chartered accountant near me

Important Amendments to ITR Filing Rules for the Financial Year 2025–26

by

🆕 New Tax Regime Becomes the Default

The new tax regime under Section 115BAC is now the default for:

  • Individuals

  • Hindu Undivided Families (HUFs)

  • Associations of Persons (AOPs)

  • Bodies of Individuals (BOIs)

  • Artificial Juridical Persons

👉 Taxpayers can opt for the old regime by indicating their preference when filing their ITR.

📊 Revised Income Tax Slabs Under New Regime

Under the new tax regime, income is taxed progressively across defined income brackets:

  • No tax is levied on annual income up to ₹4,00,000

  • Income from ₹4,00,001 to ₹8,00,000 is taxed at 5%

  • The 10% rate applies to income between ₹8,00,001 and ₹12,00,000

  • Income between ₹12,00,001 and ₹16,00,000 is taxed at 15%

  • A 20% tax is charged on income from ₹16,00,001 to ₹20,00,000

  • For income between ₹20,00,001 and ₹24,00,000, the rate is 25%

  • Any income exceeding ₹24,00,000 is taxed at 30%

✅ With the standard deduction now increased to ₹75,000, individuals earning up to ₹12.75 lakh annually under the new regime will not have to pay any income tax.

💸 Enhanced Standard Deduction

The standard deduction has been increased from ₹50,000 to ₹75,000, benefiting salaried individuals and pensioners by reducing their taxable income.

🔁 Increased Rebate Under Section 87A

With the rebate under Section 87A raised to ₹60,000, individuals earning up to ₹12 lakh under the new tax regime are not liable to pay income tax.

📈 Higher TDS Thresholds

The thresholds for Tax Deducted at Source (TDS) have been updated:

  • The TDS exemption limit on interest income for senior citizens has been raised from ₹50,000 to ₹1 lakh

  • The TDS applicability limit on rental income has been revised upward to ₹6 lakh, from the previous ₹2.4 lakh

🧾 Simplified ITR Forms

The Income Tax Department has rolled out revised ITR forms applicable for AY 2025–26:

  • A new Excel utility for ITR-2 was released on March 25, 2025, enhancing the user experience

  • A provision under Section 139(8A) enables taxpayers to file revised returns and rectify mistakes after submission

📋 Summary Table of Key Changes

Change Details
Default Tax Regime New regime under Section 115BAC
Tax-Free Income Limit Up to ₹12.75 lakh (with standard deduction)
Standard Deduction Increased to ₹75,000
Section 87A Rebate Enhanced to ₹60,000
TDS on Interest (Senior Citizens) Threshold increased to ₹1 lakh
TDS on Rent Threshold increased to ₹6 lakh
ITR Forms Updated ITR-2 with revised return filing feature
Senior Citizens (75+) Exempt from ITR filing under specific conditions
Updated Return Filing Window Extended to 4 years

 

Financial Audit

by

A Financial Audit is a systematic examination of an organization’s financial statements, records, transactions, and internal controls by an independent auditor or auditing firm. A financial audit aims to assure stakeholders, such as investors, regulators, lenders, and the general public, that an organization’s financial statements accurately represent its financial position, performance, and cash flows by generally accepted accounting principles or other applicable reporting standards.

The primary objective of a Financial Audit is to provide an independent and objective assessment of an organization’s financial statements and related disclosure to determine whether they present an accurate and honest representation of the organization’s financial statements.

 

Key Aspects of Financial Audit

– Independence: The auditor must be independent of the organization being audited to ensure unbiased and objective assessment.

 

– Financial Statements: The auditor reviews the financial statements, including the balance sheet, income statement, statement of cash flows, and statement of equity, to determine if they present an accurate and honest representation of the organization’s financial statements.

 

– Verification: The auditor verifies the accuracy and completeness of financial information by examining evidence such as invoices, receipts, bank statements, and other supporting documents.

– Internal Control: The auditor assesses the organization’s internal controls, which are procedures and processes put in place to ensure the accuracy and reliability of financial reporting and to prevent fraud and errors.

– Audit Procedure: Auditors use various procedures, including substantive testing, analytical review, and sampling, to gather evidence about the financial information and internal controls.

 

– Materiality: Auditors consider materiality, which refers to the significance of errors or omissions in the financial statements. Material items are those that could influence the decisions of users of financial statements.

 

– Audit Opinion: At the end of the audit, the auditors issue an audit opinion that expresses their assessment of the fairness of the financial statements. This opinion can be: – unqualified, qualified, adverse, or a disclaimer.

 

– Audit Report: The audit report is a formal document that includes the auditor’s opinion, a description of the audit scope and procedures, and other required disclosures.

– Regulatory Compliance: Auditors also assess whether the organization has complied with relevant laws and regulations that could impact the financial statements.

 

– Follow-up: Auditors may provide recommendations for improving internal controls or financial reporting practices. The organization can then take corrective actions based on these recommendations.

 

Considerations in Financial Audit:

 

– Going Concern Considerations: It is a fundamental accounting assumption that an organization will continue its operations for the foreseeable future and will not liquidate or face significant financial distress. However, auditors must consider the going concern assumptions during a financial audit to assess whether there are any indicators or uncertainties that might cast doubt on an organization’s ability to continue as a going concern.

 

– Fraud-Related Considerations: Fraud is a deliberate act intended to deceive for financial gain or to cause damage. Detecting and addressing fraud is a critical aspect of a financial audit. Auditors consider fraud risk factors like pressure, opportunity, and rationalization. These factors help auditors identify potential fraud schemes.

 

– Laws and Regulations: Auditors assess whether the organization complies with relevant laws and regulations that could impact the financial statement. The auditor shall identify the risks of material misstatement due to direct and material non-compliance with laws and regulations.

