Income Tax Filing
Every tax payer in India may want to file income tax return to report the income within a financial year, claim refunds and carry forward the losses. For taxpayers, filing income tax return is a way of declaring the income tax deductions, expenses, taxes, and investments. Individuals and businesses need to file their income tax returns according to the Income Tax Act of 1961. The Income Tax Department makes it easy with e-filing of income tax returns and we SPD Consulting help you with the formalities that facilitate the work in the following ways.
- Calculation of the total taxable income tax according to the income.
- Help people understand the significance of TDS and the certificates or form 26AS to summarise the work.
- Provide assistance in choosing the right income tax form for filing returns.
- The process of downloading the ITR utility from income tax portal.
- How to fill the details in the downloaded file.
- Validation of the information that is present on the return form.
- Conversion of the file to XML format.
- Uploading the XML file on the income tax portal.
Filing TDS returns
The tax deducted at source or TDS is a system of collection of tax by the Government of India during the transaction. The deduction takes place during a time when money is credited to the account of the payee or during the time of the payment. Besides deposition of tax, every person needs to file TDS return as well. It is a quarterly statement to be submitted to the IT department. We at SPD Consulting Pvt Ltd help you with the process of filing TDS return once you are ready with the documents.
- PAN of the individual and the entity deducting the amount.
- The entire amount of tax to be paid to the government.
- TDS challan information
- Various forms that are used for filing the TDS returns depending on the purpose of deduction.
Process of filing TDS return
We help people ensure that the procedure to be followed for TDS return filing process is appropriate and free from errors.
- Filling the columns of control chart in form 27A.
- Correctly filing the total amount of tax paid along with the amount deducted at source in all the forms.
- The assesses must mention their Tax Deduction Account Number or TAN in the form 27A.
- Ensuring the accuracy of the details to be incorporated related to the deposition of tax.
- For filing e-TDS, using the basic form according to the recommendations of the Income Tax department is necessary.
- The e-TDS return needs to be filed in ASCII clean text format.
- After proper submission of TDS return, every individual needs to gets a proper acknowledgement to confirm that the return has been filed accurately.
From validation of TDS return to all the other procedures, SPD Consulting Pvt Ltd helps you understand the correct method of filing the return.
Application of PAN and TAN for Residents and Non Residents
PAN for residents
SPD Consulting Pvt Ltd helps individuals and businesses and individuals to make fresh allotments for PAN online.
- People residing in India can apply for PAN online through the portal of NSDL.
- The citizens also need to pay the requisite fees while applying for PAN online through net banking, demand draft, and through debit or credit card.
- Once the application is made from the site of NSDL, the applicants may need to send requisite documents through courier or post of needed.
- For HUF or individuals, the communication address provided in the application needs to be substantiated by supporting documents.
- Those carrying out e-commerce transactions must obtain PIN or Personal Identification Number while making payments regarding the application of PAN.
Our experts provide you the assistance needed to complete the formalities of PAN application for Indian residents.
PAN for non-residents
A citizen of India residing outside the country during the application of PAN, foreign citizens, and entities other than individual such as companies, trusts, or firms having no offices in India can apply for PAN.
Details required for PAN application
The entities who are eligible as non-residents can file PAN application with the following inclusions.
- AO code
The AO code related to the International Taxation Directorate should be used in the application. - Address
Complete address including the name of the state and the country is to be mentioned clearly on the application form along with a valid email id. - Representative Assessee
Providing the details of RA is not mandatory. - Signature and photograph
Recent colour passport size photograph and properly signed is to be included in the form mandatorily. - Proof of address and identity
Providing a proof of address and identity is compulsory for non-resident applicants.
SPD Consulting Pvt Ltd also assists the non-residents to complete the formality of PAN application with ease.
TAN for residents
The TAN application is to be made through form 49B and allotted by the income tax department. Individuals or other entities can apply for TAN online or by visiting the income tax department personally. For people making TAN application in person does not need to provide any supportive document. Besides this, TAN application can also be made online through the following procedure.
