Tax Planning
Tax Planning is the most essential aspect of managing finance and savings. Proper planning of taxation brings inevitability, precision and financial strength to the business. Improper tax planning without proper consultancy lead to unnecessary taxes and improper tax saving schemes.
Proper tax planning should be done before the end of financial year. We at Connect Soul having an expertise and specialization in direct taxation with practical exposure help in formulating appropriate strategy for taxation. We provide the best tax saving plan with a holistic approach.
We provide advisory and consultancy related to the following:
1. An adequate taxation strategy for individuals and corporate
2. Advisory on regular investments and business setups
3. Business Planning Services
4. Evaluation of existing tax structure and suggesting an effective system of taxation.
Connect Soul serve the clients by advising the best tax saving schemes and with a proper tax planning structure in order to avoid the unnecessary outflow of finance, penalties and to add value to the clients and save their time.
ITR
INCOME TAX RETURN FOR INDIVIDUALS
Income Tax Return is a form in which Assessee files his information about Income and tax on it to Income Tax Department. The Income Tax Act 1961 obliges citizens to file returns for every financial year within the specified due date. The Income Tax Department has categorised taxpayers into many groups based on income and its source. This is done to make tax compliance easier.
INCOME TAX RETURN FOR COMPANIES
All companies which are registered in India are required to file income tax returns each year on or before 30th September. As per the Income Tax Act, company tax return filing falls under two categories, namely domestic company or foreign company. Domestic company means an Indian company wherein the income is liable to tax. Companies registered with the Ministry of Corporate Affairs like Private Limited Company, One Person Company or Limited Company is classified as a Domestic Company.
Connect Soul makes sure that you file your ITR gets filed before the due date. We understand that how penalties can escalate your unnecessary costs. Book your appointment now if you need help regarding your Income Tax Return filing.
TDS Return
WHAT IS A TDS RETURN, WHY DO YOU NEED TO FILE IT?
TDS stands for Tax Deducted at Source. Tax Deducted at Source (TDS) is the amount of income tax deducted while making certain payments like – salary, rent, commission, etc by the person who is making these payments. Every person who is responsible for Tax Deducted at Source or Tax Collection at Source must obtain Tax Deduction and Collection Number (TAN). The ones who deduct tax at source must deposit the tax deducted to the Central Government mentioning the TAN number. Salaried individuals are not required to obtain TAN or deduct TDS. However entities like: Sole Proprietorship, Private Limited Company, LLPs, One Person Company, etc, are required to deduct TDS while making payments like – salary, rent, etc.
TDS return is a quarterly statement to be given to the IT department. It is compulsory for Deductors to submit a TDS return on time. The details required to file TDS returns are:
• PAN of the deductor and the deductee
• Amount of tax paid to the government
• TDS challan information
• Others, if any
CLAIMING TDS
TDS credit can be claimed by the deductor. To claim the credit of TDS, the deductee has to mention the details of TDS in his return of income. Deductee should take due care to quote the correct TDS certificate number and TDS details while filing the return of income. If any incorrect detail is provided by the deductee, then tax credit discrepancy will arise at the time of processing the return of income and same can cause problem in processing the return of income.
Connect Soul can help you in TAN registration ,TDS return filing and takes care of all your taxation needs. We help you calculate TDS and file the TDS return complying with all the TDS regulations
Income Tax Notice
Under Income Tax there are various notices issued on which taxpayer required professional who can represent them before the Income Tax Authorities and file their submission and represent their case with his expert knowledge.
Types of Income Tax Notices
Notice u/s143(1) – Intimation: This is the most common notice received by the taxpayers. This notice is sent by the Income Tax Department in order to seek a response to the errors incorrect claims/ inconsistencies in the return that was filed. The revision in the return after receiving the notice must be done within 15 days. On failure of doing so, the tax return will be processed after making adjustments mentioned in 143(1) notice.
Notice u/s 142(1) – Inquiry: When the assessee misses to attach some documents along with the return or the Income Tax department demands more documents with the return, in that case this Notice is issued.
Notice u/s 139(1) – Defective Return: When the ITR of the assessee contains incorrect information; an income tax notice under Section 139(1) shall be issued. The assessee must rectify the defect within 15 days.
Notice u/s 143(2) – Scrutiny: When the tax officer is not satisfied with the documents provided by the taxpayer. Taxpayers who receive this notice have been short listed for a detailed scrutiny and are required to submit additional documents to the Income Tax Department.
Notice u/s 156 – Demand Notice: When the taxpayer owes tax, interest or fine to the Income Tax Department, in such a case this Notice is issued. The demand notice states the amount owed by the taxpayer.
Connect Soul can help you deal with it. When you receive an Income Tax Notice, you must deal with it as soon as possible. Get in touch with us to discuss the notice that you received and deciding an appropriate course of action. We have a host of services which facilitates individuals and businesses to maintain their tax compliance.