Taxation

Your one-stop solution for all your taxation needs. With our comprehensive range of services, we specialize in handling direct taxation, indirect taxation and filing and registration of various tax needs. Our expert team is dedicated to simplifying the complexities of taxation laws and regulations, ensuring accurate and timely filing to meet your compliance requirements. Whether you're an individual taxpayer or a business entity, we are here to streamline your tax processes, minimize your tax liabilities, and maximize your refunds

PAN:

In India, a PAN (Permanent Account Number) is a unique 10-character alphanumeric identifier issued by the Income Tax Department to individuals and entities. It serves as a crucial identity proof for various financial transactions and tax-related activities. The PAN number facilitates tracking of taxable transactions and prevents tax evasion. It is mandatory for individuals and businesses to quote their PAN for certain financial transactions such as opening a bank account, filing income tax returns, purchasing or selling assets, and conducting business activities. PAN ensures transparency and accountability in the Indian taxation system.

It is mandatory for every business entity to have the PAN issued by the Income Tax Authority.

TAN:

TAN stands for Tax Deduction and Collection Account Number. It is a 10-digit alphanumeric identifier issued by the Income Tax Department in India to entities responsible for deducting or collecting tax at the source. TAN is mandatory for entities such as companies, firms, and individuals who are required to deduct tax at source (TDS) or collect tax at source (TCS) on payments made under the Indian Income Tax Act, 1961. TAN is used to track and ensure proper accounting of tax deducted or collected at the source, and it must be quoted in all TDS/TCS returns, challans, and other communications related to tax deductions or collections.

GST Registration:

GST stands for Goods and Services Tax. It is a comprehensive indirect tax levied on the supply of goods and services across India, replacing multiple indirect taxes levied by the central and state governments. Implemented on July 1, 2017, GST aims to streamline the taxation system, eliminate cascading effects, and create a unified national market. GST is levied at multiple stages of the supply chain, from manufacturing to the final consumer, and is categorized into Central GST (CGST), State GST (SGST), and Integrated GST (IGST) for inter-state transactions. GST registration is mandatory for businesses with turnover exceeding specified thresholds, enabling them to collect GST on sales, claim input tax credits, and comply with tax regulations.

Business Entities: Any enterprise with an aggregate annual turnover exceeding Rs. 40 lakhs. For special category states under GST, the threshold is Rs. 20 lakhs.
Service Providers: Those with an aggregate annual turnover surpassing Rs. 20 lakhs. For special category states, this limit is Rs. 10 lakhs.
Exemptions: It's important to note that entities dealing exclusively in GST-exempted goods or services are not bound by these thresholds.
Previously Registered Entities: Entities that were registered under older tax frameworks (like Excise, VAT, Service Tax, etc.) need to migrate and register under the GST regime.
Inter-State Suppliers: Any entity or individual involved in the supply of goods across state boundaries.
Casual Taxable Entities: Those who undertake taxable supply occasionally.
Entities under Reverse Charge Mechanism: Businesses obligated to pay tax under the reverse charge.
Input Service Distributors & Agents: Distributors of input services, including their representatives.
E-Commerce Platforms: Operators or aggregators of e-commerce platforms
Non-Resident Taxable Entities: Individuals or entities that are non-resident but engage in taxable supply within India.
Supplier's Agents: Representatives who supply on behalf of a principal supplier.
E-Commerce Suppliers: Individuals or entities that offer goods or services through an e-commerce aggregator.
Online Service Providers: Entities delivering online information, database access, or retrieval services from outside India to an individual in India, excluding those already registered under GST.

Startup India Registration (including 80 – IAC):

Startup India is a government initiative aimed at fostering innovation and nurturing startups in India to boost economic growth and create job opportunities. The goals of the movement include:

Infrastructure Support: Providing better infrastructure, such as incubation centers, to support startups in their early stages.
IPR Facilitation: Making it easier for startups to protect their intellectual property rights (IPR), including simplifying the process of filing patents.
Regulatory Environment: Improving the regulatory environment for startups by offering tax benefits, simplifying compliance procedures, and making it easier to set up a company.

To qualify for recognition under the Startup India initiative, a startup must meet certain criteria:

Age of the Entity: The startup should not be more than 10 years old from the date of its establishment.
Type of Entity: It must be registered as a Private Limited Company, Limited Liability Partnership (LLP), or Registered Partnership Firm.
Annual Turnover: The startup should have an annual turnover of less than Rs. 100 crore for any financial year since its inception.
Original Entity: The startup must not have been formed by splitting up or recreating an existing entity.
Innovative & Scalable: The startup should be focused on developing or improving a product, process, or service. It should also have a scalable business model with the potential to create wealth and employment.

Overall, Startup India aims to empower startups by providing them with the necessary support, resources, and opportunities to thrive and contribute to India’s economic growth and development.

80G and 12A Registration:

80G and 12A registrations are provisions under the Indian Income Tax Act, allowing donors to claim tax deductions for donations made to eligible charitable organizations.

80G Registration: Charitable organizations meeting specified criteria can apply for 80G registration to enable donors to claim deductions on their donations. Eligibility conditions include being registered under Section 12A or Section 12AA, maintaining prescribed records, and using donations for charitable purposes.
12A Registration: Charitable or religious trusts, societies, or non-profit organizations can apply for 12A registration to become eligible for tax exemption on their income. Eligibility criteria include operating exclusively for charitable or religious purposes and not generating profits for its members.

ITR Filing

Income Tax Return (ITR) filing refers to the process through which individuals, businesses, and other entities report their income earned during a financial year to the Income Tax Department

Every taxpayer, including individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities, is required to file an ITR annually if their income exceeds the threshold limit specified by the Government.

Filing an ITR is not only a legal obligation but also essential for taxpayers to determine their tax liability accurately, claim refunds if eligible, and maintain compliance with tax laws. Failure to file ITRs or filing incorrect or incomplete returns may attract penalties and legal consequences.

GST Return

A GST (Goods and Services Tax) return is a document that a taxpayer registered under the GST is required to file with the Goods and Services Tax authority. It contains details of sales, purchases, output GST (tax collected on sales), and input GST (tax paid on purchases) which is mandatorily filed before the due date.

Once the return is filed, the tax authorities verify the details provided and reconcile them with the taxpayer’s records. Late filing or discrepancies in the return may attract penalties or fines.

It’s crucial for businesses to ensure accurate and timely filing of GST returns to comply with tax regulations and avoid penalties.

TDS Return

TDS (Tax Deducted at Source) filing in India is the process through which entities that are liable to deduct tax at source (such as employers, banks, or contractors) report the taxes deducted from payments made to individuals or businesses to the Central Board of Direct taxes (CBDT). The tax deducted so deducted is required to deposited with the government within the specified time limit.

TDS returns are typically filed quarterly by the deductor, using the forms specified by CBDT. Non-compliance with TDS provisions or failure to file TDS returns within the prescribed due dates may attract penalties and interest.

TCS Return

TCS (Tax Collected at Source) return where entities collect taxes from specified transactions at the time of sale and subsequently report these collections to the Central Board of Direct taxes (CBDT). TCS is applicable on certain transactions like sale of goods, providing services, or selling specified goods like scrap, minerals, etc., exceeding a certain threshold limit. Failure to comply with TCS provisions or failure to file TCS returns within the prescribed due dates may attract penalties and interest.

Trust us to navigate through the intricacies of tax regimes while you focus on what matters most – achieving your financial goals. If you have any questions or need personalized guidance, feel free to reach out to us. We're here to help you make the right choice for your business with free consultation.

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