Indirect Taxation Services

In spite of the various reforms that have been carried out in the past years, still in India the prevailing Indirect Tax regime is in the state of evolution. There are a plethora of rules, regulations and laws at the state as well as central level. In the present structure, it poses unique challenges to business organization and usually has noteworthy impacts on cash flow, risk exposures as well as absolute costs. To know about the continuous indirect taxes and their changes, you need to consult a chartered accountant. To get the best Indirect Taxation Services consult Mahaveer Singhvi and Associates.

The Government is striving to make indirect tax more assesse friendly through continuous changes. An active step has been taken with the proposal and implementation of GST to integrate all indirect tax laws under one law. These laws include Custom Duty, Central Excise Duty, Service Tax, Central Sales Tax and Value Added Tax. Major steps has been taken in this direction with the introduction of Negative List based Service Regime. This is being considered as an important move towards smooth switch to GST.

GST Law and Custom Tax Law are mostly based on transactions. Their liability will definitely arise regardless of profitability. A proper knowledge of indirect tax is important for every person working in the country since the overall indirect tax rates range between 17 to 28 percent which are based on the nature of goods. Thus, Indirect Tax exposure can grow faster if you don’t have firm understanding of Indirect Tax requirements and also a cohesive plan.

Mahaveer Singhvi and Associates with their Indirect Taxation Services can help with sensible, suitable and well-timed planning and ongoing compliance solutions to make sure that you are always on the right side of law. Our team can help you with developing or refining your strategy of Indirect Tax and also address the Indirect Tax implications of mostly all the types of transactions in your business. This ultimately will help you to minimize risk, reduce costs and also make you confident as nothing has been missed by you.

With our dedicated and experienced team of experts, we provide multidimensional professional Indirect Taxation Services. We give you the support and most importantly the perspective to effectively and efficiently manage your indirect taxes.

For your startup expansion or business related queries, our team is always ready with their Indirect Taxation Services and work for you satisfaction. Contact us at http://www.ca-msa.com/

Outstanding Auditing Services

Every year we have to go through the tedious process of filing our taxes. Whether you’re an individual or a business, filing taxes is an important task we all must complete! Although it may seem like a hassle, this is a necessary step we must take to ensure that the government does not audit you. However, even though this is well known, many individuals and organizations face the brunt of government audits because of improperly filed taxes. Though it may not seem such a big deal to you, tax evasion is a crime punishable by imprisonment. 

A number of individuals have had to suffer through long sentences in jail due to tax evasion. Make sure you or your business are properly covered by properly filing your taxes on time. In case you are not well versed with the intricacies involving tax filing, it is always advisable to seek the help of a professional.

You need to find professionals who have the experience and the skills to handle your auditing work with ease. 

Someone who has been working in the auditing sector and who know the process from top to bottom. However, finding professionals who you can trust with your auditing work is never easy. Despite having the required qualifications and experience if the auditing service you choose does not handle the work in a reliable manner, it is of no use. It is always advisable to go through previous client reviews of the business to check if the professionals you have chosen can handle your auditing work. Keeping your accounts and taxes in order will not only help you or your business grow, but it will ensure that you’re not bothered by the government or face charges for not filing taxes.

If you’re in search of reliable professionals to handle your auditing work, we can help! We provide outstanding auditing services to cater to your needs. Our professionals have the skills and the experience to handle your work in an efficient and reliable manner. When you choose us for your auditing needs, you can be at ease knowing that you’ll get nothing less than outstanding work. We strive to ensure your complete satisfaction with our services. Our commitment to providing each of our customers with only top-notch work is what sets us apart! You can rely on our dedicated professionals to exceed your expectations with our products and services. Visit us at http://www.ca-msa.com/ to find out more!

The taxpayers behind the curtains- Direct and indirect taxation

Direct Tax

The tax levied on a person’s income and wealth which is paid directly to the government is known as a direct tax.

The tax is progressive in nature i.e. it increases with an increase in the income or wealth and vice versa. It is levied according to the paying capacity of a particular person, that is, the amount of tax collected from the rich people is lesser compared to the amount of tax collected from the poor people.