- Filing the form 49B online.
- Rectifying the errors and resubmission of form.
- Display for confirmation screen which can be kept same or edited by the applicant.
- The applicants need to pay requisite fees for the application through cheque or demand draft.
- After the completion of the application process, applicants will receive a unique fourteen-digit acknowledgement number, which is to be saved and printed properly.
SPD Consulting Pvt Ltd can assist individuals to complete the TAN application successfully and makes it easy for applicants to complete the process.
TAN for non-residents
The TAN for non-residents become applicable while selling house properties to resident Indians for settling the TDS issues regarding the purchase. SPD Consulting Pvt Ltd an help the non-resident Indians to apply for TAN.
Preparation, review and filing of Returns
The team of experts at SPD Consulting Pvt Ltd can help you reduce the burden of businesses and individuals with preparation, review and filing of income tax returns in the following ways.
- Helps in saving maximum tax
- Reduces the chances of errors
- Advice on deduction of tax
- Support after filing tax all the year round.
The last day for filing income tax returns within a given financial year on August 31. The process of filing tax requires some preparations. From compiling the documents, bank statements, previous statements of tax, and details of tax, the government of India provides a specific window or period. The following are prerequisites of income tax filing in India.
- Choosing the appropriate ITR form.
- Linking Aadhar with PAN.
- Documents resonating with interest income
- Form 26AS
- Investments under section 80
- Documents needed to claim expenses as deductions.
- Investments Documents
- Documents of filing income tax
We ensure accuracy in income tax preparations and allow every tax payer to facilitate the process of filing returns with ease. The experts at our end review the documents that are needed to file income tax.
Handling all types of Income Tax Assessment cases
Every assessee earning beyond the basic limit of exemption within a financial should file a statement with details of income, deductions, and other relevant information, which is also called ITR or Income Tax Return. Once the tax payers file returns, the Income Tax Department starts processing it. However, there are occasions when the return of any assessee can be picked up for assessment based on the parameters laid down by CBDT or Central Board of Direct Taxes. The following are the types of tax assessments in India.
- Self assessment
In this type of assessment, assesses find out the tax payable. - Summary Assessment
This type of assessment requires no human intervention. - Best judgement assessment
The best judgement assessment can emerge under a few scenarios such as not responding to notices that are issued by the income tax department, failure to comply with special audit or filing return. - Regular assessment
The income tax department authorizes an officer to carry out the assessment work. - Income escaping assessment
When the assessing officer has valid reasons to believe that any taxable income has escaped assessment, he or she has the authority to assess or reassess the income.
SPD Consulting Pvt Ltd handles the cases of income tax assessment and allows the applicants to know the methods that help them in dodging the cases.
Appearance before Income Tax Authorities
According to the provisions of the Income Tax Act, certain individuals or persons can represent the tax assessee in lieu of filing the income tax returns. The representation is needed if the assessee is ill, travels outside the country, or does not have a sound mind. The law provides access to eight categories of individuals to represent the individuals who have already filed their income tax returns.
- Relative or employees
- Law practitioner
- Scheduled bank officer
- Chartered Accountant
- Graduate of accountancy examination
- People holding law or commerce degree
- Previous practitioners of income tax
- Previous participants
SPD Consulting Pvt Ltd is an authorised representative and has the right to appear before the income tax authority on behalf of their clients.
Representations before judicial authorities in assessment and appeals
For proper and accurate determination of tax, an appeal is mandatory and the power to constitute Income Tax Appellate lies with the Central Government. Even the appellate is created by the Central Government, it functions independently. The litigation before the tribunal includes miscellaneous applications for order rectification, stay petition, or rectification of orders. The cases include.
- Excessive assessment
- Seizure and search
- Additions and disallowances
- Levying penalties
- Interests
During an appeal before the tribunal, it is necessary to attend the hearing. The assessee can stay during the hearing or send an authorised representative to attend it. Appeal is to be filed within a period of 60 days. SPD Consulting Pvt Ltd represents clients for the income tax appellate wherein experts can handle the complications appropriately.
