Taxation Planning
Self Assessment
Every assessee, before submitting a tax return, is required to make a self-assessment of income and after taking into account the amount of tax already paid by way of TDS and advance tax, pays the balance tax (self-assessment tax) due on the income. Further, along with the tax, any interest arising on account of delay in furnishing of tax return or any default /deferment in payment of advance tax, is also required to be paid.
 
Withholding Tax
Withholding taxes on payments other than salaries
Under the Act, a person making certain specified payments such as salary, contractual payments, rent, interest, professional or technical fees, commission, payments to non-residents, etc. is required to withhold tax at source from such payments and comply with the associated requirements in respect of deposit of taxes in the Government treasury in the prescribed manner, issue of tax credit cerficates and filing withholding tax returns.The rationale of withholding tax is to provide a mechanism for tax authorities to collect tax at the source of income, and also to expand the tax base. Failure to comply with the prescribed withholding requirements could result in the levy of penal interest, penalty and prosecution under the Act, in addition to the liability to make up for the taxes not withheld/deposited.
 
Some of the direct tax services provided by us include :
Income Tax and Withholding Taxes
  • International Taxation Advisory
  • Advising & reviewing of all necessary tax withholding responsibilities.
  • Computation of monthly TDS on the basis of above.
  • Monthly tax reconciliation of the TDS due and deducted.
  • Preparation and deposit of Monthly challans on or before the statutory due dates.
  • Filing of quarterly E-TDS Returns.
  • Filing annual Income Tax return.
  • Advising all financial subjects which are of your interest and keeping you updated on the new amendments, circulars, notifications & judgments.
  • Verification of all payments to vendors for the purposes of determination of correct application of rates and category for deduction of withholding taxes.
Certification Work
Issuance of Chartered Accountant certificates u/s 195 required for the Overseas Remittances purposes from time to time.
 
 
     
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