The Goods and Services Tax (GST) has consolidated an overabundance of indirect taxes levied by the Centre and states into a common tax. It eliminated multiplicity of taxes thereby reducing the complexity and removing the cascading effect of taxes. Present taxes levied on the sale of goods or services by either Central or State Government are embraced under the GST rule. Goods and Services Tax came into effect on July 1, 2017.
GST registration process under the new GST rules is done through an online portal that is conserved by the Central Government of India. Our experts can get your GST registration done in a short period of time.
We will keep you updated with any new compliances announced by GST Council.
We can help you with your self-assessment of GST. Our team will assist you in whole process of assessment carried out by tax authorities.
GST Act mandates every registered entity to furnish details of its sales and purchases including tax paid and collected thereon by filing GST returns Taxpayers must provide accurate information to department as the system is designed so that all transactions are in matched with each other and no transaction is left unnoticed between buyers and sellers. GST team of Gupta Puneet & Associates let you focus on your business, by filing your tax returns in compliance with GST rule.
Our team of experts with rich knowledge on GST, perform audits and prepares required audit reports for its clients.
We can help you with your self-assessment of GST. Our team will assist you in whole process of assessment carried out by tax authorities.
Fill Part A of Form GST REG-01 on GSTN Portal. The GST portal verifies the submitted details using the One Time Password (OTP). You are expected to acknowledge the temporary reference number (TRN) sent to the registered mobile number and e-mail address through the GST REG-02 Form. Fill up Part- B of the GST REG-01 form and mention the TRN. You need to attach all the necessary documents in this part. After submitting Part-B, you will receive the Application Reference Number (ARN) through an e-mail or SMS. It can be used later to track status of your application. If you miss to fill any information or any other extra information is essential, then you will receive GST REG-03. This is to be replied through the GST REG-04 form with all the additional information within seven working days of receiving the GST REG-03. After submission of all the details through the above mentioned forms, you will receive GST REG-06, this contains the registration certificate issued for the principal place of business and other additional places of business. If there are several different business verticals within a single state, then, one has to file different and separate applications under GST REG-01 for each individual vertical. *The authority may also reject your application if they find the details provided to be unacceptable. You will be informed about this in Form GST REG-05. *If you are required to collect TCS or deduct TDS, you are required to submit an application through GST REG-07 for the same.
Income Tax Return services and income tax consultants in Bathinda. Income tax Return is a form in which a person files information on his income earned during a financial year and its tax thereon to the Income Tax Department. Under Income Tax, a person can be an individual, HUF, Firm or LLP, company, NGO, Society, Trust etc.
The government has made it mandatory for individuals and others who earn a specified amount of annual income to file their ITRs within the due dates prescribed under the act. Those who earn less than the amount chargeable to tax can also submit their returns voluntarily.A lot of individuals think filing of income tax return an unnecessary and voluntary task and thereby wholly ignores the benefits associated with filing of tax returns. Filing of returns is not at all burdensome process; instead, it is effortless and beneficial. As a responsible citizen of the country, it is your social and moral duty as well to file income tax returns annually.
We at Gupta Puneet & Associates help you in calculating your correct income tax payable or refundable; provide the best consultancy in reducing your tax liabilities and significant tax reliefs which may get ignored by individuals if a professional is not hired. Our team of experts can assist in income tax return filing in Bathinda so that returns can be filed on time. If you are seeking ITR filing in any part of the country, our team can help you with that.
Quick Visa Approvals: For visa approvals, it is mandatorily required by the Immigration department to produce the proof of Income tax returns along with scrutiny of other essential documents.
Any income tax-related refunds and losses in the business can only be claimed from the IT department when a taxpayer duly files a return. It is equally required to carry forward the previous year losses as well.
There are punitive provisions in the income tax act in the form of fines, penalties and prosecution if a taxpayer fails to file the return of income when he is required to file as per the law. It is advisable to file these returns either on your own or by hiring someone like the income tax consultants who can do this for you. If you are searching for a CA for income tax filing in Bathinda or a tax consultant bathinda, you can reach out to us as we are one of the best tax firms in bathinda, and we aim to serve our clients with the most satisfactory services.