Assistance in preparing submissions and availing exemption certificate
Every taxpayer in India must file the income tax return and your financials are recorded with the tax department. Individual whose gross total income is more than the Basic Exemption Limit needs to file ITR. Failure to file the return within the stipulated date can attract huge penalties for taxpayers in this country. SPD Consulting Pvt Ltd handles the process of ITR submission.
- Managing the documents
- Tracking the refunds
- Help in finding the status of tax return
- Support in the post filing stage
Tax exemption
Tax exemption can reduce the total taxable income and provides relief to tax payers as it deducts a certain amount from their taxable amount. Exemption of Tax is available for the following.
- Agriculture income according to section 10
- Leave travel allowance
- Academic allowance according to section 10
- Life insurance under section 10D
- Leave encashment
- Computed pension
- Dividends
- Equities
- Find of superannuation
- Gratuity under section 10
- Interest on securities
- Transport allowance
- HRA exemption
- VRS compensation
- Exemption on car loans
- Exemption of women
- Capital gains exemption
SPD Consulting Pvt Ltd helps the clients to avail exemptions to what they are entitled. You can rely on our experts and say goodbye to the tax exemption issues at once.
Audit Services
Some audit services in India are mandatory while others are voluntary. The following are the major categories of audit services in India.
- Statutory audits
This is the compulsory audit under the income tax, banking and company laws, and GST laws. - Internal audits
This is compulsory for certain sectors though many organisations consider it as significant because it helps assessing the present affairs and in detection of error and fraud. - Management audit
This audit service intends to evaluate and suggest assets, strategies, and resources an organisation should follow to stay in proper shape and move in the right direction.
As far as the statutory audits are concerned, they are conducted for each fiscal year and the categories are. - Company audit
This service reports the state of accounts and finance to the regulatory authority. - Income tax audit
This is compulsory for a particular class of tax payers who rely on receipts limit and turnover.
SPD Consulting Pvt Ltd provides audit services to clients with a team of experienced auditors.
General Accounting
The qualified and experienced team of accounting professionals in SPD Consulting Pvt Ltd provides the clients with an array of support and services to the existing structure of accounts.
- Handling everyday tasks such as updating bills and preparation of invoices.
- Issuing cheques to outstanding bills.
- Updating and reconciliation in bank and credit card transactions.
- Maintaining accounts payable and receivable.
- Tackling complex accounting systems
- Support for organisations with multiple locations
- Setting up accounting software
- Preparation of charts of accounts
- Managing payroll and inventory
- Maintaining fixed assets and general ledger
- Cleaning up of books
- Reviews for monthly, quarterly and annual period
- Preparation of financial systems
- Obtaining reports for tax and book purposes
- Reporting to management
- Financial analysis
- Preparation of adjusted trial balance
We update the status of work every day and provide comprehensive support services to customers.
AR and AP reconciliations
Reconciliation of Accounts Receivable or AR and Accounts Payable or AP are significant aspects of organisations. These enhances the revenue of the firm and reduces the propensity of errors in the trade receivable accounts.
SPD Consulting Pvt Ltd helps the clients manage the reconciliation of AR and AP. Our team ensures that the process of reconciliation helps companies to track their account favourably.
- Maintaining consistency in receivables and payable history
- Creation of customer and supplier invoices and consolidating the billing work in real time.
- Management of outstanding and past receivables
- Processing of payment and deposits
Payroll processing
Payroll processing is a significant aspect of the corporate world, whether it is related to a start-up venture or a multinational company. The following are the services we provide to our customers.
- Management of reimbursement
- Preparation of final settlement of employees
- Calculation of arrears
- General of monthly salary reports and overtime calculations
- Interim payroll audit
- Salary processing as per the records received from resignee, advance, incentive, attendance, and salary increment.
- Management of attendance and leave record along with pay registers
- Calculation of overtime, gratuity, bonus, and leave encashment.
