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Taxation & Compliance
Income Tax filing
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessee. Only those Forms which are filed by the eligible Assessee are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assesses and the category of the Assessee.
Are you facing trouble in Income Tax Return filing? Don’t worry! You are not the only person. Now you don’t need to postpone the task to the last moment. We ensure you smooth and hassle-free Income Tax Return Filing.
Tax Planning
Tax planning is an essential part of financial planning and involves analysing your financial situation, identifying tax-saving opportunities, and implementing strategies to reduce your tax liability. By minimizing your tax burden, you can increase your disposable income and allocate more resources toward achieving your financial goals.
Effective tax planning requires a thorough understanding of tax laws and regulations and an awareness of current and potential changes to the tax code, we will help you with tax planning tips to maximize your tax savings while complying with all applicable laws and regulations.
Tax planning is the smartest decision you can take as a taxpayer. It enables you to eliminate guesswork from the tax process and helps you to complete it more confidently.
Having a seasoned income tax planner showing you the way is the best option to reduce your liability, prevent penalties, and deal with potential changes to the tax code.
GST Compliance
GST stands for “Goods & Services Tax” and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. GST is basically a tax on final consumption, main objective of GST is to consolidate all indirect tax levies into a single tax except customs, replacing multiple tax levies overcoming the limitations of existing indirect tax structure and creating efficiencies in tax administration.
GST Return filing procedure is quite straight forward. The registered taxpayer is required to login on GST portal with their login credentials. Once logged in, go on the returns page and file the respective forms by filing in the required information. The computed tax liability is also paid off at the time of final filing of the returns.
We take care of all your GST compliance needs, so you can focus on running your business. We ensure that all your GST returns are filed on time and accurately.
Although the GST portal has a user-friendly interface, the GST Forms have a lot of complex fields.
Professional Tax filing
If you ever pay close attention to your payslips, you will notice that there is a deduction every month under the category of ‘Professional Tax’. This deduction takes place along with HRA, basic salary, and conveyance charges (if applicable).
What is Professional Tax?
Professional tax is a tax that is levied by a state government on all individuals who earn a living through any medium. This should not be confused with the definition of professionals that indicates people such as doctors etc.
Profession tax is levied under the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976. This tax shall be paid by every person exercising any profession or calling or is engaged in any trade or holds any appointment, public or private, as specified in the Schedule to the Act.
Tax slab applicable under Professional tax for Karnataka is
| S. No. | Class of Persons | Rate of tax |
|---|---|---|
| 1 | Salary or wage earners whose salary or wage or both, as the case may be, for a month is Rs. 25,000 and above. | Rs. 200 per month |
| 2 | Persons registered or liable to be registered under the Karnataka Goods and Services Act, 2017. | Rs. 2,500 per annum |
It is deduced by the employer every month and sent to the Municipal Corporation. It is a mandatory to pay professional tax. The tax payer is eligible for income tax deduction for this payment.
Filing Professional Tax Returns can be a complex and time-consuming process. We Offer Professional Tax Return Filing services to assist clients in fulfilling their tax obligations. Our team of experts ensures that the entire process of Professional Tax Return Filing is completed promptly and hassle-free.
Certifications
A person making a remittance (a payment) to a Non-Resident or a Foreign Company has to submit Form 15CA. This form is submitted online. In some cases, a certificate from a Chartered Accountant in Form 15CB is required before uploading Form 15CA online.
In Form 15CB, a CA certifies details of the payment, TDS rate and TDS deduction as per section 195 of the Income Tax Act, if any DTAA (Double Tax Avoidance Agreement) is applicable, and other details of nature & purpose of the remittance.
Banks require these certificates before they make any remittance on your behalf to a non-resident.
As a service provider and a team of experts, we assist clients in completing and filing these forms with the government in a compliant and timely manner.
ETDS Compliance
The provisions of deduction of tax at source apply to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. In respect of payments to which the TDS provisions apply, the payer has to deduct tax at source on the payments made by him and subsequently remit to the government.
Compliance of TDS Provisions and timely & correct filing of ETDS returns are very essential and failing which entity has to pay towards TDS defaults such as Late Fees, Interest, Penalty etc. Our team consisting of Chartered Accountants and Professionals will assist in meeting TDS Compliances and filing ETDS Returns under various forms such as 24Q, 26Q, 27Q, 27EQ and much more.
We also advise our clients to choose appropriate TDS Rates and applying for a lower or nil deduction certificate wherever required. Our team also provide TDS Defaults Correction and Rectification Services as well.
HVJ & Associates specialises in offering complete services for TDS Compliances in India. We can aid with everything from providing advice in the beginning phase to ensuring that you meet all the necessary requirements and also keeping your organisation in good legal standing.
PF & ESI Compliance
PF:
Provident fund is a social security system that was introduced for the purpose of encouraging savings among employees, so as to benefit them during the course of their retirement. Contributions are made by the employer and the employee on a monthly basis. PF contributions can only be withdrawn by the employee at the time of his/her retirement, barring a few exceptions. All employers having PF registration are responsible to file returns on a monthly basis. The filing of returns must be completed by the 15th of each month through unified portal.
During the working tenure, employee and employer both contribute 12 percent of the basic salary of employee into EPF account. Employee’s entire 12 percent goes into EPF account and Employer’s 3.67 percent is transferred into EPF account of employee. Rest 8.33 percent from employer’s side is diverted in Employees’ Pension Fund (EPF).
Voluntary Provident Fund (VPF) Voluntary Retirement Fund is the voluntary fund contribution from the employee towards his provident fund account. This contribution is beyond the 12% of contribution by an employee towards his EPF. The maximum contribution is up to 100% of his Basic Salary and Dearness Allowance. Interest is earned at the same rate as the EPF.
We offer comprehensive assistance, guiding you from initial advice to meeting all the essential requirements and compliance for your EPF compliance in overall.
https://unifiedportal-mem.epfindia.gov.in/memberinterface/
ESIC:
Employee’s State Insurance (ESI) is a self-financing social security and health insurance scheme for Indian workers. ESI Registration is mandatory for employers having 10 or more employee. For all employees earning Rs.21,000 or less per month as wages, the employer must contribute 3.25% and employee must contribute 0.75% towards ESI. The ESI fund is managed by the ESI Corporation (ESI) according to rules and regulations stipulated therein the ESI Act 1948, which oversees the provision of medical and cash benefits to the employees and their family through its large network of branch offices, dispensaries and hospitals throughout India. ESI is an autonomous corporation under Ministry of Labour and Employment, Government of India. HVJ can help you obtain ESI registration for your business.
ESI filings are done half yearly. However, before starting the procedure for filing the ESI returns, an organization (corporate entity) with 10 employees and more, irrespective of the salary mark, need to register under the ESI scheme.
We can aid with everything from providing advice in the beginning phase to ensuring that you meet all the necessary requirements and also keeping your organisation in good legal standing.
