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How to Successfully Benefit from the Managing Consultants

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managing-consultant

The acumen of the entrepreneur is the finest evaluator of the value you obtain from a managing consultant. Whether you want to hire a managing consulting firm to generate new ideas for your company, gain access to the consultants’ talents and expertise, or enhance your firm, these steps will guarantee that you hire the right consulting firm and that your collaboration is as effective as possible.

  Define the position.

Ensure that everyone participating in the project or assignment, including the consultant, understands why the expert was chosen. Make sure they understand the company’s objective and vision. Also, present them with important documents so that they may have a better understanding of the overall picture. They also have to be aware of underlying difficulties that may not be readily stated. When you initially meet with a potential consulting partner, be very clear about your business mission, timelines, and specific goals. Do not skip out on things you think are irrelevant because they might provide the consultant with additional insight into the problem and help them solve it more quickly.

  Build a strong bond with your teammates.

It can be challenging to integrate a management consultant into an existing team, especially if they are brought in to tackle a problem that the team members cannot solve on their own. People may get tense if they fear losing their jobs or reputations. That is why it is critical to underline that the need for a managing consultant is not attributable to anyone. Focus on how your team can learn from this project by being honest about what the consultant can and cannot do without the support of team members.

  Be able to communicate in the same lingo.

While you and your consultant are presumably talking about the same thing, you should double-check that you are being interpreted exactly the way you mean it, because individuals use the same words to imply different things. Ensure that you and the consultant agree on the project’s parameters and the desired business results. You should set aside time to further discuss and clarify the results. Convey your nomenclature to him/her to ensure that there are no misconceptions.

  Establish a healthy friendship.

A consultant requires a distinct management style from those employed by freelancers, contractors, or permanent employees. It is crucial for attaining the right balance. As expensive resources, consultants must be properly managed, but if you try to exert too much control, you risk damaging your relationship with them and jeopardizing the output.

  Give your opinion.

A managing consultant, like other members of your team, wants feedback on their performance. This will help them see their strengths and areas for improvement.

  Make no apprehensions about bringing up the issue of money.

The “being uncertain about the budget” game is no longer played by clients, and consultants no longer engage in budget guessing. Save time for each other by communicating your financial needs and expectations upfront. The consultant will devise a detailed strategy to bring you to your desired outcome in the most efficient manner feasible while staying within your budget. It will also save you time that you would have spent conversing with ineffective consultants.

  Be mindful of your scope.

As time goes on and demands rise, projects may expand. You could also have to deal with consultants who are actively looking for ways to increase their income in order to get more business. This is why practicing scope control is so crucial. Ascertain that the project’s vision and goals have been defined, a budget has been cast aside, and clear priorities have been set.

  Keep your guard up.

Always keep an eye out. The consulting profession’s principal aims are to get contracts and complete projects. Once you have secured a contract, though, you must make sure that the consultancy firm is not abusing the fact that you are now “signed and sealed” if it has not fully complied with your expectations. It all comes down to proper performance and delivery control, of course.

  Why should you select us?

Komplytek is a managing consultant firm that provides business consulting and process control. Human resources, strategy, and development, financial planning, and data analysis consulting is some of our specialties. We also provide planning and operational assistance to non-profit groups, and businesses all around the world.

We make it easier for business owners to focus on their important and core business operations by outsourcing the organization’s financial and compliance duties to us. For finance and accounting, compliance and regulatory, and other operations portfolios, we provide a “One-Stop Solution.” We customize our services to match your unique company requirements.

We have a team of lawyers and chartered accountants with many years of expertise in the corporate world. Rather than behaving as an outsourcer, we promise to think and work like a member of your team.

GST Refund – Meaning & Process

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gst-refund

If a registered taxpayer has paid more than their tax obligations or has excess input against the output tax liability, they may be eligible for a GST refund. They may make a claim after filing a refund application via the GST site with the necessary information.

The GST system has provisions that regulate refunds and aims to standardize and simplify the process. Refund requests can now be made using a standard form (RFD-01). Online claim submission is quick and easy to complete.