- Salary register preparation according to departments ad locations
- Providing bank statement module file for transfer of salary
- Providing statutory dues such as ESI challan, professional tax, TDS, LWF amount for depositing on time.
- Preparation of salary MIS reports
SPD Consulting Pvt Ltd provides extensive payroll processing services to organisations and streamlines the process.
MIS Reports for all levels of management
The success of every business model depends extensively on accurate and timely information. Every business should make efforts to obtain the right information at the right time so that action can be taken at the most suitable moment. Report is an integral part of every organisation as each employee need to maintain a report entailing the tasks that have been conducted within a course of week or day. The reports help in making some crucial decisions in favour of the business and continue to stay a dominant factor in charting the success of every business. The MIS system, which is popularly known as the Management Reporting System provides a central solutions through which companies can store the entire information in one place.
The following are a few reporting systems that benefit an organisation.
- Customised dashboards for companies to which they can refer quickly
- Revenue reporting such as geography, person, or solution
- Reporting the profitability based on any criteria
- Working capital reports and projection of cash flow
- Report of sales operation
- Tracking profitability based on reports
- Monitoring of accounts receivable and accounts payable
- Special reports that require the intervention of management
- Other reports according to requirements of management
SPD Consulting Pvt Ltd analyses the requirements of reporting in various organisations and prepares for businesses to take vital decisions.
Routine Accounting in Quick Books
Quickbooks is popular accounting software with varied rage of features that helps in managing the accounting requirements of different types or organisation. The following are some of its key features
- Accessing books anytime
- Sending invoices and financial statements to customers through email
- Taking different accounting functions
- Economical way of maintaining records
SPD Consulting Pvt Ltd has expertise in different versions of Quickbook to provide support to customers.
- Updating book of accounts
- Preparation of trial balance
- Maintaining the ledger
- Closing of accounts
- Preparing the statement of profit or loss, balance sheet, and statement of cash flow
- Preparation of bank reconciliation statements
- Accounting of expenditures
- Maintenance of cash disbursement data
- Maintaining and updating miscellaneous expenses
- Processing letters of credit
- Inventory management and stock control
- Analysis of cost variance
- Updating the cost
- Reconciliation of fixed assets
- Payroll accounting
- Preparation of purchase reports
- Updating accounts where work is under progress
- Maintaining other accounts
We offer all the benefits of Quickbooks and carry out all the routine task of updating books based on the requirements of clients.
Compilation and Review Reports
The compilation and review report can ask professional accountants carrying pout public practice to facilitate the preparation and presentation of financial information. The value of compilation engagement is listed below.
- Application of professional skills and expertise to make financial reporting and accounting seamless.
- Adherence to professional standard and ethical parameter
- Clear information about the involvement of the practitioner with the compiled information.
The objective of compilation is as follows.
- Application of financial reporting and accounting skills to help the management in the preparation and presentation of financial information according to the framework of corresponding reports based on the reports provided by the management.
- Reporting should correspond to SRS4410
While compilation refers to the information that is already present, reviews reports test the information as well. SPD Consulting Pvt Ltd offers services to companies wherein an external accountant goes over the compiled financial date into statements according to regulations.
Accounting System Setup and Support
Companies trying to reorganise their business accounts need to set up new systems to get the results for analysing this operations and getting a base from where they can make informed decisions. The accounting system should take care of the following.
- Handling billing and invoices
- Streamlining the inventory
- Tackle the requirements of banking and reporting
- Manage reconciliation of accounts receivable and accounts payable
- Handle the requirements of budgeting
- Managing the dashboard
It is essential to have an accounting system to find out whether a business is making necessary profits and facilitate their decision to improve business operations based in expenses and income. The following are a few steps to choose an accounting system.
- Pick a method of accounting
- Method of recording transactions
- Set up the system
The accounting system set-up and support comprises the following aspects.
- Personal training to individuals and organisations in the location of the company.
- Installation of QuickBooks on the computer network according to the specifications of the company.
- Assisting business with the initial setup work including customers, employees, banking and reports and preferences.
- Providing assistance to those organisations by updating the current system of accounts.
