goods and services.
Register yourself under the tax regime i.e GST by taking GST registration.
Returns Under Goods and Services Tax
Once you get yourself register under the new tax regime by taking GST registration. Now the compliances under GST come into existence and you have to as a taxpayer needs to comply with it to make your business growing and to avoid the late fees and penalty.
Returns under GST:-
GSTR-1:- requires the taxpayer to furnish details of outward supplies or sales. This has to be mandatorily filed by the 10th of the next month (GSTN is frequently changing the due date of filing GSTR1).
GSTR-2:- Details of inward supplies of taxable goods or services or both claiming input tax credit. This has to be mandatorily filed after the 10th but before the 15th of next month.
GSTR-3:- It is a monthly return. It will have the details of all outward as well as inward supplies of goods and services. This has to be mandatorily filed by the 20th of the next month (GSTN is frequently changing the due date of filing GSTR 3).
GSTR-4:- Quarterly Return for compounding taxable persons. This has to be mandatorily filed by the 18 th from the end of the quarter.
GSTR-5:- Return for Non-Resident foreign taxable persons. This has to be mandatorily filed by 20th from the end of the month or within 7 days after the last day of validity of registration whichever is earlier.
GSTR-6:- Input Service Distributor return. This has to be mandatorily filed by the 13th of the next month
GSTR-7:- Return for authorities deducting tax at source. This has to be mandatorily filed by the 10th of the next month.
GSTR-8:- Details of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (52). This has to be mandatorily filed by the 10th of the next month
GSTR-9:- Annual Return. This has to be mandatorily filed by the 31 st December of next financial year.
GSTR-9A:- Simplified Annual return by Compounding taxable persons registered under section 10. This has to be mandatorily filed by the 31 st December of next financial year.
Direct Tax - Income Tax
Permanent Account Number (PAN) – Income Tax & Tax deduction and collection account number (TAN)- Income Tax
Permanent Account Number (PAN) – Income Tax (What, Why and how can we help):-
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued by the Income Tax Department of India.
If you want to start your business by forming a company in India then it is mandatorily required to get the PAN of the company as PAN is mandatorily required to quote in every financial transaction made in India and in all the Invoices raised by the company.PAN acts as a universal identification code for financial transactions.
Earlier companies need to follow the long procedures to get the PAN of the company now you can get the same length with the registration certificate of the company with a few easy steps. You don’t need to worry about it as you can get the PAN of the company just by forming the company with us.
Tax deduction and collection account number (TAN) – Income Tax (What, Why and how can we help):-
Tax Deduction Account Number or Tax Collection Account Number is a 10-digit alphanumeric number issued by the Income-tax Department. 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).
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Tax Deduction Account Number or Tax Collection Account Number is a 10-digit alphanumeric number issued by the Income-tax Department. 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).
If you planned to start your business in India by forming/registering a company in India then you mandatorily required to get the TAN of the company.
For getting TAN you don’t need to bother yourself as we will provide you TAN no. along with the registration certificate of the company. You don’t need to follow any additional procedure for this.
Income Tax Return Filing (ITR)
Income Tax Return is the form in which the assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year.[2] These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.
Benefits of filing Income Tax Returns
- Avoid late fees
- Avoid Tax Notices
- Build financial documentation
- Carry forward your losses
- Tax Refund
- Quick visa processing
Provisioning of Tax Deduction at Source (TDS)
TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department.
The company or person that makes the payment after deducting TDS is called a deductor and the company or person receiving the payment is called the deductee. It is the deductor’s responsibility to deduct TDS before making the payment and deposit the same with the government. TDS is deducted irrespective of the mode of payment–cash, cheque, or credit–and is linked to the PAN of the deductor and deducted.
TDS is deducted on the following types of payments:
- Salaries
- Interest payments by banks
- Commission payments
- Rent payments
- Consultation fees
- Professional fees
TDS is one kind of advance tax. It is a tax that is to be deposited with the government periodically and the onus of doing the same on time lies with the deductor. For the deductee, the deducted TDS can be claimed in the form of a tax refund after they file their ITR.
FAQ's
PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card (commonly known as a PAN card).
A Permanent Account Number has been made compulsory for every transaction with the Income-tax Department. It is also mandatory for numerous other financial transactions such as the opening of bank accounts, in the bank account, the deposit of cash in the bank account, the opening of Demat account, transaction of immovable properties, dealing in securities, etc. A PAN card is a valuable means of photo identification accepted by all Government and non-Government institutions in the country.
TAN i.e. Tax Deduction and Collection Account Number is a 10 digit alphanumeric number required to be obtained by all persons who are responsible for deducting tax at source or collecting tax at source. It is compulsory to quote TAN in TDS/TCS return (including any e- TDS/TCS return), any TDS/TCS payment challan, TDS/TCS certificates, Annual Information Return, and other documents as may be prescribed.
PAN stands for Permanent Account Number and TAN stands for Tax Deduction Account Number. TAN is to be obtained by the person responsible to deduct tax, i.e., the deductor. In all the documents relating to TDS and all the correspondence with the Income-tax Department relating to TDS, one has to quote his TAN.
It is a destination-based tax on the consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and the burden of tax is to be borne by the final consumer.
The GST would replace the following taxes:
(i) taxes currently levied and collected by the Centre:
a. Central Excise duty
b. Duties of Excise (Medicinal and Toilet Preparations)
c. Additional Duties of Excise (Goods of Special Importance)
d. Additional Duties of Excise (Textiles and Textile Products) 7
e. Additional Duties of Customs (commonly known as CVD)
f. Special Additional Duty of Customs (SAD)
g. Service Tax
h. Central Surcharges and Cesses so far as they relate to supply of goods and services
(ii) State taxes that would be subsumed under the GST are:
a. State VAT
b. Central Sales Tax
c. Luxury Tax
d. Entry Tax (all forms)
e. Entertainment and Amusement Tax (except when levied by the local bodies)
f. Taxes on advertisements
g. Purchase Tax
h. Taxes on lotteries, betting, and gambling i. State Surcharges and Cesses so far as they relate to
supply of goods and services The GST Council shall make recommendations to the Union and
States on the taxes, cesses, and surcharges levied by the Centre, the States and the local bodies
which may be subsumed in the GST.
ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claims a refund from the income tax department. Different forms of returns of income are prescribed for filing returns for different Statuses and the Nature of income.
Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your creditworthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.
For a quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called “Tax Deducted at Source”, commonly known as TDS. Under this system, tax is deducted at the origin of the income. Tax is deducted by the payer and is remitted to the government by the payer on behalf of the payee.
The provisions of deduction of tax at source are applicable to several payments such as salary,
interest, commission, brokerage, professional fees, royalty, contract payments, etc. In respect of
payments to which the TDS provisions apply, the payer has to deduct tax at source on the
payments made by him and he has to deposit the tax deducted by him to the credit of the
Government.
Following are the basic duties of the person who is liable to deduct tax at source.
• He shall obtain the Tax Deduction Account Number and quote the same in all the documents pertaining to TDS.
• He shall deduct the tax at the source at the applicable rate.
