Alliance Tax Expertss

Vashi, Navi Mumbai, Maharashtra

Filing income tax is every citizen’s responsibility. The it department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account. All entities are required to file the taxes on time to avoid penalty. The form that contains information of income and tax paid of an assessee is called income tax return. The income tax department of india has various forms for it such as itr 1, itr 2, itr 3, itr 4s, itr 5, itr 6 and itr 7. Who should file an income tax return? every company, be it private limited, llp or partnership irrespective of the income or loss must file it returns. Individuals enjoying income from mutual funds, bonds, stocks, fixed deposits, income from interest, house property etc. Individuals receiving income from property under charitable trusts, religious trusts or income from voluntary contributions. Individuals or companies who want to claim tax refunds. Salaried persons whose gross income before deductions under section 80c to 80u exceeding the exemption limit. All individuals with foreign income, foreign assets, nri’s and tech professionals on onsite deputation. People who have opted for one job from another are also eligible.

It is essential for businesses to be compliant of Indian Accounting Standards and it mandatory to comply with statutory regulations in terms of payment of tax and disciplined filing of returns. Alliance Tax Expert offers you an exhaustive Accounting & Book-keeping services such as accounting entries, tax compliances, vendor payments, bank reconciliation, employee reimbursements and provide you with detailed MIS reports, as and when needed, helping you focus on your core business.

Goods and Service Tax law now governs the major portion of the indirect tax system in India. The suppliers registered under this regime need to fulfill the compliance requirement regularly. Based on the turnover and the activities, the requirements and period of filing returns are prescribed under law. With online GST return filing, the taxpayers intimate the Goods and Service Tax Network (GSTN) about the inflow and outflow of supplies including the amount of tax paid and collected. While recording the taxable transactions with Government, the taxpayer is also required to pay the amount of tax collected from an outward supplier of goods or services after the deduction of Input Tax Credit (ITC). At Alliance, we make the GST filing process simple and convenient, relieving you of the burden to file tax periodically.

There are various laws in India that govern different kinds of audits like income tax audit, stock audit, cost audit, company or statutory audit as per company law, to name a few. Section 44AB of the Income Tax Act, 1961, lays down the provisions for income tax audit. Income Tax audit, as evident from the name, is aimed at evaluating whether an individual or company has accurately filed the income tax returns of an assessment year. An external agency is mandated to assess returns filed from income, deductions and expenditures and other rules as mentioned by the Income Tax Act, 1961. The tax audit process simplifies the computation of tax returns. The Chartered Accountant of the concerned agency performing the tax audit has to submit Form 3CA or Form 3CB, and Form 3CD, as an audit report comprising of the observations. GST is one indirect tax for the entire country.

There is no mechanism provided by the Government of India for the registration of a Proprietorship. There is also no State or Central Government Authority governing the registration or operations of Proprietorships in India. Therefore, the existence of a proprietorship can be established through one or more tax registrations and business license. For instance, MSME and GST Registration can be obtained in the name of the Proprietor to establish that the Proprietor is operating a business as a Sole Proprietorship. As there is no procedure for registering the name of a Sole Proprietorship business, any other person can also use the same name for their business. However, in case a Proprietor wishes to protect the business name and the name is unique, a trademark registration can be obtained for the business name.

Udyog Aadhaar (also called as Aadhaar for Business) is a unique 12-digit Government identification number provided by the Ministry of MSME for the small and medium enterprises & Small scale industries to register them as MSME through their Aadhar Card Number.

Import Export Code also called as IE Code is a 10 digit code or IE Licence certificate provided by DGFT, Directorate General of Foreign Trade. This is a mandatory license for every commercial importer or exporter. Without this code no business can be performed in the import export category or to take the benefits provided by the government on this sector. Banks also require the importers IE Code while sending money abroad. Customs will seek IE code before clearing the shipment from overseas.

Food Business Operators related to manufacturing, storage, transportation, or distribution of food products must obtain FSSAI Registration. In India, the Food Safety and Standards Regulations 2011 governs the registration or licensing of the food business. Whether you have to get an FSSAI Registration or FSSAI License depends upon the size and nature of your business. There are 3 types of FSSAI License Registration 1. FSSAI Basic registration - Food businesses with turnover below 12 Lakhs Annually. 2. FSSAI State license - Food businesses with turnover more than 12 lakhs but below 20 crores annually. 3. FSSAI Central license - Food businesses with turnover of more than 20 crores annually.

By trademarking your company’s name, you are protecting the brand, its reputation, and your ideas, all of which you undoubtedly invested a great deal of blood, sweat, and tear working on. And while the trademarking process itself will take time in all areas considered, nothing would be worse than not protecting your brand and potentially be faced with an infringement lawsuit from a larger company. The process of brand trademark registration in India is now possible and convenient such that you can trademark any one of the below things or even a combination of the following: Letter, Word, Number, Phrase, Graphics, Logo, Sound Mark, Smell or a mix of Colors.