Income Tax

INCOME TAX



Proprietorship


Proprietorship firms are required to file income tax return like LLPs and Companies registered in India. Since proprietorship firms are considered to be one and same as the proprietor, the income tax return filing of the proprietorship firm is the same that of the proprietor. Under Income Tax Act, all proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakhs

Partnership


Partnership firms in India can be divided into two categories namely, registered partnership or unregistered partnership. Registered partnership firms are those firms having a registration certificate from the Registrar of Firms. All other partnerships that do not have a registration certificate would be classified as an unregistered partnership firm. Under Income Tax Act, a partnership firm is defined as “Persons who have entered into a partnership with one another are called individually “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm name”.

Private Limited Company


All companies registered in India like private limited company, one person company, limited company, and section 8 company must file MCA annual return and income tax return each year. Before filing annual return, the company must conduct an Annual General Meeting at the end of each financial year. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meetings should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company's annual return would be due on or before September 30th.

Limited Liability Partnership


LLPs in India must file its Annual Return within 60 days from the end of close of financial year and Statement of Account & Solvency within 30 days from end of six months of close of financial year. Unlike Companies, LLPs mandatorily have to maintain their financial year, as April 1st to March 31st. Therefore, LLP annual return is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year. In addition to the MCA annual return, LLPs must also mandatorily file income tax return every year. Taxzilla Accounts Solutions provides a comprehensive LLP compliance service which includes LLP Annual Filing and LLP income tax return filing at a very affordable price point.

Foreign Subsidiary


Foreign subsidiary companies are mandatorily required to maintain compliance as per Income Tax Act, Companies Act, transfer pricing guidelines and FEMA guidelines. Hence, maintaining compliance for a foreign subsidiary company would include filing of income tax return with the Income Tax Department, annual return with the Ministry of Corporate Affairs and other filings with authorities like Reserve Bank of India or Securities & Exchange Board of India (SEBI). Finally, like all companies, foreign subsidiaries would also have to comply with other Indian tax regulations like TDS regulations, GST regulations, PF regulations, ESI regulations and others. The compliance requirement for a foreign subsidiary company would vary based on the industry, state of incorporation, number of employees and sales turnover.

OTHERS


  • ITR-1 Return Filing
  • ITR-2 Return Filing
  • ITR-3 Return Filing
  • ITR-4 Return Filing
  • ITR-5 Return Filing
  • ITR-6 Return Filing
  • ITR-7 Return Filing
  • Income Tax Notice
  • TDS Return Filing
  • Form 16 Issuance
  • Companies Fresh Start Scheme
  • Salaried Person
  • Salary Retired Person
  • Business Person
  • Professional Person
  • TDS/ TCS
  • Professional Tax
  • Advance Tax
  • CA Certification for ITR
  • CA Certification for Balance Sheet
  • CMA Report
  • Tax Audit