401, SURESH SADAN, DAULAT NAGAR, ROAD NO 4, BORIVALI EAST MUMBAI
DIRECT TAX - INCOME TAX RELATED SERVICES
INCOME TAX RETURN FILING
INCOME TAX RETURN FILING
INCOME TAX RETURN FILING
for Individuals, HUF, Companies, Firms, Co-operative Societies, Trusts,
INTERNATIONAL TAXATION
INCOME TAX RETURN FILING
INCOME TAX RETURN FILING
DTAA, Transfer Pricing Applicability, TDS Applicability on transactions with NRI, Calculating Residential Status
APPEALS & ASSESSMENTS
INCOME TAX RETURN FILING
TAX PLANNING & ADVANCE TAX WORKING
Introduction of Faceless Assessment Scheme to provide greater transparency, efficiency and accountability in Income Tax assessments
TAX PLANNING & ADVANCE TAX WORKING
TAX PLANNING & ADVANCE TAX WORKING
TAX PLANNING & ADVANCE TAX WORKING
Plan & Pay Tax - Don't avoid Payment of Tax
TDS & TCS WORKING & RETURN FILING
TAX PLANNING & ADVANCE TAX WORKING
TDS & TCS WORKING & RETURN FILING
Tax Deducted at Source (TDS) & Tax Collected at Source (TCS)
Income Tax Return filing
Additional Information
Filing income tax return (ITR) is a way of informing the government about the total income that you have earned during a particular financial year and that you have paid taxes on that income accordingly.
Individual earning income more than basic exemption limit is compulsorily required to file its Income Tax return.
The Income-tax Act, 1961 was amended via the Finance Act, 2019 to make ITR filing mandatory:
a)Individual has spent an amount or aggregate of amounts exceeding Rs 2 lakh for himself/herself or any other person for travel to a foreign country;
b)Individual has deposited an amount or aggregate of amounts exceeding Rs 1 crore in one or more current accounts maintained with a bank or co-operative bank;
c)Individual has paid electricity bill exceeding Rs 1 lakh in a single bill or on aggregate basis during the financial year;
d)Ordinarily resident individual having income from foreign countries and/or assets in foreign countries and/or having signing authority in any account outside India; and
e)If an individual's gross total income exceeds the exemption limit before claiming tax exemption on capital gains under section 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB.
Companies, Firms, Co-operative Societies, Trusts etc. are compulsorily required to file Income Tax return irrespective of amount of income.
All type of Return filing services are provided by us.
INTERNATIONAL TAXATION
Additional Information
CALCULATION OF RESIDENTIAL STATUS
RESIDENT STATUS
A taxpayer would qualify as a resident of India if he satisfies one of the following 2 conditions :
1. Stay in India for a year is 182 days or more or
2. Stay in India for the immediately 4 preceding years is 365 days or more and 60 days or more in the relevant financial year
In the event an individual who is a citizen of India or person of Indian origin leaves India for employment during an FY, he will qualify as a resident of India only if he stays in India for 182 days or more. Such individuals are allowed a longer time greater than 60 days and less than 182 days to stay in India. However, from the financial year 2020-21, the period is reduced to 120 days or more for such an individual whose total income (other than foreign sources) exceeds Rs 15 lakh.
In another significant amendment from FY 2020-21, an individual who is a citizen of India who is not liable to tax in any other country will be deemed to be a resident in India. The condition for deemed residential status applies only if the total income (other than foreign sources) exceeds Rs 15 lakh and nil tax liability in other countries or territories by reason of his domicile or residence or any other criteria of similar nature.
