ITR FILING
Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department.
The department has notified 7 forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category of the taxpayer like individuals, HUF, company, etc.
TDS RETURN FILING
TDS return can be best described as the quarterly statement or summary of all TDS-related transactions made during the specific quarter. Typically, it comprises details of the TDS collected and deposited to the Income Tax Authority by the deductor. The essential details disclosed in a TDS return statement include the following –
- Deductor and deductee’s PAN.
- Particulars of TDS paid
- Challan details
Notably, all details included in the online TDS return form are also disclosed in the payee’s Form 26AS. It is mandatory for all individuals who come under the purview of tax slabs prescribed by the IT department.
TAX PLANNING ADVISORY
Tax planning is the process of evaluating the financial situation of an individual or an entity to ensure that you pay lowest possible taxes. It is a method in which we navigate through complicated tax provisions to find tax-saving opportunities depending on the needs of every individual.
TRANSACTION ADVISORY
Transaction advisory services are the third party services obtained from professional firms or investment banking firms. They help you handle all the tasks associated with your transactions from the start to the end and thus act as your business's support system , and meet requirements for expansion. Such as a merger or acquisition of an organization. When it comes to making choices on transactions, it is recommended to make decisions based on critical thinking and proper analysis.
INCOME TAX ASSESSMENT
After every financial year, eligible individuals and entities need to file income tax returns (ITR) and pay tax based on the net taxable income earned during the year. Once you file the ITR, the income tax department assesses and verifies the submission. This process is known as income tax assessment.
INCOME TAX APPEAL
An appeal is a process by which a judgement/order of a subordinate authority is challenged before its higher authority. It implies a complaint to a higher authority against the order or judgement of an administrative or appellate authority. At times it may happen that the assessee is aggrieved by an order issued by the Assessing Officer. An Assessing Officer (hereinafter called the AO) is a key figure in the tax system, who is primarily responsible for ensuring that the assessee has declared his/her income correctly and calculated the tax liability accordingly. Also, the AO has the power to investigate cases of suspected tax evasion and raise tax demand and further impose penalties wherever needed.
In such cases the assessee may file an appeal against the order of the AO before the Commissioner of Income-tax (Appeals) and further before the Income Tax Appellate Tribunal (ITAT) if aggrieved by the order of the Commissioner of Income-tax (Appeals) and so on.
TAX AUDIT
There are various kinds of audits being conducted under different laws such as company audit/statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, income tax law also mandates an audit called ‘Tax Audit’.
As the name itself suggests, tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier.
SEARCH & SEIZURE
The object of search under economic laws is to curb the economic offences relating to evasion of taxes, duties and to unearth unaccounted income and wealth. For pursuing such object, there is a provision i.e., section 132 in the Income-tax Act, 1961 under the caption “Search and Seizure” a specific provision according to which the power of search action is available to Income -tax Authorities.
TRANSFER PRICING (DOMESTIC)
For the purpose of transfer pricing regulations, the expression ‘specified domestic transactions’ has been defined under Section 92BA. Presently, after excluding the transactions covered under Section 40A(2) from the ambit of Section 92BA, domestic transfer pricing provisions are made applicable to transactions covered under section 80-IA (8), section 80-IA (10) and any other transaction under chapter -VI-A and section 10AA in respect of which provisions of section 80-IA (8) or section 80-IA (10) are applicable.
TRANSFER PRICING (INTERNATIONAL)
Transfer pricing law in India applies to both domestic and international transactions which fall above a threshold in terms of deal value. Transfer Pricing was introduced through inserting Section(s) 92A-F and relevant Rule(s) 10A-E of the Income Tax Rules 1962.
It ensures that the transaction between ‘related’ parties is at a price that would be comparable if the transaction was occurring between unrelated parties.
EXPAT TAXATION
In India, the income earned by foreign expatriates is deemed to be received in India for services rendered by him as per section 9(1)(ii) of Income Tax Act. It is assessable under the Income head 'salaries'.
CAPITAL GAIN TRANSACTION ADVISORY
We specialized in providing Capital Gain Advisory services that cater to the requirements of various corporates as well as individuals. Our range of services cover all aspects of Indian income tax laws and are mostly time-bound and technical in nature. Further, our services are highly cost effective and allow our clients to save a lot of time and money.
GST REGISTRATION & AMENDMENT
After obtaining GST registration, various scenarios may arise where updating details becomes necessary, leading to a GST Amendment. GST amendment refers to the process of making changes or updates to the details provided during GST registration. These changes could include alterations to business information, contact details, or other crucial particulars. GST amendments are necessary to ensure that the information provided to tax authorities remains accurate and up-to-date, reflecting any changes in business operations or structure. By keeping GST registration details current, businesses can maintain compliance with tax regulations and avoid potential penalties.
GST RETURN FILING
A GST return is a document containing details of all income/sales and/or expenses/purchases that a GST- registered taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.
GST HEALTH CHECKUP
The GST Health Check contains great insights about the GSTIN. The key elements in this GST Health Check report are Details about the delays in filing GST Returns, delays in reporting outward supplies, Tax Differences between GSTR-3B and GSTR-1, Changes in ITC claimed when compared to GSTR-2, Unclaimed ITC on taxes paid under Reverse Charge, Non-reporting of Nil-rated/Exempted and Non-GST Supplies in GSTR-3B, Incorrect categorizing zero-rated supplies. This report also offers an investigation of the possibility of receiving notices and the suitable action for the same
GST ASSESSMENT & LITIGATIONS
Any non-compliance or contravention of provisions of GST law can attract scrutiny, assessment, audit, demand and recovery proceedings. Demand and recovery provisions are invoked against the taxpayer if there is any short payment or wrong utilization of input credit.
GST AUDIT
Thus, GST audit is not only for reconciliation of tax liability and payment thereof but it also encompasses the verification of compliance with the provisions of the GST laws by a registered person and educating the taxpayer to be more compliant with the law and procedure.