There are several types of Direct Taxes, such as:

·         Income Tax

·         Wealth Tax

·         Property Tax

·         Corporate Tax

·         Import and Export Duties

Indirect Tax

Indirect Tax can be described as tax charged on a person or persons who consume services and goods and is paid indirectly to the government. There are several types of Indirect Taxes, such as:

·         Central Sales Tax

·         VAT (Value Added Tax)

·         Service Tax

·         STT (Security Transaction Tax)

·         Excise Duty

·         Custom Duty

Income Tax

Taxable income refers to total income minus applicable deductions and exemptions. If the taxable amount is above the minimum taxable limit, then tax is payable and is paid as per the different rates that have been announced for each tax slab for that particular financial year.

Corporation Tax

Corporation Tax is paid by companies and businesses on the income earned worldwide in a given financial year.

Wealth Tax

It is taxed at the rate of 1% of the net wealth.

Capital Gains Tax

Capital Gains Tax is usually taxed at two different rates based upon how long the property was owned by the taxpayer. Evidently, Capital Gains Tax is of two types-

·        Short Term Capital Gains Tax

·        Long-Term Capital Gains Tax

Indirect Taxes-

Sales Tax

This kind of tax is charged for the movable goods.

Service Tax

Service tax is applicable to all services provided in India except a specified negative list of services that are exempt. The service provider pays it to the government who in turn collects it from the end user by the provider at the time of provision of the said service.

Mahaveer Singhvi & Associates is a Chartered Accountant's firm. They provide extensive professional services in the areas of Advisory Services, Auditing, Taxation, and Management & Consultancy Services. Find more about them here at http://www.ca-msa.com/

TIPS YOU SHOULD CHECK OUT BEFORE COMPANY INCORPORATION IN INDIA

Company incorporation is a major work to do before setting up finances and discussing markets. First thing first, there is a lot of paperwork and details to be sorted out. A lot of complex legal framework can mess up your good work and sink your company under the water!

There are three major rules that mainly work for the upcoming companies and should be kept in mind!

Together, rule number 8, 9, and 36 are the important ones which describe all the major procedures for incorporation of the company and its subsequent naming. Here are a few salient points about these procedures:-

●       The first rules state the name of the company should not be “undesirable “to the work or against the main members of the company.                                                                                                      The name of the company which is not in sync with the principal objects of the company by simple conjunction of association. The name is vague. Or it may produce a false impression on its clients and mistakenly refer to other products or services.

●       The name which is intended or likely to produce a misleading impression regarding the scope or scale of its activities which would be beyond the resources at its disposal cannot be chosen.

●       If the company changes its services, then the name of the company needn’t be changed.

●       If the company is named after a particular person or relative, then it must be done so with the consent of the person and the board

●       The details for incorporation of a company in India can be uploaded in an e-form. Errors can be rectified in 15 days. Else the registrar provides another 15 days for rechecking and corrected submission.

●       The name of the company cannot be similar to any other company providing the same kind of goods and services.

●       The kind of legal framework required for the incorporation of the company should be dealt with a lawyer.

●       The board of trustees in any forming company should be allowed to know all the regulations that are being stipulated in the forming contract.

Of course, there are companies like Mahaveer and Singhvi Associates- (http://www.ca-msa.com/) which can help you iron out and sort out all kinds of details that become a huge jumble while forming a company. After all, even with recent laws easing up the situation, company incorporation is a tough task and companies like this are needed for you to guide the way!

TIPS TO ENSURE PROPER BUSINESS TAXATION

Running and handling your business is a tricky thing as it is, and then comes the complicated legal tangle of various business taxation reports. How much tax should you pay, inclusive of profits, cost calculation and transport is a muddle that only a financial guru can help you with. Of course, in the recent days, there are a plethora of good companies which can audit your business and solve all problems related to business taxation.  

Mahaveer and Singhvi Associates- http://www.ca-msa.com/ are a good chartered accountant firm which can help you calculate the proper amount of tax as required by the government and help you plan your tax returns carefully. They will also be able to suggest a better way to reduce the taxation levied on your business.

Here are a few tips given by many popular websites on how to handle business taxation issues:-

1. Consolidate your Business structure

There are certain business structures that could beneficial to you in a financial point of view. These structures will provide you with some protection from the liabilities of your company and they help reduce taxation for any particular asset. So plan and segregate your business wisely.

2. Payroll and taxes

It is not a matter of joke to figure out the salaries of all employees working under you and also figuring out the state and central taxes being deducted from them. Also, there may be many kinds of hidden taxes levied in different directions. It is best to use a good reputed firm to figure out the exact distribution and payment of their taxes.

