Indian taxation has a complex structure of the central level, state-level as well as city-specific taxation. Greenvissage is a leading tax consultant and has experienced team members to provide quality service to every client.
Income Tax Return Filing In India
Indian taxation has a complex structure of central level, state level as well as city specific taxation. Each of these are further segregated into direct and indirect taxes and within them there are further sub-division of taxation based on salary, business, capital gains, transfer pricing, minimum alternate tax, dividend distribution tax, tax withholding, profession tax, GST, tax on manufacture, on importing, trading, movement of goods, etc. This super granularity creates great confusion in terms of applicable taxes, method of filing, timing and countless questions on understanding and optimizing these.
The government imposes a tax on a taxable income of all persons who fall under the category of Income Tax Act and Income Tax Rules. The tax is imposed on the taxable income of persons including Individuals, Companies, LLP, Firms, HUF,
AOP, local authority, the body of individuals, and other artificial judicial persons. The tax payable by a person depends upon his residential status. Being one of the professional tax filing companies in Pune, Greenvissage offers you with all your requirements such as tax return services, filing employee taxes, compliance and tax advisory services.
Hassle Free Income Tax Return Filing
Income Tax Return Filing is an obligation for every citizen in India. Income Tax Return Filing in Pune is now made easy with Greenvissage and we offer hassle-free tax return services which meet all your tax return needs. At Greenvissage, we provide transaction advisory, tax structuring, domestic & international taxation advisory & compliance services. We take a long haul look on the entirety of transaction and the organisational structure to ensure there is tax optimization. Our focus is on the group as a whole rather than merely a particular transaction or a single entity. Our long term view ensures that all the future regulatory feasibilities are considered thereby safe-guarding the company from any defaults and financial exposures.
Besides everything, there are several reasons, why should you file your Income Tax Return and they are:
If an individual earns a specified amount of annual income, the government mandates to file a tax return within the specified due date. In addition to that, an individual can also file tax return voluntarily even if an individual earns less than the prescribed income.
Filing returns are mandatory in specific cases which advance as a proof to register the transactions.
If you have planned to apply for a home or other loans, the company which offers the loan may want to check your return. So, maintaining a steady record of filing returns may help you in processing loans quite easier. Filing returns will be quite useful in case of revised returns.
Along with the reasons, tax return filing has lots of benefits for an individual or companies in different ways. So, it’s important for you to choose one of the best Tax Filing Companies to claim the advantages you may get.
Prepare tax return as smooth as possible
Find the easiest and the fastest way to prepare a tax return with Greenvissage. Our in-house experts ensure accurate and timely income tax return filing.
In-Detail About tax preparation
Are you having any problem and in need to consult with an expert to make sure about your tax preparation? Greenvissage offers you the complete solution regarding income tax preparation and we help you filing your taxes at your doorstep.
Our Services Under Direct Taxes For Companies
A company is required to make quarterly advance tax payments on the profits which they earn during the year. We prepare/analyse the income and expense projections every quarter and consider the tax adjustments to minimise/nullify interest cost to the company by making adequate advance tax payments. We also ensure that excessive funds are not blocked in advance payments when not required.
Non deduction of TDS from specified payments makes the company ineligible for claiming the full amount of expense for tax purpose. In other words portion of expense is added back to the profits. There are interest implication on late deduction and late payments also. The team at Greenvissage conducts TDS reviews for clients on regular basis and ensures that the payments where TDS is applicable are identified and tracked for compliance at an early stage. Service of quarterly filing of TDS returns is provided.
These certifications are required for payments against services taken from a non resident. The certification is mainly for the tax rate which should be made applicable on the transaction. There are certain incomes of a non resident company where tax is applicable even if there is no business connection/permanent establishment in India. Banks cannot release payments unless the certifications are available. We advice on the taxability of the transaction, withholding rate which needs to be applied, co-ordinating and liaison with the Bank for documents/explanations required regarding the transaction.
We help companies with respect to repatriation strategies. Selecting the appropriate strategy from amongst dividend payouts, capital reduction, payment for services, royalty payments, share buyback is crucial. Each of them has tax implications to be taken care of. We guide the company through the entire process of repatriation.
There are various other certifications and forms to be filed under the Indian Income Tax Act like a Form 61A required to be filed if any specified significant financial transaction has been entered into, 80JJAA certification is required if the new employment generation deduction is to be claimed on the return of income, 29B is required to be filed for Minimum Alternate Tax requirements, Form 67 is required to be filed for claiming foreign tax credit relief etc.
