Income Tax Compliance
As an income tax compliance service provider, your firm likely offers a range of services aimed at assisting individuals and businesses in meeting their income tax obligations. Here’s an outline of what your service might entail:
“Streamlined Solutions for Stress-Free Tax Compliance”
Corporate Tax
Corporate tax is imposed on both domestic and foreign companies. In India, the Income Tax Act of 1961 regulates the imposition of corporate tax on companies. This tax applies to the worldwide income of companies registered in India. However, only foreign companies’ income earned or received within India is subject to corporate tax. AKY stands out as a prominent corporate tax specialist in Ahmedabad and Mehsana.
Income Tax Return Filings
We provide comprehensive Income Tax Return services and consultancy in Ahmedabad and Mehsana. The Income Tax Return is a form used to report income earned during a financial year and the corresponding tax payable to the Income Tax Department. This requirement applies to various entities, including individuals, HUFs, firms, LLPs, and companies, among others. The government mandates that individuals and other taxpayers earning a specified annual income must file their ITRs within the prescribed due dates.
Lower Deduction Certificate
To counter taxpayers’ tendency to evade taxes, Income Tax provisions include a system for collecting tax at the source of income. In this arrangement, the person responsible for making the payment (payer) is required to deduct tax at the rates specified by the revenue department before crediting the amount to the recipient or making the payment, whichever occurs earlier.
TDS and TCS Return Filings
When discussing taxation, TCS and TDS are two frequently used terms. TDS stands for Tax Deducted at Source, while TCS stands for Tax Collected at Source. Although they sound similar, they have distinct purposes. Despite the government’s self-assessment tax model, TDS and TCS have their roles to play.
Direct & Indirect Tax
Taxation – An Overview In India, our tax system is categorized into Direct Tax and Indirect Tax. It is essential to grasp the fundamentals of both. Direct taxes are imposed on the incomes earned by individuals and corporate entities, with the taxpayers themselves responsible for paying these taxes. In contrast, indirect taxes are levied on the sale of goods and services, placing the responsibility of collecting and depositing taxes on the sellers, not the taxpayers directly. Nevertheless, it is the ultimate consumers of goods or services who bear the brunt of indirect taxes.
Faceless Assessment under Income Tax
The Income Tax Act, 1961, empowers the Central Government under Section 143(3A) / (3B) / (3C) to establish a scheme aimed at enhancing efficiency, transparency, and accountability in assessments. This scheme can encompass the assessment of Income Tax under Section 143(3) or Section 144 of the Income Tax Act, 1961.
80 G & 12 A Registration
Are you an individual running a trust or planning to establish one? Are you aware of the special rebates provided by the Income Tax Law under sections 12A and 80G? If you want to take advantage of these opportunities but are unsure how to proceed, we can help.
The Finance Act, 2020, introduced certain provisions that require charitable, religious, educational institutions, and trusts to undergo re-registration, re-approval, or obtain provisional registration under sections 12A and 80G. These provisions came into effect from 1st April 2021.
Research beyond the business plan
- Explore current trends in the accounting and finance industry.
- Analyze the demand for specialized accounting services.
- Investigate the competitive landscape in your region.
- Stay updated on the latest tax laws and regulations.
- Highlight your firm’s commitment to ensuring compliance.
- Offer insights into the impact of regulatory changes on businesses.
- Research and adopt the latest accounting software and technology.
- Showcase your firm’s ability to leverage technology for efficiency.
- Discuss how technology enhances financial reporting and analysis.
- Demonstrate deep knowledge in specific industries (e.g., healthcare, real estate, technology).
- Research industry-specific challenges and solutions.
- Provide case studies or success stories related to your expertise.
- Conduct surveys or interviews to understand client needs and expectations.
- Showcase your commitment to personalized and client-focused services.
- Share testimonials that highlight your firm’s positive impact on clients.
Contact us at the Consulting WP office nearest to you or submit a business inquiry online.
“I can confidently say that AKYCA is the go-to partner for all our taxation needs. Their team’s depth of knowledge, responsiveness, and proactive approach have consistently exceeded our expectations. Whether it’s tax planning, audit, or GST compliance, we trust [Your Company Name] to deliver exceptional results.”
