Well-planned and timely paid taxes make a business free from worries. Taxes are mandatory for any business, and it is the business owner’s responsibility to pay the applicable taxes within the given time frame. Kalcy plans and maintains the taxation for your business to keep it safe from legal complications.
We help businesses to prepare taxation calendars and follow them strictly for a hassle-free business.
This is a fixed component in your paycheck and forms the basis of other portions of your salary, hence the name. For instance, HRA is defined as a percentage of this basic salary. Your PF is deducted at 12% of your basic salary.
Profession tax is the tax levied and collected by the state governments in India. It is an indirect tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor etc. are required to pay this professional tax.
TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax.
Private Limited Companies are required to file its Annual Accounts and Returns disclosing details of its shareholders, directors etc to the Registrar of Companies. Such compliances are required to be made once in a year.
Business ITR & Audit
The return also contains details of the assets and liabilities held by the business. Every taxpayer whose turnover is above Rs. 1 Crore in case of businesses and Rs. 50 Lakh in case of professionals is required to get a tax audit done.
It helps you utilise the tax exemptions, deductions, and benefits offered by the authorities in the best possible way to minimise your liability. The definition of tax planning is quite simple. It is the analysis of one’s financial situation from the tax efficiency point-of-view.
GST Returns & Audit
Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and assess other such compliances under GST Act to be checked by an authorized expert.
It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961.
Professional tax is an indirect tax levied by the State government. Although the name suggests that it is a tax levied only on professionals, it is not quite so. On the contrary, any individual who earns an income from a salary, or is engaged in a profession or trade, has to pay this tax. In other words, the taxpayer may be an employee, a professional, a freelancer, a businessman, or others. As per Section 16 (iii) of the Income Tax Act, 1961, the tax is deductible from an employee’s gross income
Annual e-TDS/TCS return is the TDS return under section 206 of the Income Tax Act (prepared in Form Nos. 24, 26 or 27) or TCS return under section 206C of the Income Tax Act (prepared in Form No. 27E), which is prepared in electronic media as per prescribed data structure. Such returns furnished in a CD/floppy should be accompanied by a signed verification in Form No. 27A in case of Annual TDS returns or Form No. 27B in case of Annual TCS return.