Hindu Undivided Family (HUF) is treated as a separate entity for assessment under the Income Tax Act. HUF does not originate from a contract. HUF is in itself a creation of law. After marriage, as soon as a child is born, HUF comes into existence. HUF consists of Father, sons and daughters. Wife is not part of the HUF. Sons and daughters and the father, i.e. Karta are the co-parceners in the joint family and have a right to command partition. The Karta can deliver his share in the co-parcenary to his wife.
If courts make the partition of HUF, the courts will always award equal partition. However, the family can mutually give effect to the partition without moving to the courts, and that can be unequal as per their agreement.
The provisions of computing income of the HUF are the same for a normal person. We can help you in forming HUF as well as in filing the income tax return.
ITR Filing of Partnership Firms
More than one person forms a partnership firm for conducting business under one entity. There are two types of firms (other than LLPs)-
– Registered partnership firm
– Unregistered partnership firm
A registered firm is a firm that has been registered with the Registrar of Firms and has obtained a registration certificate. Any partnership firm that does not have a registration certificate from the Registrar of Firms is unregistered. Under the Income Tax Act, 1961, a partnership firm and LLPs are liable to pay tax @30% flat rate increased by 12% surcharge if taxable income exceeds 1 crore followed by 4% health and education cess.
A partnership firm is a distinct legal entity from its partners, unlike sole proprietorships. It is also essential to pay income tax for a partnership firm, irrespective of the firm is registered or not. Just like LLPs and private limited companies, a partnership firm is also required to pay alternate minimum tax as per the applicable rates. To file tax returns for a partnership firm, one must submit the Form ITR-5. The form ITR-5 is used to file tax returns of the partnership firm only. There is a separate form available for the individual tax filing of partners of the firm. Similar to all other income tax return filings, ITR-5 can be submitted online via the income tax department’s online portal.
Our team of professional experts assists you in filing income tax return and guides you on all compliances applicable to a partnership firm. We are one of the best Tax Consultants in Bathinda serving partnership firms in filing their return of income.
ITR Filing of NGO/Trust/Society
Trusts have a unique tax mechanism. In the case of an assesse who is engaged in the business, usually, all expenditures incurred are permissible as deduction as it relates to earning of the income. The same is not in the case of trusts. In case of a trust, there is no nexus between the income (i.e., receipts by way of donations, grants, etc.) and expenses (application of money). As a result, the gross revenue of trust is liable for tax irrespective of the amount expended towards its charitable cause. For becoming eligible for availing deduction towards the amount applied for a charitable purpose, trust must get registration u/s 12A of the Income Tax Act-1961.
The registration is a one-time procedure. After registering, trust can claim exemptions provided under the income tax. Trusts and NGOs registered under section 12A can exercise waiver from paying income tax on its receipts. The amount collected will be free from taxes as the fund used for charitable or religious purposes is deemed to be the application of income. The “application of income” refers to the expenditure towards charitable or religious purposes when computing the income for taxation.
The person registered under this section gets the benefit of setting apart 15% of the receipts for which no restrictions prevail for its application under the act. Such accumulated amount is granted as an application of income u/s section 11(2) & does not form part of the total income of a trust. Also, once the registration is granted, it last till it is cancelled by the Commissioner of Income Tax (Exemption) for any valid reasons. There are not any requirements for renewing the registration. Charitable Trusts, Religious Trusts, Societies and Section 8 Companies claiming exemption under Section 11 and 12 of the Income Tax Act, must get 12A registration.
Taxpayers may find it cumbersome to deal with such critical matters by themselves. Therefore, it is equally important to hire the right professional expert who can do this all for them. We, at MAG, take the utmost care of such requirements of a client. We, one of the best tax consultants in India,assist them in filing the income tax returns and meeting other regular compliances as per the provisions contained in the law.
We are one of the best Chartered Accountant Firms in Bathinda. If you are seeking a tax consultant in Punjab to get assistance on how to file income tax returns, you can approach us. We are considered the best CA for NRI return filing in India and the best income tax consultant in Punjab for delivering quality services to our clients.
Employees Provident Fund and Employees State Insurance are two social security scheme availably to the working class in India. These are the central government schemes, comes under the jurisdiction of The Ministry of Labour and Employment. Both the schemes introduced with the objective to improve the working class condition. It’s the employer’s duty to register under both the schemes.
