Taxation / Compliance Management

Income Tax Return is prepared and filed online on Income Tax Efiling website. Once Income tax return is filed, it is required to be Everified in following ways:

By furnishing it electronically using a digital signature
By using electronic verification code to transmit the data in return electronically
By submitting the verification in Form ITR- V duly signed through speed post to Income Tax Department, Bangalore after filing the return electronically

Under the system of TDS, the payer deducts the tax at the origin of the income and remits it on behalf of the payee to the government. This system was introduced for quick and efficient collection of taxes by the government. TDS returns are quarterly statements submitted to the Income Tax Department by the payer which show all the transactions for TDS collected by the deductor and paid to the Income Tax authority.

Being compliant with GST regulations can significantly reduce your chances of scrutiny by GST officials and have a positive impact on your business with higher GST compliance ratings. It can result in speedy credit of refund claims and give you an advantage over the other competitors.

Any registered person who fails to file their GST returns (GSTR-1, GSTR-2, GSTR-3 or Final Return) within the prescribed due dates shall be liable to pay a late fee of Rs. 50 per day, subject to a maximum of Rs. 5,000.

Even if your Company has not generated any revenue or done any business transactions, statutory audit, secretarial filings and filing the income tax return come under mandatory compliances.

Upon registration, a company needs to abide by the following mandatory compliances:

Secretarial Compliances: Regardless of the turnover, MGT 7, AOC 4 and ADT 1 are required to be submitted every year.
PF, ESIC, Professional Tax: Depending on the number of employees in your organization, these statutory deductions are to be accounted for and filing its monthly returns are mandatory.
Income Tax Return: Even when there are no transactions in the company, an income tax return has to be filed.
TDS Returns: If you are paying salaries to you employees, or rent or any such fees that require TDS to be deducted, then you need to file TDS Returns.
GST Returns: If your company has registered for GST, you need to file monthly GST returns (GSTR 3B and GSTR 1).
Statutory Audit: As per the laws prescribed under the Companies Act 2013, every company must get its books of accounts audited regardless of its turnover.