Section 54 of CGST Act 2017

Any of the following situations, as defined by Section 54 of the CGST Act 2017, may require the taxpayer to submit a GST refund application:

  • On supply of goods or services, tax is paid at a zero-rated tax rate
  • Exports of goods and services occur
  • Supply of goods to SEZs units and SEZ developers
  • Reimbursement of taxes on purchases made by the UN, embassies, etc.
  • Refund for a decision, decree, order, or instruction of appellate authority, appellate tribunal, or any court
  • Refund of accrued input tax credits due to an inverted duty structure
  • A mistakenly excessive payment
  • GST paid on items purchased in India and transported outside of the country when foreign visitors leave India will be refunded
  • Refund due to the issuance of refund vouchers for taxes paid in advance on goods or services that have not yet been provided
  • GST Refund can be claimed in the return furnished under section 39 before the expiry of 2 years.

Documents for GST Refund Application

 Documents declaring tax paid, interest or any other amount, proof of tax deposit, invoices and any other documents evidencing export should be attached with the application.

Self-declaration is required where the refund is less than Rs. 2 Lakhs and the incidence of such tax and interest had not been passed to any other person

The GST Refund Procedure

The processing of a GST refund claim in India is now standardized by the GST legislation. The taxpayer must use a specific form RFD 01 along with the required documents in Annexure 1 to the form and submit the requests for GST refunds using the GST Common Portal.

In order to collect the refund amount, the person must also submit returns on a monthly basis. A refund application is only legitimate if it receives an acknowledgment in GST RFD 02 within 15 days after the submission if the application in form GST RFD 01 is correct. If there is any mistake, it will be communicated in GST RFD 03. 

The competent officer may issue an order in GST RFD 04 authorizing the refund within seven days of the date of acknowledgment if he is initially satisfied that the amount claimed as a refund is accurate.

The relevant officer shall pass an order for refund in GST RFD 06 also known as a final order and shall issue a payment advice in the form GST RFD 05 for the amount sanctioned as refund and the amount gets electronically credited to the bank account of a registered person.

gst-refund

Relevant Date:

In case of goods exported outside India

               

 In case of services exported outside India

                                                                           

 In the case of a supply of goods regarded as deemed exports.

Date of the request for a refund of these exports

Where GST refund arises as a result of any court order, decree, judgment, or direction of any appellate authority.

Date of communication of such decree, order, etc.

In case of a refund of ITC due to an inverted duty structure.

End of the financial year in which such refund arises.

In cases where tax is paid provisionally.

The date on which the tax amount is adjusted after the final settlement.

Where a refund is claimed by any person other than the supplier.

Date of receipt of goods/services.

In any other case

Date when tax is paid.

Why choose us?

Komplytek is a well-known GST consultant in Delhi (NCR). We provide total Goods and Service Tax solutions to our customers, including:

  • Obtaining a Goods and Services Tax registration:
  • Preparing and filing GST returns on a monthly or quarterly basis.
  • Providing advice on a variety of subjects
  • Preparation and filing of Goods and Service Tax refund applications, as well as follow-up
  • Preparation and submission of yearly tax returns

 

9 Major Benefits of a Finance Consulting Firm

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finance consulting firm

Individuals and small companies might benefit from the services of a finance consulting firm to help them manage and grow their wealth and assets. They help their clients with a variety of activities, including financial information, forecasts, and investment advice based on their long-term and short-term objectives.

A financial advisor and a financial consultant are interchangeable terms. Previously, the work of a finance consulting firm was restricted to addressing the transactional aspects of firms. Modern business owners, on the other hand, want customized services in order to increase the efficiency of their company. As a result, their functions were expanded and redefined. A finance consulting firm now offer a comprehensive service that helps their clients to achieve financial success in all areas.

It is not simple to make financial decisions, whether you are thinking about short-term requirements like debt reduction or long-term goals like investing. Making sensible choices may lead to increasing wealth and financial security, whilst making the incorrect ones can have major implications.

That is why hiring the services of a financial consulting firm may be quite beneficial. A finance consulting firm works directly with professionals and business owners, providing them with realistic solutions to their problems. The following are some of the advantages of working with a financial consulting firm:

1.Expert knowledge

Consultants are an important aspect of businesses. They have worked with a variety of firms and are well-versed in business trends, industry expertise, and advanced methods and procedures.

2. The Finance consulting firm provides Dynamic service

A finance consulting firm will evaluate your financial statements and advice you with beneficial or negative feedback. They will also provide you with strategies and ideas to assist you in reaching your financial goals.