Employees Provident Fund is a saving fund that accumulates during the employment tenure of an employee. Its objective is to manage the provident fund of the government and private sector employees, helping them financially on their retirement.
Employees State Insurance is a self- financing social security and health insurance scheme offering medical and disability benefits to the Indian workers. It aims to provide medical and cash benefits to the employees and their families through their large network of offices, hospitals and dispensaries throughout the country. EPF and ESI focus on undertaking the activities that ultimately provide social security to the members of the fund.
EPF any establishment which is a factory engaged in any industry, with 20 or more employees. Employees having basic salary max up to Rupees 15000 + dearness allowance (if any) of every month. Establishments having employees less than 20 can also register under EPF only if both employer and employee are willing to do so.
ESI all the establishments which are covered units. Covered units include industry, hospital, restaurant, shop, theatre, pharmacy, hotel etc. In ESI employee strength shall be 10 or more. The wage limit of employees is maximum up to Rupees 21000 for ESI coverage.
A digital signature is an e-signature that is backed by a digital certificate. Digital signatures comply with regulations around the world and provide the highest level of identity assurance when dealing with digital documents.
Digital signatures backed by digital certificates issued by third-party providers help you comply with regulations around the world.
Your digital signature and the signed PDF electronic document are cryptographically bound and secured with a tamper-evident seal.
Use your unique digital identity to easily validate your credentials and authorize your signature when you digitally sign.
Digital signature validation requires renewal -the signed document and digital signature are designed to be revalidated for at least 10 years.
A digital signature is a specific type of signature that is backed by a digital certificate, providing proof of your identity. Digital signatures are recognized as being a more secure type of e-signature because they’re cryptographically bound to the signed document and can be verified. When you use a digital certificate obtained from a trusted third party to e-sign, the resulting digital signature is virtually impossible to spoof. It also provides powerful evidence of signer identity, that the signed document was not altered, and that the signatures are valid.
MSME Registration is a registration for enterprises are reaping various benefits out of it. MSME Registration opens the new prospect of opportunities for the enterprises registered under it. Are you planning to get your enterprise registered under MSME? Contact us and get MSME Registration done!
The Ministry of Micro, Small and Medium Enterprises, broadly known as MSME, is the premier Government body that deals with the formulations and management of rules, guidelines, and laws pertaining to small scale industries in India. The MSME came to effect on October 02, 2006. It aims to incentivize, facilitate, and boost the competitiveness of MSMEs working pan India.
MSME, i.e. Micro, Small and Medium Enterprises, is considered as the backbone of the Indian Economy. The MSME sector encompasses a massive number of small scale industries under its belt, making it one of the prominent GDP contributors of India. MSME is a government-backed initiative that seeks to boost the growth of small scale industries operating in the organized and unorganized sectors.
Previously, the prevailing MSME Classification was based on the criteria of investment in production facility and machinery. So to access MSME benefits, the MSMEs have to confine their investment to the lower level, as shown below:
Standard Documents Needed for MSME Registration
PAN and Aadhaar cards are the only essential documents required for MSME registration. This registration is fully web-based, and no proof of documents is needed. GST and PAN linked particulars on annual turnover and enterprises' investment will be secured automatically by the portal from the government databases.
Are you in search of Chartered Accountant (CA) / Consultant for Net Worth Certificate for VISA? Gupta Puneet & Associates is Best Consultant Near to you for Preparation and Issuance of Networth Certificate. We provide Networth Certificate for VISA at all locations of India.
Net Worth means the total Wealth of the person after deducting the total liability of person. Wealth Includes Immovable Properties and Movable Assets. Networth Certificate is the statement showing Total Movable Assets and Total Immovable Properties of Person. Generally Consulate or VISA Agent demands the statement of wealth commonly known as Networth Certificate for VISA.
In India, Only Practicing Chartered Accountant (CA) Certify Networth Certificate for VISA. Certificate must quote the UDIN (Unique Document Identification Number) Duly Generated by Chartered Accountant for Online Authentication of Networth Certificate. Also Seal of CA and Sign of CA required with Date and Place of Singing of Networth Certificate.