3. Other c and fees

There are many kinds of tariffs and taxes levied based on the kind of product you are selling to the kind of service you are offering. There are different categories of products that have different rates and concessions. It is necessary for you to know all these concessions and claim the reliefs you can get in a certain time period from the strenuous business taxation.

Thus, business taxation is not an easy matter to get rid of, but with proper caution, care and regularity, you can handle all aspects of your business properly without letting the taxes become a headache. Remember, in the end, death and taxes are inevitable; however, there are companies who can assure that at least one of them doesn’t have a bad ending!

Payroll accounting- Sometimes going conventional is better

Outsourced payroll accounting offers loads of various advantages– for the client, the workers and the organization (of all sizes). This article takes a look at probably the clearest favorable circumstances to expect when you make use of external payroll accounting. We know there are numerous automated options available with companies nowadays however the age old human touch to crucial operations such as payroll makes a huge difference in yearend results.

1. Auditing employee logbooks

Auditing employee logbooks give you a super simple approach to oversee sick leave, nonappearances and extra minutes. In a glance you can perceive to what extent employees are away for, regardless of whether they ought to be working away, what sort of leave they are presently on, how much leave they are qualified for and so on. It makes arranging a considerable measure less demanding.

2. Cost effective

By running with an expert administration, there is incredible potential to spare cash… particularly once you can develop familiarity with your payroll accounting Partner Company. Usually, studies show there are drawbacks by not running with an expert administration which can cause financial losses.

3. Tax updates

You may have missed the most recent tax updates, yet an able payroll accounting partner will enable you by advising you when these updates to arrive.

4. Create Payslips

While payroll accounting services offer some of the advantages given here in this rundown, making payslips is an additional benefit our company provides. Business payroll services enable you to rapidly and effectively create payslips for every one of your workers, and with formats you can make sure that the statutory least measure of data is incorporated.

6. Spare Time

It clearly requires additional investment and additional assets for a business to deal with its finance, however outsourced payroll administration ensures that a company management has time to do the things they are adept at doing and bring them direct monetary value.

7. Included Security

By overseeing finance externally with payroll services, an organization removes the vulnerability that accompanies crucial data being mishandled by staff that may not be expert in these things.

Mahaveer Singhvi & Associates offers a slew of accountancy services to ensure effective payroll accounting methods to keep your payments in good order. For top notch payroll accounting consultancy, visit our website at http://www.ca-msa.com/

All about Indirect taxes

What is Indirect Tax?

These sorts of taxes paid on Consumption by the purchaser yet they don't pay specifically to the legislature (not at all like pay tax). For instance, we pay VAT and different taxes on obtaining an item.

Types of Indirect Taxes in India

Here are a few sorts of indirect taxes accessible in Indian Constitution Bill. We characterize underneath:

A. SALES TAX:

The tax that duties on the offers of merchandise. Union Government forces the business tax on the Inter State deal, while the deal tax on Intra-state deal is imposed by the State Government. This tax is partitioned into three sections as Inter-State Sale, Sale amid import/fare and Intra-State deal.

B. SERVICE TAX:

This tax is an indirect tax that taxpayers need to pay benefit tax on paid administrations. Paid administrations are phone, visit administrator, draftsman, inside decorator, publicizing, wellbeing focus, saving money and monetary administration, occasion administration, upkeep benefit, consultancy benefit. The Interest on the administration tax is 15%.

C. VALUE ADDED TAX:

This kind of tax is gathered by the state government. For a case, on the off chance that we buy a decent then we should pay an option tax as Value Added Tax to the administration. VAT rate is chosen in view of nature of thing and state.

D. CUSTOM DUTY AND OCTROI TAX:

This tax is exacted on those products that are foreign made into India from outside. The Custom Duty tax is paid at port of passage in the nation as the airplane terminal. This tax rate likewise shifts over the idea of products. While, the Octroi tax is charged on the products going into the district.

E. EXCISE DUTY:

This is additionally an indirect tax that tolls on the products which, are created inside the nation. This tax isn't identified with the Custom Duty. Extract Duty is otherwise called Central Value Added Tax.