3. Tax efficiency

Furthermore, business owners are subject to severe fines as a result of their mistakes. All of these concerns, as well as their ramifications, are known to a financial consulting business, which allows them to be remedied ahead of time. By counselling business owners on the most recent tax law changes, financial consulting firm may help in their tax planning.

4. Reduce Pressure

A finance consulting firm will relieve you a lot of tension. Allow them to streamline the financial process and aid you in making important financial decisions. If you try to handle everything on your own, it might be overwhelming. Financial struggles might have a bad influence on your business health. You must be at ease in order to make wise financial judgments. For company success, these consultants methodically arrange everything. All of the difficulties and challenges those businesses confront will be resolved by these enterprises.

5. Rationality

A finance consulting firm does not have the same emotional attachment to a project as a business owner. Concerns are identified and addressed to business entities, who are then provided realistic solutions.

6. Increasing cash flow

Choose a finance consulting firm if you want to get the best return on your investment. The financial health of a business is determined by a detailed review of its liabilities, taxes, investments, and assets. These companies assist you in making sound financial decisions, resulting in increased cash flow.

7. Cost reduction

You may use the business consulting firm’s services whenever you need them. This is far superior to employing a salaried staff member, which is an expensive proposition for many. A finance consulting firm also assist you in identifying areas where you are overspending and cost-cutting.

8. Time-saving

A businessman does not have enough time to thoroughly investigate each issue. These consultants are adept at identifying the company’s weak spots, allowing you to devote more time to activities that require immediate attention.

9. Profitable Partnership

A finance consulting firm is a long-term investment. Look around for a firm that has affordable prices and focuses on the financial advisory services you require. If your financial adviser helps you to save and/or make more money over time than you pay them, they are well worth the money.

Why should you select  KomplyTek?

Komplytek is a well-known finance consulting firm that specializes in business and audit advisory services. We have a team of highly skilled and educated finance and accounting professionals that have helped a variety of clients improve their business operations. To satisfy your needs without difficulty, the major emphasis is to understand your company model, work strategies, and financial goals before the start of the project.

Our team has a long and illustrious history of implementing, executing, and adhering to financial reporting requirements. Our history enables us to provide both large and small businesses with analytical counsel and solutions. 

If you are looking for a competent and trustworthy finance consulting firm, you will not find a better partner than us. Contact us today to learn more about our service choices and how we can help you.

Document Identification Number (DIN) under GST benefits & structure.

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Document Identification Number

 

A new system for the electronic development of a Document Identification Number (DIN) for all GST-related communications (including emails) to be delivered by the government offices to taxpayers and other interested parties has been implemented by the Central Board of Indirect Taxes and Customs (CBIC). Any document made without a valid GST DIN will be regarded as invalid. On the CBIC portal, taxpayers can confirm the validity of the Document Identification Number (DIN). in GST.

What does a DIN in GST mean?

A 20-digit document identification number serves as the unique identifier for each communication that government entities deliver to taxpayers. The taxpayer can verify the legitimacy of digital communications they receive from the government using this number.

DIN Structure with an example

The DIN’s structure is “CBIC-YYYY MM ZCDR NNNN,” and it includes:

  • YYYY represents the year that the DIN was created.
  • MM stands for the month in which the DIN was generated.
  • Zone Commissionerate Division Range Code, also referred to as ZCDR.
  • NNNN stands for “randomly generated alphanumeric code.”

The Document Identification Number-DIN

The process of levies and collections involves a lot of communication. A business requests a refund when it pays more tax than it needs. If the corporation pays less than the fair value, the government (tax officials) may order the company to pay more. The tax authorities may occasionally find it suspicious when a firm declares its taxable income to be so low. The firm can receive a notice from the tax authorities.

As a result, it is clear that this communication would require a substantial number of papers, including returns, appeals, letters, notifications, orders, and much more. In order to keep track of all documents, DIN requires government tax officers to attach a distinct DIN to each one.

The CBDT debuted its 10-digit DIN on October 1st, 2019. On November 8, 2019, CBIC papers received an extension, and CBIC also introduced its own 20-digit DIN.

The use and advantages of the GST document identification number

 

The taxpayer would profit from the following benefits of a document identification number on any correspondence from the GST department:

  • Transparency in all dealings with the department to prevent receiving fraudulent notices and make it simple to spot them.
  • Establishing an accurate audit trail for each message the department sends. Uphold the taxpayers’ rights.

