Direct Taxation Services
S. K Patodia & Associates offers following services related to Direct Taxation in India.
Registration, Computation, preparation and filing of Return of Income
The government of India imposes an income tax on taxable income of all persons including individuals, Hindu Undivided Families (HUFs), companies, firms, association of persons, and body of individuals, local authority and any other artificial judicial person. Every individual and corporates has to assess its tax liability and has to prepare and file his return of income periodically as per the Income Tax Act, 1961 guidelines.
Obtaining Lower /Nil TDS certificates
It is the duty of every person deducting tax to issue a TDS certificate.TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. To reduce the hardships of Tax payers, the government of India has provided the facility of low or nil TDS certificate.
Filing of Quarterly Returns
The person responsible for deducting TDS amount has to deposit such amount with Income Tax Department on Quarterly basis as per the provisions of Income Tax Act, 1961. The Government of India to reduce the hardship and paper work has provided the facility of E-filing (online) of TDS.
Compliance with Tax Audit Report provisions (If required)
An Assesse is required to get his tax audit done by Chartered Accountant mandatorily if in the previous year
- The person is carrying on the business and his sales or turnover exceeds INR 1crore.
- The person is carrying on a profession and his gross receipts exceed INR 25 lakhs.And has to file tax audit report on or before 30th of September.
Compliance with Transfer Pricing Provisions
The Provisions governing the regulation of Transfer Pricing in India is contained in Indian Income Tax Act, 1961.Where in an international transaction, two or more associated enterprises enter into a mutual agreement or arrangement for any service or facility provided or to be provided to any one or more of such enterprises, the cost or expense allocated or apportioned to, or, as the case may be, contributed by, any such enterprise, in relation to such service\facility shall be determined having regard to the Transfer Pricing Regulations contained in the Act. As per the T.P regulations every person who has entered into an international transaction is required to maintain prescribed documents and information in respect thereof.
Expatriates Tax planning
Expatriates Planning activities generally seek to avoid legally triggering tax costs rather than illegally evading an existing obligation to pay tax. It is a forward looking activity which encompasses the strategic structuring of business operations in order to minimize tax liabilities.
Tax structuring of the company as a whole
We provide Tax structuring of the company which include compilation of various details & Information required for tax purposes and providing tax audit support services which in turn leads to smooth filing of Tax Audit Returns.
Determining applicability of Wealth Tax Laws
The Wealth Tax Act, 1957 governs the taxation process associated with the Net Wealth that an Individual, a Hindu Undivided Family (HUF), or a Company possesses on the Valuation Date. The Act applies to the whole of India including the state of Jammu and Kashmir and the Union Territories .Wealth tax is charged for every assessment year in respect of net wealth of the corresponding valuation date of every individual, HUF and company, at the rate of 1% on the amount by which the net wealth exceeding INR of 30,00,000/- .
Preparation and filing of Wealth tax return
The filing of Wealth tax return is a legal obligation of every person whose total income during the previous year exceeds the maximum amount which is not chargeable to wealth tax under the provisions of The Wealth Act, 1956. The return should be furnished in the prescribed form on or before the due date.
To carry out the Business Operations efficiently and effectively, every Individual and Corporates has to communicate with the Income Tax and Wealth Tax Authorities. To fill the communication gap between our client and Income Tax /Wealth Tax authorities, we represent our clients before the Income Tax /Wealth Tax authorities.