Every company is required to file an income tax return every year declaring the profits made and the taxes paid. Under the guidance of professionals, you will receive the quality services on the entire IT filing process including Tax Return form submission, the guidance of tax structuring taxation and transaction advisory and all others.
This is a methodical examination of books of account from tax perspective mandatory for businesses having total gross receipts exceeding Rs 1 crore. The report of tax audit is to be filed before the due date prescribed for this. Penalty is applicable if the report is not filed on time.
The transactions with associated enterprises are studied and the pricing is evaluated for the value of the products transferred against the comparable prices of non associated enterprises. A transfer pricing audit is mandatory for a company if there are a, international transactions with associated enterprises. There is no threshold limit for this. A report of the audit is required to be filed and there are significant penalties for non reporting of any transaction, incorrect reporting and non filing of report or late filing.
In India, there is computer aided scrutiny selection. If the company meets any of the set criteria’s, its accounts are scrutinised by the tax department and the returned profits/losses are verified. Today, online assessments have been introduced by the government where written submissions are made as against the manual assessments where visits and oral interaction with the tax officials was possible.
Why Greenvissage For Income Tax Return Filing Services ?
- Professional Guidance: With highly experienced professionals expertise for over years in IT returns filing, you can get the complete guidance and solution for your income tax return filing process.
- Document Management: We manage all your IT documents in one place which can be retrieved easily when needed.
- Accurate Tax Filing: With Greenvissage, you can always be sure that all your income tax return filing is accurate.
- Your data is always safe and secure: We understand the value of your data and deliver the highest standards in keeping your data safe and secure.
- Data Privacy and Confidentiality: As the leading Tax Filing Pune Company, we strictly adhere to legal guidelines of data privacy and will make sure that your data are 100% Confidential.
- No Hidden Fees: Tax compliance needs will differ from each other. Just pay for your ideal needs and not for anything that you don’t require.
- One Stop Solution: offering 100+ services for all type of your needs, Greenvissage is your one-stop solution for all of your IT and other needs that you are looking for.
Why Choose Greenvissage ?
We are reasonable, economical & affordable with unmatched result-oriented consulting.
Having an experience of working with some of the world’s largest accounting firms.
I always found doing business with Team Greenvissage is very pleasurable. They helped us setup the company in India and guided us through the legal minefield & ensured all compliances were adhered to strictly.
Thanks to their legal & financial support, I could fully concentrate on the Business operations, knowing the legal and fiscal are in good hands.
Known Amit and Kethan for over 15 years now and have been utilizing their services for our end to end Accounting/Tax/Payroll needs..not only are they super professional and knowledgeable they also make the best of friends a business owner can ask for!
We have been receiving personal attention from the Directors at all times. The support staff is very helpful and they try to understand the issues at hand, with all sincerity and professionalism. For emergencies we do get immediate personal intervention.
The services they provide are exemplary on a professional and knowledgeable, yet friendly level.
We particularly value their pro-active style of suggesting ideas and solutions regarding all accounting/ compliance/ payroll/ tax/ forex matters of our business,
and the way a smooth transition and taking over of our accounting/ auditing tasks from our earlier CA was accomplished.
One of the key criteria for start-ups is that the accounting firm should be flexible, understanding and very approachable.
I am happy to state that Greenvissage and its team is exactly this.
The team is ably headed by Amit and Kethaan. Both of them very well understand that the business cycles go through tough times and they make sure to support during tough times too.
I believe this is the test of good partner organization.
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Frequently Asked Questions
For each type of return, the documents mostly required are TDS balance sheet, Bank account No, PAN details, Profit & Loss account.
Filing your return will definitely make you contribute to the development of the nation. In addition to that, your IT return will offer you the benefits of accessing many financial benefits like bank credits and others.
Yes, with experienced professionals to guide, we offer GST registration services for all type of your business.
You can file a maximum of 2 prior years of returns.
According to your requirements, the advance payment is subject to the professionals you choose. You can always consult with our senior professionals at any time to understand the payment details.
If you have not paid your return within the due date, you are supposed to pay the penalty of Rs. 5000 along with the interest on tax due.
Once you have filed the income tax return, the excess amount will be transferred directly to your bank account or by cheque once the refund gets processed.