 

DIN use/application

 

In GST matters where probes are ongoing and arrest warrants or search warrants have been obtained, the document identification number will now be used. This communication’s legitimacy will be verified by the use of a document identification number. By entering this DIN in the “VERIFY CBIC-DIN” box on www.cbic.gov.in, a taxpayer can authenticate the communication’s authenticity. Only if the communication is legitimate will the window report the information.

 

Why is the DI number crucial for taxpayers and businesses to know?

 

It is common practice to send summons and notices to unofficial email accounts. Implementing a document identifying numbers assures the validity of such notices and shields a taxpayer from pointless annoyance. So, before replying to any notification, it is crucial for a taxpayer to double-check the document identifying number.

 

Taking appropriate action as a result of a notice’s inadequacy, consequences, and lack of a DIN in certain circumstances

 

All correspondence with the taxpayer must have a DIN. Without a document identification number, every communication of this kind is void. To the extent that they were never issued, they are regarded as invalid. A communication could, however, be sent out in certain cases without a document identifying the number. In this case, the taxing authorities are required to provide justification for why the document was issued without a document identification number. On rare occasions, a communication might not contain a document identification number. For example,

  • If a technical fault or other flaw exists in the production of the electronic DIN
  • When an investigation, inquiry, GST DIN Verification, etc. needs to be conducted quickly or urgently, and the authorized official is not present at his normal place of duty (office).

However, any message sent under the aforementioned conditions must be regularized within 15 working days. Taxpayers are urged to be aware that any papers issued by government agencies without a DIN (apart from those issued under the exclusions listed below) would be deemed invalid.

 

The Outcome

 

The aim of the government is to make conducting business easier. It is clear from its assertion that a system without a face would be set up between the assessor and the assessee. The initial step in this approach is DIN.

 

Why should you choose us?

 

The best business management consultant can help clients with matters like finances, GST, human resources, compliance procedures, and strategy formulation. To enhance their operations and performance, a variety of public and private businesses use business management consultants.

Leading business management consulting company Komplytek provides practical solutions to companies in many markets and sectors. We help companies perform better by giving them expert guidance on how to expand and get around challenges. Furthermore, we provide integrated services and solutions that support finance, accounting, and compliance operations by enhancing control efficacy visibility and ensuring prompt corrective actions. For our clients, we put a lot of emphasis on developing secure, user-friendly accounting and also compliance management solutions.

 

 

 

Types of Capital Assets, Capital Gain and Taxe

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Types of capital Gains

A capital gain is any profit made from the sale of an item classified as a capital asset. Capital assets include things like machinery, leasehold rights, patents, trademarks, cars, land, buildings, and real estate. The income category includes the profit that was made on the sale of a capital asset. The tax on capital gains is imposed when an investor sells an investment and makes a profit. It is due for tax in the year in which the investment is sold. Consequently, a tax must be paid on the gain arisen /income earned.

Types of Capital Assets

The following is a list of the two categories of capital assets:

  1. Short-Term

Short-term assets are those that have a holding period of less than 36 months. The period is less than 24 months in the case of immovable property. However, in the case of the sale of securities, shares, UTI Units, Zero Coupon Bonds, and equity-oriented mutual funds, the period for calculation of short-term capital gain is less than 12 months. Such an asset would generate a capital gain upon sale, which would be subject to the relevant short-term capital gains taxes.

  1. Long-Term

A long-term asset is one that has been held for more than 36/24/12 months, as the case may be. The proceeds from the sale of such an asset would constitute long-term capital gains and would be subject to the relevant tax.

  1. Tax implications on the sale of capital assets:

An assesse is liable to pay tax on capital assets when any capital gain arises on the sale of these assets.

Types of Capital Gain Taxes:

 

1. Short-Term:

Short-term capital gain taxes are levied on capital gains from the sale of assets held for a short period.  They shall be included in the assesse’s income and taxable as per the normal tax slab rate if security transaction tax (STT) is not paid. If STT is not paid, it will be taxed at a rate of 15%.

2. Long -Term:

Long-term capital gain taxes are levied on capital gains from the sale of assets held for a longer period (more than 36/24/12 months).  They will be taxed at various rates.

On sale of Equity Shares/Units of equity oriented mutual funds – 10% over and above Rs.1 Lakh

Other than equity shares/ units of equity oriented mutual funds – 20%

If a person in India inherits a property and there is no sale, no capital gains tax is due under the Income Tax Act. However, if the inheritor decides to sell the property, tax will need to be paid on the sale’s earnings.

