- Obtaining PAN, TAN
- Conducting Transfer Pricing Study and submission of TP Report
- Obtaining a Tax Residency Certificate (TRC)
- Income Tax Planning and IT Return filing for individuals and corporates.
- Obtaining Lower Tax Certificate both for Resident and Non-Resident assesses.
- Conducting Tax Audit and submission of Audit Report
- Tax planning and tax consulting for Resident as well as Non-Resident assesses
- Issue Certification for repatriation of funds from India
- Attending scrutiny assessment
- E-TDS return filing
- Drafting appeals and appearing before the CIT
Businesses that are not in favour for the presumptive taxation scheme
If the total sales, turnover or gross receipts of the business exceed Rs 1 crore in the FY
Businesses that are eligible for presumptive taxation.
This will be under Section 44AE, 44BB or 44BBB. Claims profits or gains lower than the prescribed limit under the presumptive taxation scheme.
Businesses that are eligible for presumptive taxation under the Section 44AD
If the declared taxable income is below the limits prescribed under the presumptive tax scheme as well as the income is exceeding the basic threshold limit.
Businesses that are not eligible to claim presumptive taxation under Section 44AD. This is because they opted out for presumptive taxation in any one financial year of the lock-in period. That means in 5 consecutive years from when the presumptive tax scheme opted.
If the income of the business is over the maximum amount free to tax in the subsequent 5 consecutive tax years. This will be counted from the financial year when they opted out the presumptive taxation.
The businesses which are declaring their profits as per presumptive taxation scheme under the Section 44AD
There is no need for tax audit for the business if the total sales, turnover or gross receipts of the company is less than Rs 2 crore in the financial year.
If the loss is from operating the business and not selecting the presumptive taxation scheme
If the total sales, turnover or gross receipts of the company is more than Rs 1 crore
If taxpayer’s total income is more than the basic threshold limit, but still he or she has incurred a loss from operating the business. Situations where the company does not opt for the presumptive taxation scheme.
If the business faced loss when sales, turnover or gross receipts is more than 1 crore. Then the taxpayer is subject to an income tax audit under 44AB.
Operating the business while opting for presumptive taxation scheme under section 44AD. If the business faced a loss, but with income is below the basic threshold limit.
The Tax audit is not applicable
Operating the business with presumptive taxation scheme under section 44AD and facing a business loss, but the income is exceeding the basic threshold limit.