Accounting

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Out Income Tax process

A Income Tax return is a document which contains the details of outward supplies and inward supplies made during a particular period. Every registered businesses has to file the GST returns irrespective of the activity/turnover within the due dates mentioned under the act.

There are different types of GST returns provided by the GST act, such as GSTR-1, GSTR-2, GSTR-3, GSTR-3B, CMP-08,  GSTR-4 etc. Our team of eminent professionals would help you to file the returns in most efficient manner

OurIncome Tax Return  Process

1.Collect:

Provide all your basic details and Documents to us, so that we can prepare your workings.

2. Connect:

We prepare your computation and call you for further discussion to make you understand that what we are doing.

3. Confirm:

We will share you with final computation and other documents for verification and to take your confirmation to move further.

4. Complete:

We will file your income tax return to the tax department and will share you final documents.

Benefits of filing Professional tax return

Tax Benefit

The amount paid towards professional tax is allowed as deduction under the Income Tax Act, 1961.

Statutory Compliance

Payment of professional tax would make you tax complainant and therefore helps in avoiding penalty.

Frequently Asked Questions

I am a freelancer, am I liable to pay professional tax?

Yes. A freelancer is also liable to pay professional tax however, it is subject to threshold limit provided.

What is the penalty for delay in payment of professional tax?

The penalty shall be 10% of the tax amount to be paid.

What is the wage limit for professional tax payment?

The wage limit shall be Rs. 21,000/- half yearly income in the state of Telagana.

Is employees of private company are also subject to professional tax?

Yes. The employees of private company are also subject to professional tax.

Can we pay professional tax through online?

Yes, It can be paid online as well as offline using manually generated challan.

We’d Love to Help You With Your Financial Accounts

glbaltacconsultant_hyderabad

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14--97/2/2, Allapur, Borabanda, Hyderabad, Telangana 500018

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