• Income Tax Filing

    Salary is a fixed regular payment, typically paid on a monthly basis but often expressed as an annual sum, paid by an employer to an employee. However, under the Income tax Act 1961, defines the term salary is defined under section 17(1) which includes salary, wages, annuity or pension, gratuity, fee, commission, perquisite or profit in lieu of salary or in addition to any salary or wages.

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  • GST Registration & Filing

    1. What is GST Return?

    A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.

    Under GST, a GST Dealers has to file GST returns that include:

    • Purchases
    • Sales
    • Output GST (On sales)
    • Input tax credit (GST paid on purchases)

    To file GST returns, GST compliant sales and purchase invoices are required.

    1. Who should file GST Returns?

    In the GST regime, any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year.

    The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other return GSTR 3B will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.

    There are separate returns required to be filed by special cases such as composition dealers.

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  • Company, Firm and Other Registrations

    What is private limited company?

    The private limited company is a proven, successful business model. The business owners hold all shares of the company. Shareholders may operate the business themselves, or hire directors to manage the company on their behalf.

    Incorporating a private limited company results in protection of personal assets, access to more resources, financial assistance. These are closely held business usually by family, friends and relatives.

    What is limited liability partnership

    LLP is an alternative business form that gives the benefits of limited liability of a company and the flexibility of a general partnership. It is the preferred choice for business who want minimal compliances and are not looking to raise funds. Its main advantage over the general partnership is that, as the name indicates, it limits the liabilities of its partners upto their contributions to the business and also offers each partner protection from the negligence, misdeeds or incompetence of the partners.

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  • TDS Filing

    Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.

    In case of payment of salary or life insurance policy, tax is deducted at the time of payment. The deductor then deposits this TDS amount to the Income Tax (I-T) department. Through TDS, some portion of your tax is automatically paid to the I-T department. Thus, TDS is considered as a method of reducing tax evasion.

    Tax is deducted usually over a range of 1% to 10%.

    Due Dates for Payment of TDS

      Amount paid/credited Due date of TDS deposit
    Government Office Without Challan Same Day
    With Challan 7th of next month
    On perquisites opt to be deposited by employer 7th of next month
    Others In month of March 30th April
    In other months 7th of next month

    What is TDS Return?

    Apart from depositing the tax, the deductor should also file a TDS return.

    TDS return is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. The details required to file TDS returns are:

    • PAN of the deductor and the deductee
    • Amount of tax paid to the government
    • TDS challan information
    • Others, if any

    Eligibility Criteria for TDS Return

    TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments :

    • Payment of Salary
    • Income by way of “Income on Securities”
    • Income by way of winning lottery, puzzles and others
    • Income from winning horse races
    • Insurance Commission
    • Payment in respect of National Saving Scheme and many others

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