For a speedy and efficient collection of taxes, the Income Tax Law has integrated a system of deduction of tax at the time of generation of income. This system is known as “Tax Deducted at Source”, generally called TDS. Under this mechanism, tax is deducted at the point of origination of income.
The payer deducts tax, and the same is directly remitted to the Government by the payer on behalf of the payee. The concept of TDS was introduced to combat and reduce tax evasion. The provisions of tax deducted at source currently apply to several payments like salary, interest, commission, brokerage, professional fees, royalty, etc.The recipients of such income can claim an Income Tax TDS refund of the excess tax paid by them in the form of TDS at the time of filing their ITR if their tax deducted is more than the required amount.
Project report for bank loan A project report for bank loan is a document which details out about a business or project for which finance is being sought. It contains the details about the financial, economic, managerial, technical aspects of the project or business in question.
In the dynamic business environment of a bustling metropolis, numerous businesses are known as flagship or premium brands in their respective industries. If you are looking to start a new venture that can compete with the industry
giants, or expand your business through a new wing, you may be considering registering your business or setting up a company in India. People prefer to go for private limited company registration in Delhi since it involves various benefits to the entities.
In this world of corporatization, registering a business in India can be a great way to expand your company and ensure your success while hiking your ROI. Not only the registration will lower your tax rates, but it will also make you free of liability which means that you can focus on turning your business into the lucrative venture that you always wanted it to be. Company registration in India has tons of benefits.
Some of these are outlined below. Have a look!Online Company Registration in India whether Public or Private Limited Company registration for your business is important because even if your business doesn’t function in brick and mortar and you just have your prominent online face, selling a defective product or making an error can make you personally liable because of your sole ownership or partnership. Running a business like this can be risky as this can mean that your personal assets are also on the line. But if you are registered, debts that attach to the company, it will not attach to you. The Company formation procedure is quite easy and smooth.
2. You can raise significant capitalAdequate funding in formation of company is the backbone of a business. If you are registered as a full-fledged company, then your ability to raise money and attract investors will be much easier. Registration gives you the liberty to incur debt and to borrow but more importantly raise equity capital and sell shares.
3. You can prevent conflict with your co-foundersOne thing that no one can deny from is that for setting up business in India, registering a company helps enormously if any conflict arises with your co-founder. While registering the company the subject of shares for each owner and the controlled powers are also clearly distinguished which helps the owners to have a clear understanding of their investment and assures that in case of any disputes share allocation determines the most-decision making power.
4. You can minimize your tax liabilityIf you opt for one person Company registration, then you are more likely to pay less tax under a company structure which will depend on how much revenue your business brings in. Also, your company can exercise the benefit of being entitled to a range of tax deductions for advertising, repairs and maintenance and education.
Book-keeping is an art of identifying, approving, sorting and record-keeping company’s financial transactions in a manner that they can be retrieved and presented for the higher management reporting. It is the process of recording financial transactions of business daily.
It is a part of accounting process that records the financial affairs of the company in the form of journal entries. It is a means of entering data into the accounting system. Therefore, accurate, reliable and complete book-keeping becomes a significant source of information for any business. Gupta Puneet & Associates is known for providing the best accounting and book-keeping services in Pan India.
Organized Accounts: An organized record of financial transactions plays an essential role in tracking their income/revenues and expenses.
Timely Preparation of Financial Results: With book-keeping, it becomes simple to prepare the financial statements, i.e., Profit and Loss Account, Balance sheet, Cash flow statements and Fund flow statements.
Better Overview of the business: Book-keeping provides an overview of the business from time to time and therefore, helps firms to examine their present situation.
Future Planning and Action: Book-keeping is the preparation of systematic accounts, which helps the businesses to shape up their future budget.
Better Decision Making: Book-keeping services are a must for analyzing the financial data. They help in making profitable decisions.
A business can grow, if you analyze the growth and profitability by tracking the financial records, which can be only proposed by the right book-keeping.
#5217, Ground Floor, Malviya Nagar, Street No.2,
Bathinda, Punjab 151001
+91 97808-22635,01645007141,
puneetguptacabti@gmail.com
Timing: 10:00am - 05:30 pm 