Income Tax

Income Tax Return is the form in which assessee files information about his Income and tax thereon to Income Tax Department with various forms. When you file a belated return, you are not allowed to carry forward certain losses. The Income Tax Act, 1961, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessee.

Only those Forms which are filed by the eligible Assessee 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.

INDIVIDUAL TAXATION

SALARIED RETURNS

“Salary” is a fixed and regular remuneration made by an employer to an employee on a periodic basis. We file Form-16 based Income tax returns for salaried individuals.

PROPRIETORSHIP

As the simplest business structure in India, a sole proprietorship refers to a business owned and managed by a single individual. A proprietorship is treated like the proprietor himself, the income tax that has to be filed follows the same procedure that of filing returns of the proprietor himself. Therefore, the laws that govern the payment of income tax of the proprietor govern the proprietorship as well.

Depending upon the annual turnover of the proprietorship, sometimes it is required that the proprietorship be audited. There are three different circumstances where an audit needs to be done:

Turnover of the proprietorship firm conducting business is over Rs 1 crore during the year of assessment. In the matter of a professional proprietorship, an audit needs to be done if the total receipts of the proprietorship exceed the amount of Rs 50 lakh.
If a proprietorship is under any presumptive tax scheme, regardless of the annual turnover, an audit is required.

CORPORATE TAXATION

COMPANY

A company is a legal entity formed by a group of individuals to engage in and conduct a business enterprise in a commercial or industrial capacity. A group of two people can come together so as to form a private company whereas for a public company, a group of seven people needed.

INCORPORATION OF A COMPANY – STEPS

Ascertaining availability of name
Preparation of memorandum of association and articles of association
Documents of directors and company preparation.
Filing spice+ form part-a (name proposal) and spice+ form part-b (documents submission)

The above mentioned steps will be completely carried out in a smooth and hustle manner. With our services of Company Registration, we would like to ascertain to the complete process in a wide and open method.

OUR SERVICES RELATED TO COMPANY:

Our Services won’t just limit’s with the incorporation, we provide enormous services as follows:

Auditing and accounting
Tax planning and preparation
Company IT and roc filing
Directors related services
Distinctive advisory services

On a nutshell we excel with our precision in the service we provide remarkably.

PARTNERSHIP FIRM

PARTERNERSHIP FIRM is kind of business where a formal agreement between two or more people is made to carry out the business with all distributed responsibilities. Here the Partners agree to share the Profits generated from the business with a formal agreement being registered.

The following are the Features of a Partnership Firm:

Agreement between the partners
Sharing of profit
Mutual business

Here the Registration is carried out with an intelligible Agreement being registered with the partners, and with our service we will make it as a nutshell.

OUR SERVICES RELATED TO PARTNERSHIP FIRM:

Maintaining books of account
Finalising the financial statements
Income tax oriented services
Auditing and consulting services

Apart from the mentioned services we provoke our boundaries in providing a wide range of discerning services instantly and accurately.

LLP

LIMITED LIABILITY PARTERNERSHIP is a separate legal entity where it is liable to its full extent but the partner’s assets are limited to their agreed contribution to the LLP. As it contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ it is called a hybrid between a company and a partnership firm.

INCORPORATION OF A LLP - STEPS

Reservation of name
Incorporation of LLP
Filing of LLP agreement (form – 3) and partner’s details (form – 4)

As starting from the Name Reservation till the Incorporation, all the process will be transparent and efficient at our end. We always ensure that our service is limitless with this Part of Clients satisfaction, so we don’t limit it only with the registration. Other services we provide are:

Books maintenance
Accounts finalisation
Preparation of annual accounts summary
Income tax related services

Thus on a whole we stick to the client’s satisfaction with the better understanding and credence towards our service.

Tax Audit u/s 44AB of Income Tax Act

As per the provisions of the Income Tax Act, certain classes of Taxpayers are required to get their accounts audited by a Chartered Accountant. We undertake Tax Audits under Section 44 AB of the Income Tax Act and help in complying with regulatory and reporting requirements under Form 3 CA/3CB and 3CD. The audit is conducted to ensure compliance with various provisions of the Income Tax Act.