TAXATION SERVICES
INCOME TAX CONSULTANCY
We Provide PAN Card, Filing of Income tax, TDS Returns, Consultancy on Income Tax Matters, Tax Refunds, Tax Planning & Savings, Maintenance of Income Tax Records, Liaisoning with Income Tax Authorities, Tax deduction account numbers.
Direct Tax Consultancy
Taxation is an extremely complex subject and needs professional skill of the highest order and the consultant has to keep track of frequent changes and modifications made in the Income tax rules from time to time to be able to guide aptly in tax planning, documentation and represent the cases skillfully. Even a minor lapse can cost tons of money to an assessee. So we offer pragmatic solutions to manage the affairs in the most tax efficient manner. We have an aptitude for providing expert advice in tax planning. Our tax consultancy service include income tax planning, Fringe benefit tax consultancy , Indian direct tax consultancy to corporate sectors, individuals , Firms and NRIs.
Tax Compliances
Preparation and filing of various statutory returns and documents with the revenue authorities periodically. A plethora of paper work is involved in filing numerous tax returns on quarterly, half – yearly and yearly basis. It is always a very complicated and lengthy process to be complied with punctually and regularly. Failure of compliance attracts heavy penalties and even prosecution in certain cases. An elaborate data has to be procured from account books of the firm/ company to fill in the returns entailing huge amount of labour and knowledge .
Tax Assistance
We take a holistic view, combining industry insight with the technical skills of financial and tax professionals, economists, lawyers and our other in-house resources as necessary, to develop comprehensive integrated solutions. Our tax services include:
· Getting Permanent Account Number (PAN)
· Filing of Income Tax Returns
· E-filing of TDS Returns
· Consultancy on Income Tax Matters
· Faster process of Income Tax Refunds
· Consultancy on Tax Planning & Savings
· Maintenance of Income Tax Records
· Liaison with Income Tax Authorities
· Tax deduction account numbers
· Services related to withholding taxes.
HOW TO HANDLE TAX NOTICES IN INDIA
Do not panic, simply oblige the taxman. Respond to the notice, and furnish the documents and information the department has sought. File a rectified return and pay the tax due, if any, within the stipulated period.
In some cases, tax officials may ask you to be present in person for checking returns filed by you. You can either represent your case yourself or authorise a tax expert to do so. The latter option is better as a professional will fully understand each and every explanation sought and respond appropriately.
In case there are no complexities in your return, attend the hearing yourself with all income/investment proofs. Else, hire a tax expert. Those who consult a tax expert online/offline are less likely to get a notice because the compliance requirement is being managed by a professional.
Not responding to the notice could cost you a lot of time, money and peace of mind. In some cases, it could also lead to imprisonment.
TAX RETURNS
We are highly trained CAs and Tax Experts that have enabled us to become the trusted individual tax services provider.
We provide personal advisory services to each client with the goal being to give the most accurate advice and to prepare and e-file individual tax returns with complete accuracy. Our experts work hard to ensure that each client pays the lowest income tax liability each year.
We strive to provide tax expertise with strong focus on continually improving the client experience to provide all its clients with an unparalleled value proposition.
TAXATION AND TDS SOLUTIONS
We help you with all aspects of TDS (tax at source) calculations and filing.
GOODS AND SERVICE TAX
Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.
The GST was launched at midnight on 1 July 2017 by the President of India, and the Government of India. implemented with effect from 1st July 2o17.
The single GST subsumed several taxes and levies, which included central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi.[21][22] Other levies which were applicable on inter-state transportation of goods have also been done away with in GST regime.[23][24] GST is levied on all transactions such as sale, transfer, purchase, barter, lease, or import of goods and/or services.
India adopted a dual GST model, meaning that taxation is administered by both the Union and state governments. Transactions made within a single state are levied with Central GST (CGST) by the Central Government and State GST (SGST) by the State governments. For inter-state transactions and imported goods or services, an Integrated GST (IGST) is levied by the Central Government. GST is a consumption-based tax/destination-based tax, therefore, taxes are paid to the state where the goods or services are consumed not the state in which they were produced. IGST complicates tax collection for State Governments by disabling them from collecting the tax owed to them directly from the Central Government. Under the previous system, a state would only have to deal with a single government in order to collect tax revenue.[25]
HSN code
India is a member of World Customs Organization(WCO) since 1971. It was originally using 6-digit HSN codes to classify commodities for Customs and Central Excise. Later Customs and Central Excise added two more digits to make the codes more precise, resulting in an 8 digit classification. The purpose of HSN codes is to make GST systematic and globally accepted.
Rate
The GST is imposed at variable rates on variable items. The rate of GST is 18% for soaps and 28% on washing detergents. GST on movie tickets is based on slabs, with 18% GST for tickets that cost less than Rs. 100 and 28% GST on tickets costing more than Rs.100 and 28% on commercial vehicle and private and 5% on readymade clothes.[26] The rate on under-construction property booking is 12%.[27] Some industries and products were exempted by the government and remain untaxed under GST, such as dairy products, products of milling industries, fresh vegetables & fruits, meat products, and other groceries and necessities.[28]
Checkposts across the country were abolished ensuring free and fast movement of goods.[29] Such efficient transportation of goods was further ensured by subsuming octroi within the ambit of GST.
The Central Government had proposed to insulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products. The central government had assured states of compensation for any revenue loss incurred by them from the date of GST for a period of five years. However, no concrete laws have yet been made to support such action.[30] GST council adopted concept paper discouraging tinkering with rates.[31]
E-Way Bill
An e-Way Bill is an electronic permit for shipping goods similar to a waybill. It was made compulsory for inter-state transport of goods from 1 June 2018. It is required to be generated for every inter-state movement of goods beyond 10 kilometres (6.2 mi) and the threshold limit of ₹50,000.
It is a paperless, technology solution and critical anti-evasion tool to check tax leakages and clamping down on trade that currently happens on a cash basis. The pilot started on 1 February 2018 but was withdrawn after glitches in the GST Network. The states are divided into four zones for implementation.
A unique e-Way Bill Number (EBN) is generated either by the supplier, recipient or the transporter. The EBN can be a printout, SMS or written on invoice is valid. The GST/Tax Officers tally the e-Way Bill listed goods with goods carried with it. The mechanism is aimed at plugging loopholes like overloading, understating etc. Each e-way bill has to be matched with a GST invoice.
Transporter ID and PIN Code now compulsory from 01-Oct-2018.
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