Why should you choose us?

The best business management consultant can help clients with matters like finances, human resources, compliance procedures, and strategy formulation. A variety of public and private businesses use business management consultants to enhance their operations and performance.

Komplytek is a leading business management consulting firm that offers effective solutions to firms in a variety of industries and regions. We help companies perform better by giving them expert guidance on how to expand and get around challenges. Furthermore, we provide integrated services and solutions that support finance, accounting, and compliance operations by enhancing control efficacy visibility and ensuring prompt corrective actions. For our clients, we also put a lot of emphasis on developing secure, user-friendly accounting and compliance management solutions.

 

 

 

Form 26AS – Definition and Purpose

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Form 26AS

An essential tax document is Form 26AS. It is an annual statement that is sent to individual taxpayers and linked to their Permanent Account Number (PAN). Below you will find information on this form’s applicability as well as instructions on how to see or download it online.

 

What is Form 26AS?

An annual statement called Form 26AS contains information on the tax credits applied to a taxpayer’s PAN. A taxpayer can obtain this form using their login credentials from the Income Tax Department’s online filing site.

You can refer to it for information on your income (from which taxes have been deducted) and the taxes that have been paid to the government treasury by or on your behalf by the deductor (which could be your company, bank, etc.).

What purpose does it serve?

 

Before submitting their income tax return, taxpayers should compare their actual transactions to the ones listed on their Form 26AS (ITR). Omissions and other filing errors will be much reduced as a result of doing this. An investigation may be conducted if there is a discrepancy between the Form and your submitted income tax returns.

This form also attests to the fact that several organizations have paid taxes on your behalf and placed the funds in the government account.

 

How can it be downloaded?

 

You may get your Form 26AS from the website of the Income Tax Department. You need to already have a user account in order to register on the website.

 

If you do not log in, how can you access the form?

 

Additionally, you may access your Form using your bank account’s internet banking service. Only if your PAN is connected to your bank account then this function is accessible. Axis Bank, Bank of India, ICICI Bank, IDBI Bank, Indian Overseas Bank, Kotak Mahindra Bank, State Bank of India, and Union Bank are a few of the banks that provide this service.

 

What has changed in Form 26AS?

 

The new form is now an Annual Information Statement (AIS) instead of an Annual Tax Statement. While the Form 26AS and the AIS are both now accessible through the portal, the old Form will be phased out and replaced by the AIS until the new AIS has been verified and is fully functioning. Only tax deducted at source (TDS) against your PAN, tax collected at source (TCS) against your PAN, details of other taxes paid, and information on income tax refunds were included in the previous form. Part A and Part B make up the new AIS.

Part A of the form contains general information about the taxpayer and the following fields:

  1. Permanent Account Number
  2. Aadhaar ID
  3. Name
  4. Date of Birth/Incorporation
  5. Mobile number
  6. Email ID
  7. Address

It is significant to notice that the new Form includes a space for the taxpayer’s cell phone number and email address, which were not previously recorded. This demonstrates the value of the mobile number and email address in the overall scheme of things, as there will only be one faceless method used for all interactions with the tax authorities.

The following details are in Part B of the form:

  1. Details on tax deductions or source-based collections
  2. Details on certain financial transactions.
  3. Information on tax-related payments

What makes Form 26AS and Form 16 different from one another?

 

While the contains all of a taxpayer’s tax-related actions, Form 16 is a declaration that details the total amount paid to an employee and the tax withheld during the course of a fiscal year.

 

For more details, Get in touch with the experts. 

 

6 Reasons to File Income Tax Return

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Income tax return

The objective of completing your income tax return is not just to disclose your earnings to the Income Tax Department and pay any taxes that are due; it also enables you to take advantage of various benefits that may be useful to you in the near and long term.

Let us examine the advantages of submitting your income tax return as a professional or business owner.

1.Loss carries forward

Business losses are unavoidable. When calculating your income under the “Profit and Gains of Business and Profession” category, you can deduct the losses you have suffered. You can file an income tax return to carry forward such losses for up to eight consecutive years. You will not be able to utilize this option if your Income Tax Return is not filed. As a result, you can carry forward previous losses to offset future gains in order to lower the amount of taxes due in the following years.

