During the course of business activities, the payments are made to outside parties on a regular basis, like payments made towards contractual work, rent, fee for professional or technical services and commission, etc which attract the provisions relating to deduction of tax at source as contained in the Income Tax Act, 1961.
In this connection, we provide our assistance in the following areas:
Whilst tax is an inevitable part of running your business, using a qualified tax adviser to help with your corporate tax planning has many benefits. Inadequate or improper handling of tax issues can result in major financial consequences and restrict your company’s ability to invest and grow. That is why we take a balanced and integrated approach focusing on the total business picture, not just your next return. TAXCON will help you define the right overall tax position, designed to save you money in complex tax environments, whilst at the same time meeting your larger business goals.
The provisions of Income Tax Act, 1961 (the Act) require all companies/ assesses to estimate their income in advance and deposit the annual tax liability on advance basis in four quarterly installments. We estimate the annual tax liability on quarterly basis based on estimated profit and loss account, both under the normal provisions of the Income Tax Act and Minimum Alternate Tax and thereby determining the advance tax liability.
The tax returns are finalized & submitted before the due date after verifying the following :