Corporate Tax Planning
Tax Planning is a process in which Organizations evaluate their financial profile with the aim of minimizing tax liability. Corporate Tax 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.
We at S N S B & Associates, undertake the activity of minimizing the tax liability through the best use of all available allowances, deductions, exemptions etc, to reduce the income. The Aim is not to evade tax but to take maximum advantage of incentives available under the current tax regime and proposed changes in any, so as to minimize the tax liability without compromising on expansion plans.
Tax Audit Services
Under 44AB of the income tax act,1961 any person whose turnover exceeds Rs 1 crore in respect of business and Rs 50 lacs in respect of profession is required to get his accounts audited and submit the report along with the return of income. Also if a person declares that his income from business is less than 8 % of turnover and he is under presumptive taxation scheme than he shall have to get his accounts audited under 44AB even if his turnover is less than 2 crore.
We help you in timely completion of these tax audits so as to ensure that no penalty is levied due to any default.
Income Tax Return Filing
The Company, firm, individual, trust, HUF, LLP are required to file the Income tax return as per the provisions of the Income-tax Act, 1961. In pursuance of the said Act, the assesse is also required to deposit the Advance Tax in 4 quarterly installments.
Withholding Tax ( TDS Compliances)
The assesse will be under an obligation to withhold taxes from the payments made towards salaries, contractual obligations, fee for professional services, rent etc. The taxes so withheld need to be deposited with the tax authorities within the stipulated time limits prescribed under the Indian Income Tax Act, 1961. In this connection, our services would include the following:
- Review of income and expenses of the Company to determine the advance tax liability, if any, and advising about the amounts to be deposited and due dates;
- Withholding tax on all payments as per applicable tax rules;
- Deposit of the taxes so withheld, with the tax authorities on a timely basis;
- Review of transactions for the month to ensure that proper withholdings have been made;
- Preparation and filing of pay-roll withholding tax, rent withholding tax, professional services withholding tax and contractual withholding tax returns;
- Preparation and issue of withholding tax certificates to vendors and filing of quarterly returns;
- Assistance in deduction of professional tax from the employee's salaries, depositing the same with the authorities on a monthly basis and filing of monthly and annual returns with the Profession Tax Department.
Representation Services for Assessments & Appeals
The firm undertakes preparation of written submissions and appearing before the tax and appellate authorities