2. Request a loan

Just as people require loans at certain times in their lives, so do businesses. Businesses use loans to expand and improve their operations. As a result, when you apply for a loan at a critical stage in the development of your company, your Income Tax Return is a crucial document that banks will require, among other documents, before determining whether your company is a wise investment for them to grant a sizable sum of money, which you should be able to repay. Therefore, there are several benefits to filing your income tax return on time each year that will help your business.

3. Avoids Penalty and Punishment

In India as well as other countries, there are harsh consequences for tax evasion. Thus, filing your income tax returns on time will spare you from having to deal with the Income Tax Department in uncomfortable ways that will obstruct your capacity to conduct business quietly.

4. Claim Depreciation

Assets that are registered in the business’s or owner’s name may be written off under income tax law. However, the claimed item must be used solely for commercial or professional purposes. If you have not chosen the Presumptive Taxation Scheme, you can determine your total taxable earnings by subtracting all permitted costs and depreciation under Section 32 of the Income Tax Act. By taking full advantage of all deductions, including depreciation, enables you to minimize your taxes.

5. Seeking government tenders

Your income tax returns reflect the financial health and degree of success of your firm. Your ability to obtain government bids is typically associated with the accuracy of the financial records verification. This is done by looking at your annual tax returns for the last several years. The most qualified applicant will have his or her qualifications for project management carefully examined. The same as with firms, professionals seeking contracts should make sure that their company tax returns are submitted on time and accurately.

6. Take advantage of the assuming taxation scheme

Businesses and professionals can use the Presumptive Taxation Scheme under Section 44AD/44ADA of the Income Tax Act to pay tax on only a percentage of their profits, which reduces the financial burden of paying taxes for these taxpayers. This programme is open to professionals making less than Rs 50 lakh and small businesses making Rs. 2 crore or less annually. The businesses only have to pay taxes on 6% or 8% of their revenue. Whereas the professionals only have to pay taxes on 50% of their revenue. Taxpayers can use ITR 4 to file their tax returns and be eligible for this program’s advantages.

 

File your Income Tax before the deadline. Contact the expert https://komplytek.com/

 

 

ITR Filing Deadline for FY 2021–2022 (AY 2022-23)

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Income tax return

 

The income tax return i.e., ITR filing deadline for the fiscal years 2021–2022 and assessment years 2022–2023 is July 31 if you are an earning individual. It is best to file your paperwork as soon as possible to avoid last-minute complications.

For tax return filers’ convenience, the Income-Tax (I-T) Department offers pre-filled forms. However, taxpayers should double-check each field on the pre-filled form and keep any supporting documentation close at hand when submitting the return.

ITR filing deadline 2022: Last day to submit an income tax return for individuals, HUFs, and businesses, including details on late fees.

The 2022 ITR filing deadline is approaching. It is crucial that every taxpayer submits their ITR before the deadline. A fine in the form of a late filing charge is assessed for failure to do so. For the majority of taxpayers, the deadline to submit an ITR for the fiscal year 2021–2022 is July 31. It is important to be aware that various taxpayer classes have varied ITR deadlines or due dates. Continue reading to learn when and where to file income tax returns for various taxpayer categories, as well as what will happen if someone misses the deadline.

For salaried people, the ITR filing deadline 2022

For salaried employees and individuals whose accounts do not need to be audited, the deadline for ITR filing is July 31.

ITR filing last date 2022 for HUF

According to the Income Tax Rules, the last date to file an ITR for Hindu Undivided Families (HUF) whose accounts don’t need to be audited is also July 31.

The due date for ITR filing for taxpayers whose accounts must be audited

Some taxpayers’ accounts require an audit. These taxpayers are given more time to submit their ITRs. Such taxpayers must file their ITRs by October 31, 2022. (Unless extended by the government).

A corporation, a working partner of a firm, an individual, and other entities like a proprietorship, firm, etc. that must have their accounts audited are included among these taxpayers.

The due date for ITRs for taxpayers required to file under Section 92E

When taxpayers engage in overseas transactions within the applicable financial year, Section 92E requires them to file a report. Such taxpayers have until November 30, 2022, to file their ITRs.

What if you failed to submit the return by the deadline?

A delayed return can be filed after the initial return of income filing deadline if the original deadline is missed. The income tax division also stipulates the deadline for submitting the late return. This deadline has been pushed back three months until the conclusion of the assessment year (unless extended by the government).

