Taxation Services

Taxation Services

In today's dynamic business environment, laws keep changing and it is utmost importance for every organization to comply with it.

With our deep technical knowledge and responsive support, we help organizations navigate through the complex field of taxation.

The taxation services provided by us include:

  1. Tax advisory and opinions
  2. Transaction structuring
  3. Tax planning
  4. Compliance review
  5. 15CA/CB certification
  6. Transfer pricing documentation
  7. Assessments and appeals
  8. Filing of returns
  9. Tax audit/ GST audit
  10. GST registration

A tax is a compulsory payment to be made by a person to the government. Be it an individual or any business/organization, all have to pay the respective taxes. The taxes are classified into direct and indirect taxes depending on the manner in which they are paid to the tax authorities.

Direct Tax

Direct tax is the tax that is paid directly to the government by the taxpayer. The general example of this type of tax is Income Tax.

Income Tax Return (ITR) is a form in which the taxpayers file to the income tax department containing information about their income earned and tax applicable. The department has notified various forms i.e., ITR 1 - ITR 7. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer like individuals, HUF, company, etc.

The conditions satisfying which it is mandatory to file income tax returns (ITR) in India can be referred to in this section of the website.

The rates of taxes under both old and new regime can be referred to in this section of the website.

Advance tax

Advance tax refers to the income tax that should be paid in advance, instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in instalments as per due dates provided by the income tax department.

TDS

Tax Deduction at Source (TDS) is one of the important compliances for Income Tax Assessee. Every Deductor has to deduct the TDS at the specified rate, if the payment exceeds threshold limit specified in particular section.

Indirect Tax

Indirect taxes are consumption-based and they are applied to goods or services when they are bought and sold. The indirect tax is charged by the seller of goods/ services on the end-user i.e. buyer of the goods/ service and pays/ remits it to the government. General example of indirect tax is Goods and Services Tax (GST).

Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

Types of GST Returns

GSTR-1

GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods and services made.

GSTR-2A

GSTR-2A is a view-only dynamic GST return relevant for the recipient or buyer of goods and services. It contains the details of all inward supplies of goods and services i.e., purchases made from GST registered suppliers during a tax period.

GSTR-2B

GSTR-2B is a view-only static GST return containing constant ITC data for a period whenever checked back.

GSTR-3B

GSTR-3B is a monthly self-declaration to be filed, for furnishing summarised details of all outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid.

In this return, the sales and input tax credit details must be reconciled with GSTR-1 and GSTR-2B before filing. GST reconciliation is crucial to identify mismatches in data, that may lead to GST notices in future or suspension of GST registration as well.

GSTR-4

GSTR-4 is the annual return that is to be filed by the composition taxable persons under GST. It has replaced the erstwhile GSTR-9A (annual return) from FY 2019-20 onwards.

GSTR-5

GSTR-5 is the return to be filed by non-resident foreign taxpayers, who are registered under GST and carry out business transactions in India.

GSTR-5A

GSTR-5A refers is the summary return for reporting the outward taxable supplies and tax payable by Online Information and Database Access or Retrieval Services (OIDAR) provider.

GSTR-6

GSTR-6 is a monthly return to be filed by an Input Service Distributor (ISD).

GSTR-7

GSTR-7 is a monthly return to be filed by persons required to deduct Tax deducted at source (TDS) under GST.

GSTR-8

GSTR-8 is a monthly return to be filed by e-commerce operators registered under the GST who are required to collect Tax at source (TCS).

GSTR-9

GSTR-9 is the annual return to be filed by taxpayers registered under GST. It contains the complete details of all outward supplies made, inward supplies received during the relevant financial year under different tax heads i.e. CGST, SGST & IGST and a summary value of supplies reported under every HSN code, along with details of taxes payable and paid.

It is a consolidation of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed during that financial year.

GSTR-9C

GSTR-9C is the reconciliation statement to be filed by all taxpayers registered under GST whose turnover exceeds Rs.2 crore in a financial year, as per the GST law.

It must be certified by a Chartered Accountant/Cost & Management Accountant after conducting a thorough GST audit of the books of accounts and comparing the figures with the GSTR-9.

Note: As per the CBIC notification 16/2020, which was further amended, GSTR-9C is waived off for the taxpayers with an aggregate turnover of more than Rs.5 crore for the financial year 2018-19 and 2019-20.

GSTR-10

GSTR-10 is to be filed by a taxable person whose registration has been cancelled or surrendered.

GSTR-11

GSTR-11 is the return to be filed by persons who have been issued a Unique Identity Number (UIN) in order to get a refund under GST for the goods and services purchased by them in India. UIN is a classification made for foreign diplomatic missions and embassies not liable to tax in India.

The due dates for respective returns can be viewed in this section of the website.

To learn more about late fees charged across the GST Return periods, this section of the website.