01. Goods and Service Tax Registration
GST registration is required in the following scenarios:
- The aggregate turnover from services is more than Rs 20 Lakhs in a financial year or turnover from exclusive supply of goods is more than 40 Lakhs.
- The business is supplying goods from one state to another irrespective of their turnover.
- The business supplying goods or services through e commerce platforms, irrespective of their turnover.
- Any season supplier of goods or services who is providing goods or services through temporary stall or shop.
- Any entity can get their business registered if they wish to do so even when they are not required by law to do so.
We can help you with making the process seamless, contact us now.
02. Goods and Service Tax Return Filings
Every person having GST registration number is required to file the GST returns on the specified dates. Even if the business had no turnover, then also GST return need to be filed each month to avoid penalties.
Every person needs to file monthly return which is GSTR 3B for the payment of taxes and providing the summary for the month. If the person has opted for quarterly return, GSTR -1 needs to be filed quarterly in that case, in all other cases, it also needs to be filed monthly.
An Annual Return must also be filed by all the entities having GST registration. This includes all the supplies made during the financial year, all the input tax credit availed, and taxes paid.
We are here to help you with all the due dates and making sure you are always compliant of GST law. Contact us Now.
03. Income Tax Return Filings
Any person falling under the purview of the Income Tax Act 1961 must pay tax on the income earned during a particular financial year and file return of income. The person can be an individual, Hindu Undivided Family, Company, Partnership Firm, Trust etc.
Broadly, there are five sources of Income defined under the Income Tax Act’ 1961. Salaries, Business and Profession, House Property, Capital Gains and Other Sources.
Depending on the person filing the return and sources of Income, there are specified Income Tax Return forms are to be filed that are specified by the government. Generally, all the individuals need to file their Income Tax Return before 31st July of the next year for the previous financial year. Companies and Business required to get their books of accounts audited need to file before 30th September.
We are here to help you with all the due dates and making sure you are filing the correct Income Tax Return. Contact us Now.
04. Accounting and Bookkeeping
Accounting and Bookkeeping refers to maintaining the financial figures of the business in an organized manner to understand the direction and the growth of the business. Accounting needs to be done on a regular basis in order to keep track of all the Incomes, Expenses, Accounts Payable, Accounts Receivables, Fixed Assets etc.
Each month, we need to pull reports from the accounting for the filing of GST returns and availing the correct Input Tax Credit. Also, it is required to keep the books of accounts updated always.
At the year end, we need to pull out the financial statements like Profit and Loss, Balance Sheet and Cash Flow Statement to prepare the year end taxes. We need the financial statements to understand the growth of the business and determine the areas for improvement.
We can help you taking care of complete accounting. Contact us now.
05. Financial Statements
Financial Statements broadly refers to the three primary statements which are Statement of Profit and Loss, Balance Sheet and Statement of Cash Flows. These statements can prepared monthly, quarterly or annually.
Financial Statements help the business owner to understand the growth of the business and identify which area needs more attention and where the business can expand.
We will help you with preparing professional financial statements along with our report for the areas that need attention and overall performance of the company. Contact us now.
06. Financial Forecast
Financial Forecast is the anticipation how the business will be performing in the future. In most of the cases where financing is required from banks or from the investors, they want to see whether the borrower will be able to repay the loan amount or how much return the investors can expect from the money invested.
Financial Forecasts are prepared on the assumptions and considering the past trend. A professional Financial Forecast will get you financing easily from banks and your investors.
We can help you preparing a detailed forecast which you can submit to banks and prospective investors. Contact us now.