RESIDENT NOT ORDINARILY RESIDENT
If an individual qualifies as a resident, the next step is to determine if he/she is a Resident ordinarily resident (ROR) or an RNOR. He will be a ROR if he meets both of the following conditions:
1. Has been a resident of India in at least 2 out of 10 years immediately previous years and
2. Has stayed in India for at least 730 days in 7 immediately preceding years
Therefore, if any individual fails to satisfy even one of the above conditions, he would be an RNOR. From FY 2020-21, a citizen of India or a person of Indian origin who leaves India for employment outside India during the year will be a resident and ordinarily resident if he stays in India for an aggregate period of 182 days or more. However, this condition will apply only if his total income (other than foreign sources) exceeds Rs 15 lakh. Also, a citizen of India who is deemed to be a resident in India (w.e.f FY 2020-21) will be a resident and ordinarily resident in India.
NOTE: Income from foreign sources means income which accrues or arises outside India (except income derived from a business controlled in India or profession set up in India).
NON RESIDENT
An individual satisfying neither of the conditions stated in (a) or (b) above would be an NR for the year.
DTAA
The Double Tax Avoidance Agreement (DTAA) is a tax treaty signed between two or more countries to help taxpayers avoid paying double taxes on the same income. A DTAA becomes applicable in cases where an individual is a resident of one nation, but earns income in another.
We Provide consultancy service towards identifying applicability of DTAA provisions for the transactions done by NRI and thereon calculating its tax impact.
TDS ON PURCHASE OF PROPERTY FROM NRI
As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to ₹ 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 23.92% should be deducted (depending upon the Date of Payment/Credit to the Seller(NRI)) by the purchaser of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorised bank branches. { For NRI Seller refer International taxation section}
OUR SERVICES
1. Tax Planning with Applicable DTAA Provisions
2. TDS on property Calculation
3. Calculating TDS on transactions with NRI with applicable provisions of Income Tax Act 1961.
4. Identifying Applicability of Transfer Pricing Rules for International transactions.
APPEALS & ASSESSMENTS
Additional Information
Provisions of Faceless Assessment, under the Income Tax Act, 1961, are introduced to-
(a) Eliminate the interface between the Assessing Officer and the assessee during the course of proceedings, to the extent that is technologically feasible;
(b) Optimise the utilisation of resources through the economies of scale and functional specialisation; and
(c) introduce a team-based determination of arm’s length price with dynamic jurisdiction.
OUR EXPERTISE
Documentation: with faceless assessment its very much necessary to provide accurate information to the officer with necessary explanation that's where our role comes our firm has expertise in handling assessments by providing proper & accurate information by properly documenting it.
Experience of Handling Manual Assessments in the Past: Our firm has great experience of Handling assessments in the past by visiting Income Tax Department.
TAX PLANNING & ADVANCE TAX WORKING
Additional Information
Tax planning plays an important role in the financial growth story of every individual as tax payments are compulsory for all individuals who fall under the IT bracket. With tax planning, one will be able to streamline his/her tax payments such that he or she will receive considerable returns over a specific period of time involving minimum risk.
OUR ROLE
As a responsible Citizen we should always pay correct Tax to the government However paying tax without planning is not the correct approach of financial planning. Approaching us on right time & availing our service would help to plan Tax liability properly
We Aim at Tax Planning & not Tax avoidance.
TDS & TCS WORKING & RETURN FILING
Additional Information
TDS
The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature (For eg: Rent, Contract charges, professional fees, Commission etc.) to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. {For TDS rates refer Downloads Section}
TDS ON PURCHASE OF PROPERTY
As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to ₹ 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted (depending upon the Date of Payment/Credit to the Seller(NON NRI)) by the purchaser of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorised bank branches. { For NRI Seller refer International taxation section}
TCS
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.
With effect from October 1, 2020, Section 206C(1H) of the Income-tax Act, 1961 has come into force which requires collection of tax by a seller, whose total sales, gross receipts or turnover in the preceding financial year exceeds Rs 10 crore. The tax shall be collected from the amount received as consideration for the sale of goods in excess of Rs 50 lakh in any previous year.
OUR SERVICES
1. Checking applicability of TDS Provisions and calculating amount of TDS.
2. Filing of TDS returns
3. Detailed working of TDS on Purchase of Property.
4. Checking applicability of TCS Provisions and calculating amount of TCS.
5. Filing of TCS returns