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Tax And Auditing
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Income Tax
Every person having taxable income and whose accounts are not liable to audit must file an Income Tax Return. If total income exceeds Rs. 5 lakh, it is mandatory to file the return online. Filing an Income Tax Return (ITR) helps to claim TDS refunds, makes loan applications easier, and allows you to carry forward losses. Additionally, you can claim deductions and exemptions under the Income Tax Act, 1961. Businesses which the total sales, turnover, or gross receipts exceeds Rs. 1 crore in the previous year. This limit has been increased to Rs. 5 crores from AY 2021-22 and further to Rs.10 crore with effect from AY 2022-23 (FY 2021-22)
Good And Services Tax (GST)
Goods and Services Tax (GST) is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. GST Registration is a process by which a business firm gets himself registered under GST. Once a business is successfully registered, a unique registration number is assigned to it known as the Goods and Services Tax Identification Number (GSTIN). Business firms with a turnover of Rupees 40 Lakhs (for goods) and Rupees 20 lakhs (for services) are required to register for GST and pay taxes on their taxable goods and services. Businesses with a yearly turnover of less than Rupees 40 Lakhs are not required to register for GST, but can choose to register for GST voluntarily.
Financial And Statutory Audits
A financial audit is required to assess a company’s financial statements for accuracy and compliance. It involves reviewing the income statement, balance sheet, and cash flow statement. It helps stakeholders, including investors, creditors, and regulators, have confidence in the company’s financial reporting
A statutory audit is a mandatory review of a company’s financial records. The financial statements are accurate and provide a true and fair view of the company’s results in a statutory audit. Statutory Audit is required by law and must adhere to legal regulations.
Professional Tax
Profession tax is a tax levied by the State Government on salaried individuals, working in government or non-government entities, or in practice of any profession, including Chartered Accountants, Doctors, Lawyers, Engineers, consultants, artists etc or carry out some form of business. This form of tax is in practice for a long time and States were conferred the power of leveling the Tax under Clause (2) of Article 276. The Profession tax rates is based on the Income Slabs set by the respective State Governments. However, the maximum Profession Tax that may be levied by any State has been capped at Rs 2500/-. The total amount of profession tax paid during the year is allowed as Deduction under the Income Tax Act.
For Employees, Profession Tax is deducted by the employers from the salary of the salaried employees and same is deposited with the State Government.
For other individuals, they have to directly pay it to the Government or through their respective Local Bodies appointed to do so. The tax has to be collected and deposited as per the timeline provided by the respective State Government. In case, one fails to do so, penalty and late fee would be applicable. The Tax is paid to the Government on Semi Annually basis.