F. GST

GOODS AND SERVICE TAX is the most aggressive tax administration in India and furthermore the most recent indirect tax presented in the Indian constitution. There are different types of GST which have been presented to be specific:

SGST (State GST) – The SGST will be taken care of by the state government in which all the taxes gathered under the state arrangement will go under the SGST

CGST (Center GST) – CGST is a focal GST which will be gathered by the focal government by virtue of each exchange having an interstate

IGST (Integrated GST) – Integrated GST will be charged at whatever point an exchange happens between two states with an offer of state and focus both with a predetermined extent chose

Mahaveer Singhvi & Associates offers expert help in dealing with all your business taxes, we also help you file your tax returns on time to avoid any penalties. For all your tax knowledge, visit our website at www.ca-msa.com

Four ways you can file your income tax

Too much last minute rush is the reason why one must not wait till the last date to file their tax returns. There have been cases where people were unable to pay their taxes, missing out because they waited till the very last day. Also, during all the hurry, your form filling could be error prone. If you haven’t done your income tax filing formalities, here’s how you do it.

On your own:

If your annual income was less than the amount set by the government and there weren’t any claims, you can file your income tax returns yourself. You can either do that online or physically by getting the form from the income tax office of their website. Don’t forget to take an acknowledgement that is stamped, when you file your tax returns physically.

Tax return preparers

Income tax department has appointed tax return preparers (TRPs) who assist people filing in their income tax returns. They are trained to file your returns for you. From the website, you can find the registered TRPs in your area with their contact details. Based on the amount of tax yu are paying, they are paid by the compensation on each return filed. The higher your tax amount, the higher their compensation. If you are using this method, ensure that you have your TRPs details and counter signature on the ITR form.

E-filing smartphone applications

With advancement in technology, it is now possible to file your returns through mobile phone. All you need is a smartphone and internet. There are mobile apps for filing returns. As of now, most of these apps have the provision to file only ITR-1 or returns that are from salary and interest. Refund status check and tax calculator are also available on this app. Most of these services are free as well.

Chartered accountants

Self-filing can be a hassle if there are tax audits, complexity and multiple income sources (and deductions) are involved.  In such a case it is advised that you must consult a chartered accountant. Their charges will vary with respect to the income source and how complex the return filing is. Higher the complexity, the higher the charge. There are online portals as well that will get you in touch with a CA on the phone, at a third of the price.

Income tax filing is not a complex process and one must do it well in advance to avoid the last minute rush. Filing taxes does not have to be as scary as it is made out to be. Let our experts offer professional help in filing your income taxes on time. To know more about our services, do visit our website http://www.ca-msa.com/

A brief understanding about Indirect taxes

An indirect tax is a tax that is paid to the government by one entity in the supply chain, but it is passed on to the consumer as part of the price of a good or service. The consumer is ultimately paying the tax by paying more for the product.

An indirect tax may increase the price of a good to raise the price of the products for the consumers. Examples would be fuel, liquor, and cigarette taxes. An excise duty on motor cars is paid in the first instance by the manufacturer of the cars; ultimately, the manufacturer transfers the burden of this duty to the buyer of the car in the form of a higher price.

A brief understanding about Indirect taxes

The most common example if an indirect tax is import duties. The duty is paid by the importer of a good at the time it enters the country. If the importer goes on to resell the good to a consumer, the cost of the duty in effect is hidden in the price that the consumer pays. The consumer is likely to be unaware of this, but he will nonetheless be indirectly paying the import duty.

Essentially, any tax or fees imposed by the government at the manufacturing or production level is an indirect tax.

What are the features of Indirect tax?

Indirect taxation is policy commonly used to generate tax revenue. Indirect tax is so called as it is paid indirectly by the final consumer of goods and services while paying for purchase of goods or for enjoying services. It is broadly based since it is applied to everyone in the society whether rich or poor.

What is excise duty?

Excise duty is a governmental tax meant for producers and manufacturers on certain goods.

Manufacturers are considered to be:

• ·        Entities that manufacture goods themselves.
• ·        Entities that outsource manufacturing, but manufacturing takes place from their name

To cover these costs, manufacturer adds them to cost of goods sold, where the buyer ends up paying for these costs. Thus, it is considered to be an indirect tax.

Advantages

They are convenient to both the tax-payer and the State. The tax-payers do not feel the burden much, partly because an indirect tax is paid in small amounts and partly because it is paid only when making purchases. But the convenience is even greater due to the fact that the tax is "price-coated". Indirect taxes can be spread over a wide range. Very heavy direct taxation at just one point may produce harmful effects on social and economic life. As indirect taxes can be spread widely, they are more beneficial and suitable.

Mahaveer Singhvi and Associates provides wide range of services. For more details, do visit our website at http://www.ca-msa.com/