Income Tax and Audit
Services
In today’s global economy, effective tax advice and planning can give your business a competitive advantage. At Enwisen, we have a dedicated team of Chartered Accountants having vast experience in the field of Income Tax and Audits. Our dedicated team currently managing multiple engagements pertaining to Income Tax and audits for companies, firms and individuals. Our team has worked on multiple projects with companies from various industry backgrounds such as Manufacturing, Textile, Real Estate, Automobiles, Chemicals, Food Processing and Hospitality.
As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department. The company or person that makes the payment after deducting TDS is called a deductor and the company or person receiving the payment is called the deductee. It is the deductor’s responsibility to deduct TDS before making the payment and deposit the same with the government.
The TDS while making payment to parties for qualified expenses must be deposited before the 7th of next month. For example, the TDS deducted in Dec 2019 is payable on or before 7 Jan 2020.
A deductor has to deposit the deducted TDS to the government & the details of the same have to be filed in the form of a TDS return. A TDS return has to be filed quarterly.
Form 16, Form 16A, Form 16B & Form 16C are all TDS certificates. TDS certificates have to be issued by a person deducting TDS to the assessee from whose income TDS was deducted while making payment.
ITR filing is an annual event applicable for all types of taxpayers whether it is a company, LLP or Individual. It is mandatory to file a return of income for a company and a firm. However, individuals, Hindu Undivided Family (HUF), Association of Person (AOP), and Body of Individual (BOI) are mandatorily required to file a return of income if the income exceedsthe basic exemption limit. This limit is different for senior citizens and super senior citizens.
At Enwisen, we are taking due care of compliances such as calculation of the tax liability, payment of tax and filing of Income Tax Return within due date to avoid any penalties.
As per Section 195 of Income Tax Act, 1961, every person liable for making a payment to non-residents shall deduct TDS from the payments made to non-residents if such sum is chargeable to Income tax then the withholding tax needs to be deducted and form 15CA and 15CB are the declarations for the same.
A person making the remittance (a payment) to a Non Resident or a Foreign Company has to submit the form 15CA. This form is submitted online. In some cases, a Certificate from Chartered Accountant in form 15CB is required after uploading the form 15CA online.
Paying Income tax at the end of the financial year becomes challenging for most of the people. But with proper consultation and timely advice from our experienced professionals, we can enable you with planning that will result in reduced financial stress and tangible tax savings.
Refund arises when taxes paid are higher than your actual tax liability (including interest). It could be in the form of advance tax, self-assessment tax, tax deducted at source, foreign tax credit, etc. Many a time, it is possible that your return may not have been completely processed by CPC for some reason and no refund is issued to you. We help our clients in getting these refunds.
Non-resident Indians (NRIs) need to attend issues relating to Tax, Foreign Exchange Management Act (FEMA) and other financial affairs in India. NRIs are also required to file an Income tax return when they have any income that is accrued or arises or have been received in India. Filing of return is compulsory if their income exceeds the basic exemption limit. They are also confused as to whom and how to communicate to the person in Authority. Our expert team of income tax professionals assists NRIs to attend all affairs and issues without the need for them to be present in India.
Profit arising on sale of any capital asset is termed as capital gain and bifurcated into short term or long term for tax purposes. It depends upon the period of holding and type of capital asset.
Long term capital gains are chargeable to income tax @20%. There is no minimum exemption limit prescribed so the entire amount of capital gains will qualify for the taxable income. To save the huge tax, it becomes important to invest the amount of long-term capital gains.
Generally, the Income Tax Office issues certain notices which will be dealt with by us in a very professional way in order to provide the best service to our reliable customers. We deal with all the notices issued by the Income Tax Department and appeals.
Income tax notices are sent by the Income Tax Department for various reasons like non-filing of income tax return, defect in the filing of tax return or other instances where the tax department requires additional information or documents. On receiving an income tax notice, there is no reason to be alarmed or frightened. However, the taxpayer must take steps to understand the nature of notice, the request or the order in the notice & take steps to comply.
We offer a comprehensive service to our clients to help them maintain their tax compliance. In case you receive an income tax notice, get in touch with our tax expert to better understand the income tax notice & determine a course of action.
With increasing globalization, Multinational Companies across the world are investing more and more in India and as they go about establishing themselves, it is very crucial for them to understand India’s tax structures and regulatory policies. Similarly, Indian domestic companies interested in or planning to go global or be listed on the overseas bourses also need to understand the complexities of cross-border taxes and regulations. Knowledge of corporate tax and regulatory framework for carrying out any activity is now an integral part of doing business in India or overseas.
The Double Tax Avoidance Agreement (DTAA) is a tax treaty signed between two or more countries to help taxpayers avoid paying double taxes on the same income. A DTAA becomes applicable in cases where an individual is a resident of one nation but earns income in another.
Another key area is transfer pricing, which due to increased global trades, confronts a company with cross border transactions with complex tax issues. As global trade increases, companies are confronted more and more with complex issues associated with intercompany pricing.
A trust can be created by the execution of a trust deed; there are two types of trust. A public trust (charitable trust) is created for the benefit of the general public whereas a private trust is created for the benefit of a particular group of individuals known as the beneficiary.
The first step to register a trust starts with the drafting of a trust deed. The next step is to seek an appointment with the sub-registrar office having jurisdiction based on the registered office of the trust.
The registration process is then undertaken by the office of the sub-registrar, and the registered deed can be collected. The next logical step shall be to get the PAN and TAN Number allotted for the trust and opens a Bank A/c for the trust.
Government privileges and tax benefits are not available to a private trust, whereas public trusts after registration with the income tax by getting 12AA and 80G registrations can avail tax exemptions. Enwisen has an experienced team of Chartered Accountants, which helps clients for obtaining Trust registration, 12AA and 80G registrations for tax exemption.
The purpose of Audit is to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions. A well-conducted audit can provide business owners with valuable information and assurance that statements are truly and fairly presented.
At Enwisen, we have been working with clients from different industries such as Information Technology (IT), manufacturing, garments, Chemicals, Textiles, Hospitality, pharmaceuticals, Educational Institute, Ecommerce, automobiles, real estate, etc. We are also providing extensive services to startup ventures, incubators, etc. We have also carried out the PAN India stock audit assignment. We provide extensive services with respect to Audit & Assurance resulting in an overall gain for the organization.
