Tax Planning:
Tax planning is moral. Tax avoidance is immoral. Tax evasion is illegal
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency. Through tax planning, all elements of the financial plan work together in the most tax-efficient manner possible. Tax planning is an essential part of a financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.
Tax planning covers several considerations. Considerations include timing of income, size, and timing of purchases, and planning for other expenditures. Also, the selection of investments and types of retirement plans must complement the tax filing status and deductions to create the best possible outcome.
Sree Accounts provides complete assistance to our clients with respect to tax planning covering all the major areas to reduce tax liability without avoiding tax and according to your business requirements.
Income tax returns filing:
Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to like individuals, HUF, company, etc.
It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:
1. If your gross annual income is more than-
Particulars Amount2. If you have more than one source of income like house property, capital gains etc.
For individuals below 60 years Rs 2.5 Lakh
For individuals above 60 years but below 80 years Rs 3.0 Lakh
For individuals above 80 years Rs 5.0 Lakh
3. If you want to claim an income tax refund from the department.
4. If you have earned from or have invested in foreign assets during the FY.
5. If you wish to apply for visa or a loan
6. If the taxpayer is a company or a firm, irrespective of profit or loss.
Our Team assists clients in Selection of ITR and filing returns online.
TDS/TCS return filing:
TDS stands for tax deducted at source. 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.
TDS is deducted on the following types of payments:
SalariesHowever, individuals are not required to deduct TDS when they make rent payments or pay fees to professionals like lawyers and doctors.
Interest payments by banks
Commission payments
Rent payments
Consultation fees
Professional fees
We Deal with filing TDS / TCS RETURN FILING of clients within time to avid penalties.