- Resolving problems of those users who do not have competence to create and track significant information.
- The account support service makes the task of installation easy and assists in operating the system and software.
SPD Consulting Pvt Ltd offers extensive assistance to organisations that require support for setting up new accounting system.
Payroll Services
Organisations look forward to comprehensive solutions to manage the requirements of payroll. From summarizing inputs of payroll to processing it properly, matching the statutory filings and compliances, businesses require to manage everything efficiently. Hiring payroll services offers an array of benefits to customers.
- Organisations can access trained and devoted payroll specialist and a single contact point from where to manage the requirements of payroll and tax.
- They can reduce the cost of processing the payroll by reducing internal manpower and allow an expert to handle the requirements effectively.
- The payroll service can provide the necessary support to companies.
- Businesses can free up their time and allow the staff to focus on other important tasks.
- For prioritizing the business issues, the payroll service plays a vital role.
- Companies can reduce penalty issues when they hire payroll service provider.
Why choose us
SPD Consulting Pvt Ltd offers end to end payroll processing services to clients based on their requirements. We provide services to small, medium, and large organisations and the following offers a snapshot of their work.
- Comprehensive services
From monthly pay slips to full and final settlement, we deliver your needs related to the administration of payroll. - Experience of work
We have experience of handling payroll work and you can get effective services quickly. - Cater to industries
We provide services to varied industries and offer customized services to them. - Advanced technology
We automate the payroll system of our clients based in advanced technology to provide you an experience that is free from error and fully accurate. - Flexibility of system
From managing pay revisions within organisations, managing complicated pay structures, and supporting bank formats, we offer a flexible system to manage your pay roll needs under the same roof. - Security of data
The payroll management system we provide ensures that your data and confidential information stays secure. - Motivating the workforce
The payroll processing service we offer is not limited to processes and systems. It extends to people working in an organisation and creates a healthy work atmosphere among the management and employees. - Statutory compliances
We not only manage payroll but handle issues of staffing and statutory compliances of clients.
Organisations relying on us can manage their payroll system effectively.
Budgeting and Financial projections
In various organisations, budgeting and its follow-up are significant allowing the companies to manage their day-to-day activities. The budgeting and financial projection services allow companies to meet their business objectives easily. A streamlined budgeting process can minimise the daily task of operations of the finance department and facilitates the formation of a proactive business plan with full prospects of materialisation.
- Budgeting
Analysing the financial data of the company to make better decisions and manage the variables in the process effectively and allow companies to evaluate the flexibility of the budgeting process to make sound decisions. - Planning
Companies can plan their expenditure towards the personnel related to benefits, bonuses, annual increase, salaries, and annual increments in a seamless method. Creation of correct and complied information reflecting the goals and activities of the organisation to assist in correct data analysis. - Financial projections
Organisations can base their decisions according to the data they obtain from various users. Creation of periodic plan and forecasts to bring ample benefits of organisations.
SPD Consulting Pvt Ltd provides assistance in budgeting and creates financial projection services to organisations that require assistance to manage their budgeting tasks properly.
Preparation of financial statements
Preparation of financial statements is necessary to provide information about the financial information of the company, its performance, changes in the position along with cash flows to make sure that users can compare the results and make vital decisions within the company. The financial statements are prepared according to the following order.
- Income statement or account of profit and loss
- Balance sheet
- Cash flow statement
- Statements comprising retained earnings and alterations in the equity
- Analysis of financial statements
- Filing financial statement reports.
Financial statements are mandatory under the following circumstances.
- Emergence of accounting complexities
- Companies not interested in employing devoted financial teams to manage the task of preparing financial statements quarterly or annually.
- Major changes in accounting guidelines resulting in a change of process.
- Complexity in the structures wherein professional assistance is required to meet the guidelines of industries.
- Finance teams not competent enough to deal with rapid changes.
SPD Consulting Pvt Ltd provides services that involves a comprehensive process of managing the accounting information into a set of standard financial statements to make them decipherable easily and help organisations to chart their financial goals.