However, there would be a Rs. 5,000 fine assessed for filing returns late. However, the cost is only up to Rs 1,000 if the person’s total income is less than Rs 5 lakh.

What benefits does filing ITR before the deadline offered?

When you submit ITRs on time, you gain a lot of benefits as well as the reputation of being a responsible member of the nation. These advantages include some of the following:

  1. Your chances of obtaining a car loan, a home loan, and other loans increase if you file your income tax returns on time.
  2. You will get your returns as soon as possible if you file your ITR on time.

3.ITRs can be used to prove a person’s address and income, which are both necessary when requesting a loan or visa.

  1. When applying for a visa, the majority of consulates and embassies need you to provide copies of your income tax records for the past two years.
  2. Taxpayers must pay their taxes before they may submit an ITR. In accordance with Section 234A, interest must be paid at a rate of 1% per month starting on the tax payment due date and extending until the payment date. If you submit your tax return on time, you might avoid having to pay extra interest. As a result, your tax burden will increase the longer you put off paying taxes and filing returns.

 

 

From Pan to Crypto: New income tax reforms that take effect on July 1

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Income Tax on Digital Assets

Starting July 1, 2022, a number of changes will take effect that will have an impact on your income tax. In this regard, it is also crucial to keep in mind that July 1, 2022, also marks the beginning of the fiscal year’s second quarter. This includes changes to the laws governing income tax and TDS on cryptocurrency. These are some significant changes in income tax reform that will take effect on July 1, 2022.

TDS on Cryptocurrencies:

In January 2022, Finance Minister Nirmala Sitharaman suggested a 1% tax deducted at source (TDS) on any payment made in exchange for the transfer of virtual digital assets (VDAs), often known as cryptocurrencies and non-fungible tokens (NFTs). The TDS regulation will be in force beginning on Friday, July 01, 2022 for transactions with a value of more than Rs. 10,000.

A 20% tax deduction will be made at the time of transfer of the VDA if the deductee’s (buyers’) PAN is not immediately accessible. If the payer is not one of the people listed and they have not filed their income tax return, TDS will also be withheld at a higher rate of 5 percent (instead of the standard rate of 1 percent).

The PAN-Aadhaar Non-Linkage costs twice as much:

The final day for connecting Aadhaar and PAN was June 30, 2022. In line with CBDT regulations, if a person combines their PAN with Aadhaar between March 31, 2022, and June 30, 2022, they must pay a 500-rupee late fee. However, if someone fails to connect their PAN with their Aadhaar before June 30, 2022, they will be subject to a twofold fine of Rs. 1,000 starting on July 1st, 2022.

For doctors and social media influencers, the new income tax information is as follows:

Rewards received from businesses for sales promotion by doctors and social media influencers will be subject to a 10% tax deduction at source starting July 1, 2022. (TDS). In line with a notice from the Central Board of Direct Taxes (CBDT), the giver of the benefit or perquisite may immediately deduct the tax under Section 194R. However, the taxpayer must confirm the recipient’s possession of any taxable sums.

In line with Section 194R, taxes must be deducted from benefits and perks when their total worth exceeds Rs. 20,000.

Update on Income Tax (IT) Return Filing:

The new income tax regulations now include a new clause that enables taxpayers to file a revised return in the event that their income tax returns contain errors or inaccuracies. Taxpayers now have two years from the conclusion of the applicable assessment year to file an amended return.

Changes in Demat KYC Rules:

To prevent having your demat account frozen, you must complete your KYC before June 30. To update your KYC, you must provide your name, place of residence, PAN, active mobile phone number, active email address, and range of income. But starting on July 1, your demat account will likewise be inactive if you do not do this.

Why choose us?

Komplytek is a leading business advisory and consulting firm that specialises in management consulting. Our areas of expertise include financial operations; payroll management; human resources; payroll management; strategies and development; financial planning; and consulting in data analysis. We also help businesses all over the world with their planning and operational challenges.

By using artificial intelligence, we also provide businesses with more flexibility, wiser judgement, and data-supported options with reduced costs and risks.

By collaborating with a firm to develop development ideas or carry out operations, we greatly increase a company’s value. Additionally, we provide excellent, safe, and customised solutions based on your company’s needs.

