Income Tax & GST

Application/ correction of PAN

Permanent Account Number (PAN) is a unique 10-digit alphanumeric identifier issued by the Income Tax Department. It is mandatory for filing income tax returns, TDS compliance, and most financial transactions. Application or correction of PAN can be done online and it is important to ensure that details such as name, date of birth, and address match official records.

Filing of income tax return/ forms

Filing of Income Tax Returns (ITR) is a statutory requirement for individuals and entities earning taxable income in India. The process involves disclosing income, claiming expenses, deductions, and paying taxes, if applicable. One of ITR-1 to ITR-7 is applicable depending on income type and entity structure. Accurate filing ensures compliance, enables refund processing, and avoids notices or penalties from tax authorities.

Filing of TDS returns

Tax Deducted at Source (TDS) returns are filed quarterly by entities responsible for deducting tax on specified payments like salary, rent, or professional fees. Returns must include details of deductees, amounts paid, and taxes deducted. Forms such as 24Q, 26Q, and 27Q are used based on the nature of payment. Timely filing ensures proper credit reflection in Form 26AS of deductee enabling such person to avail credit of same..

Setup of TDS process and related advisory

A structured TDS process involves timely deduction, deposit of tax, and filing of periodic returns. Businesses must identify applicable deduction sections, ensure correct rates, and maintain proper documentation. Internal controls are essential to prevent delays and mismatches. Efficient TDS management supports smooth compliance and accurate reporting of tax credits to recipients.

Advisory regarding international tax, DTAA

International taxation governs cross-border income flows under various heads such as royalties, interest, dividend and technical service fees etc. The Double Taxation Avoidance Agreement (DTAA) allows taxpayers to claim relief when income is taxed in both countries. Key considerations include withholding tax rates, permanent establishment rules, and treaty eligibility documentation to ensure correct application of benefits. Typically a person could avail provisions of local tax law or DTAA, whichever being beneficial. Thus, understanding of both is needed to choose one that suits an assessee more.

Tax planning advisory

Tax planning involves structuring financial affairs to minimize tax liability within the framework of the law. It includes optimizing deductions, exemptions, and incentives under the Income Tax Act. Effective planning aligns with business or personal goals, ensuring tax efficiency, compliance, and better cash flow management throughout the financial year.

Transfer pricing advisory

Transfer pricing regulations apply to international or specified domestic transactions between associated enterprises. The rules require pricing to be at arm’s length and supported by documentation and benchmarking/ comparable studies. Compliance includes maintaining Form 3CEB and contemporaneous records. Proper transfer pricing management reduces the risk of adjustments and tax disputes.

GST registration, amendment

Under the Goods and Services Tax (GST) regime, registration is mandatory once turnover crosses the prescribed threshold. It allows businesses to collect tax and claim input credit. Amendments may be required in case of address, business structure, or ownership changes. Maintaining updated registration ensures seamless tax operations and compliance.

Filing of GST returns

Registered taxpayers must file periodic GST returns to report outward and inward supplies, tax liability, and input credits. Common returns include GSTR-1, GSTR-3B, and GSTR-9. Timely and accurate filing ensures credit flow to recipients and avoids penalties or notices. Reconciliations with books and e-invoices enhance accuracy and compliance.

GST returns review and analysis

Regular review of GST returns helps identify data mismatches, errors in tax computation, and unclaimed input credits. Analysis ensures consistency between sales, purchases, and filed returns. Reviewing return trends also aids in detecting compliance gaps and improving accuracy in future filings.

Review of GST returns and preparation of reconciliations

Reconciliation under GST involves matching data between returns, books of accounts, and GSTR-2B. The process helps identify discrepancies in input tax credit and turnover reporting. Accurate reconciliations are crucial during annual return filing and departmental audits, ensuring transparency and avoiding interest or penalties.

Preparation of GST e-invoices

GST e-invoicing mandates registered taxpayers to generate invoices through government-approved Invoice Registration Portals (IRPs). Each invoice is validated and assigned a unique IRN and QR code. E-invoicing promotes transparency, reduces errors, and ensures real-time reporting to the GST system. Compliance thresholds depend on aggregate turnover criteria.

Setup of internal process pertaining GST

Establishing a robust internal GST process ensures accuracy in tax calculation, timely return filing, and efficient input credit management. Key elements include control over invoice generation, vendor reconciliation, and compliance tracking. Well-defined internal workflows and digital tools help businesses maintain consistency and readiness for audits or assessments.

NAC.