Running a business in today’s World is not a joke. There are lots of things to be taken care of while running a business of any size. The bigger the size of the business, greater the responsibilities. Keeping the record and maintaining the necessary documentation is actually the bigger responsibilities these days then running the productive operations. Thus Periodic Compliances comes as in greater role for any business organization.
What is Periodic Compliance?
Generally Compliance means keeping up with the set rules, policies, law or standard; and Periodic means timely or we can in a regular interval, like monthly, quarterly and so on. Thus Periodic Compliances mainly refers to recording, maintaining, filing or submitting the necessary documents and informative data timely or in regular intervals.
S P Chopra & Co. Provides complete Solutions for Periodic Compliances. Being a Reputed and one of the India’s top CA firm, SP Chopra Company provides you the best solutions for all these important aspects of your business, for the smooth functioning. SP Chopra & Co. Now as big load of responsibilities would be taken care by reputed professional one can focus on the core functioning without any worry. Let’s see what are the major Compliances to be taken care of:
Permanent Account Number/ Tax Deduction and Collection Account Number (PAN/TAN). These are some important identification number for any business firm which are require for the taxation purpose and legalizing the existence of the firm.
GST ( Good & Services Tax)
GST is the new revolution in taxation in India, basically an indirect tax which has replaced many other indirect taxes, in order to simplify taxation system ease the functioning and tax valuation for the business individuals and organizations.
Income Tax Calculation
This is one of the most important part of these compliances, and every business firm or business individual has to keep up with to avoid any sort legal issues which might risk the working of the firm. It involves a detailed calculation keeping in mind the various activities and transactions.
Tax Deducted at source ( TDS) is one of the well known mode of collecting income tax at the very source of income itself. In this basically the firm pays the part of income tax of their employees on their behalf, and that’s also been mention on their salary slab and statement. So firm have to keep the track of this to make it work properly and systematically.
E-Filing of Income Tax return
It’s basically means Filing of Income Tax return via internet, through e-forms, in which one have to fill the necessary details accurately.
Tax Planning basically refers to analyzing financial situation of business firm of individual from tax point of view. It’s done to ensure the tax efficiency and make effective financial plan.
Tax Audit is means review or examining the books of accounts of business organization or individuals for the purpose of computation of income and tax and helps in filing the returns.
Tax calculation for small Retails & Trading business
SP Chopra & Co. also take care of the tax valuation and other needs for the small Retails & Trading business.
In simple words as the name suggest itself Advance tax means paying tax in advance. It can be done by estimating the taxable income for the relevant year and paying it in equal parts throughout the year instead of paying whole at the end.
It is basically refers to the value attached to the goods and services being transfer between the related business entities.
Minimum Alternate Tax (MAT)
MAT or Minimum Alternate Tax is actually for business firm to make them pay minimum Income tax.
Filing Tax Returns
It’s the form which is meant to be filled properly and submit it by time. It declares the actual taxable income, deductions and tax payments. to ensure the proper valuation of tax.
There are many more Compliances which SP Chopra & Co. can take care like:
• Income Tax Calculation as per Income Computation Disclosure Standards (ICDS).
• Certification of Tax Compliances ( Form 15CA / Form 15CB ).
• Advising on Taxability of Foreign Remittances and receipts.
• VAT / Sale Tax.
• Service Tax.
SP Chopra & Co. is one stop solution for all such Compliances which are to be taken care of periodically. Let them Handle your load of responsibilities with professional gesture and attitude and leave the worry out of your way to success. SP Chopra & Co. will handle all your Periodic Compliances timely and professionally.