Komplytek is a one-of-a-kind company that provides a variety of consulting and outsourcing services to clients worldwide. By outsourcing the finance and compliance functions of the firms to us, we make it convenient for business owners to focus on their essential and core business activities. We are a “One-Stop Solution” for finance and accounting, compliance and regulatory, and other operational portfolios. Our solutions can also be tailored to meet your specific business needs.

Our team comprises of people who have extensive industry knowledge, skills, and experience. This is crucial in addressing any turbulence in the business world and guaranteeing smooth operations. We ensure that we think like you and act as part of your team rather than an outsourcing partner.

To assist our clients, follow the law, we also lower risk by combining the finest strategic approach with cutting-edge technology.

5 Reasons to Hire a Finance Consulting Firm

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Finance-Consulting-Firm

The life of a businessman is not easy. You must manage everything from the small to the large. Financial management is not for everyone. This is where the role of a finance consulting firm comes into the equation. Individuals and small businesses can get help from a finance consulting firm to manage and grow their money and assets. They also help their clients with a variety of responsibilities, including financial data, financial forecasting, and investment advice based on their long and short-term objectives.

Financial consulting firms and financial advisory firms are similar terms. Prior to now, a financial consulting firm could only assist with businesses’ transactional needs. Modern entrepreneurs, on the other hand, demand tailored services to increase their company’s efficiency. As a result, their role was redefined and widened. A finance consulting firm now provides a comprehensive service that assists its clients in achieving financial success in all areas.

What qualities should you seek for in a financial consultant?

  • Negotiation Skills of the Highest Order
  • Communication abilities that are both effective and efficient.
  • As required by law, licensed and registered
  • Financial consulting firms must have extensive knowledge of developing financial strategies for many types of businesses.

What Services does a Finance Consulting Firm Provide?

A finance consulting firm examines the entire picture of a client’s finances, including obligations, assets, expenses, and revenue, to assist clients in identifying their objectives. A finance consulting firm with the appropriate licenses can also handle the investments of its clients.

Here’s Why More Companies are Hiring a Finance Consulting Firm

There is no denying that the workforce is changing as a result of new technology and increasing growth needs. The most notable current trend is that an increasing number of businesses are outsourcing staff and consultants. Here are five reasons why hiring a finance consulting firm is the way of the future.

1. Provides You with a Larger, More Complete Perspective of Business

Hiring a professional from a finance consulting firm may help your company and provide you with added security. The finance consultant arrives with a planned company strategy and also tactics, allowing them to see the full picture of your financial status. As a result, financial plans may be evaluated, reviewed, and modified in response to changing company circumstances. Furthermore, it helps your company become more structured and equipped for the future, as well as any challenges that may develop, with contingency plans in place if necessary.

2. Expert Recommendations

Businesses rely heavily on consultants. They have worked in a variety of industries and have a thorough understanding of business dynamics, expert knowledge, and technological advancements and processes. Financial planning by a competent financial advisory firm also assists in putting all the elements of your financial business together, from budgeting to preparing for business development to handling taxes and insurance needs.

3. Tax Benefit

Certain countries’ tax laws are complex, and even the smallest error might result in severe financial consequences. In addition, as a result of their errors, these business owners must pay hefty fines. All of these issues and their ramifications are known to a financial consulting firm, and they are addressed ahead of time. Launching new companies or offering advice on current tax law changes might help minimize your tax burden.

A financial consulting firm can also assist you in lowering your tax obligation by launching new investments for long-term benefits, and tax efficiency, or counselling you on the most recent major reforms.

4. Saves Time

An entrepreneur does not have enough time to analyse each matter carefully. The finance consulting firm is adept at identifying the company’s soft spots, allowing you to devote your time and attention to those aspects of the organization that require it.

As a result, hiring a financial consulting firm is preferable. They are a collection of professionals who can help you manage your financial portfolio properly. This also allows you to focus your time and efforts to more profitable and productive endeavours if you are not burdened with this onerous duty.

5. Stress Relief

A competent financial consultant may relieve a lot of burden from your mind, and your business can profit from the consulting firm’s high financial literacy. You may now relax since you are in the hands of an investing specialist who is handling a wide variety of issues and obstacles that you would otherwise have to deal with on your own. This also leaves more time to keep a watchful eye on the markets.

Why choose us?

In order to maximise productivity in the crucial spin-out areas of your company, Komplytek provides integrated services and adaptable solutions that are smart by design. For finance & accounting, compliance & regulatory, and other operations portfolios, we provide a “One Stop Solution.”