 

– Subsequent Events: Auditors consider any event occurring after the balance sheet date but before issuing the audit report, that may have legal or regulatory implications and could impact the financial statements. These events can have a significant impact on an organization’s financial position and therefore need to be carefully considered during a financial audit.

 

Financial Audit Procedure

 

  Financial audit procedures are the systematic steps and processes followed by auditors to gather evidence, analyze financial information, and evaluate internal controls to form an opinion on the accuracy and fairness of an organization’s financial statements. This procedure helps ensure the reliability and transparency of financial reporting. Here is an overview of the typical financial audit procedure:

Planning and Risk Assessment:

– Understand the organization’s business and industry.

– Identify key risk areas and significant accounts for detailed examination.

– Develop an audit plan that outlines the procedure to be performed.

  Internal Control Evaluation:

– Understand the organization’s internal control environment.

– Identify weaknesses or deficiencies in internal control that may impact the reliability of financial reporting.

– Test the design and effectiveness of internal controls.

  Substantive Testing:

– Select samples of transactions and account balances for testing.

– Perform substantive procedure to gather evidence:

Analytical Procedures: Compare financial data against expectations and industry benchmarks.

Tests of details: Examine individual transactions, documents, and account balances.

  Reporting

– Summarize audit findings and conclusions.

– Formulate an audit opinion based on the assessment of financial statements, internal controls, and compliance.

– Prepare the audit report, which includes the audit opinion, description of the audit scope, key findings, and required disclosures.

Financial Audit Procedures ensure that financial statements present a true and fair view of an organization’s financial position and performance. These procedures are designed to detect errors, inaccuracies, fraud, and non-compliance, ultimately enhancing transparency and trust in financial reporting.

Compliance Advisory

by

Regulatory compliance and laws play a significant role in managing any business. We advise our clients on applicable compliance requirements with relevant laws and regulations and provide a detailed catalog industry-wise, region-wise, or function-wise to help organizations frame their legal & compliance strategies across the globe.

Violations of regulatory compliance can result in loss of goodwill & reputation along with imposition of penalties, fines, or prosecution. We help our clients identify gaps in their existing compliance processes, policies, and controls and recommend the best-suited solutions for their business growth and productivity. We have the expertise and dedicated support to help you mitigate any risks that your businesses may encounter from a regulatory & compliance perspective.

1. Entity Compliance Program

In an increasingly complex and interconnected world, businesses of all sizes face a myriad of regulatory challenges that can impact their operations, reputation, and bottom line. To successfully navigate this regulatory landscape, we offer organizations build a robust and well-structured Entity Compliance Program that forms the bedrock of your organization’s regulatory compliance efforts. This program outlines the policies, procedures, and controls that a company must put in place to adhere to relevant laws and regulations. Its main objective is to mitigate the risks associated with non-compliance and foster a culture of ethics and integrity within the organization. Here’s a closer look at what an Entity Compliance Program entails:

– Regulatory Framework Identification: The first step in creating an Entity Compliance Program is to identify all relevant regulations and laws that apply to the organization. Managing a business involves compliance with a wide range of regulations, including federal, state, and local regulations, as well as industry-specific standards.

– Compliance Policies and Procedures: Once the regulatory framework is identified, the organization must establish comprehensive policies and procedures to address each requirement. These policies should be designed to ensure that employees understand their compliance obligations and how to meet them.

– Compliance Officer Appointment: Designating a Compliance Officer or Compliance Department is crucial. This individual or team is responsible for overseeing the compliance program, ensuring that policies are followed, and addressing any compliance issues that may arise.

– Training and Education: To ensure that all employees are aware of compliance requirements, regular training and educational programs should be implemented. This may include online courses, seminars, and workshops.

 

– Monitoring and Reporting: Continuous monitoring of compliance activities is essential. This involves regular audits, assessments, and reporting mechanisms to identify potential compliance gaps.

 

– Response and Remediation: Inevitably, compliance violations may occur. It is essential to have a system in place to respond to violations promptly and implement corrective actions to prevent recurrence.

2. Compliance Gap Analysis

A Compliance Gap Analysis is a systematic review of an organization’s existing policies, practices, and procedures against the relevant regulatory requirements. This process helps identify areas where the organization is not in compliance and provides guidance on how to bridge these gaps. Here are the key steps in conducting a Compliance Gap Analysis:

– Assessment Scope Definition: Determine the scope of the analysis, including the specific regulations or laws to be reviewed and the areas of the organization to be assessed.

– Documentation Review: Collect and review all relevant policies, procedures, contracts, and documents related to compliance. This includes internal documents and external contracts with vendors or partners.

– On-Site Observations: In some cases, it may be necessary to conduct on-site visits to observe processes, practices, and physical conditions to assess compliance.

– Gap Identification: Compare the documentation and observations against the applicable regulations to identify gaps in compliance. These gaps may include missing policies, inadequate procedures, or non-compliant practices.

– Risk Assessment: After identifying gaps, assess the level of risk associated with each non-compliance issue. This helps prioritize remediation efforts based on the potential impact on the organization.

– Remediation Plan: Develop a remediation plan that outlines the steps required to address each compliance gap. This plan should include timelines, responsible parties, and resources needed for implementation.

– Implementation and Monitoring: Execute the remediation plan, and continuously monitor progress to ensure that compliance gaps are being addressed effectively.

3. Labor Laws

Labor laws are a crucial aspect of regulatory compliance, governing the relationship between employers and employees. Compliance with labor laws is essential to protect the rights and well-being of workers and to maintain a harmonious workplace environment.

Labor laws include the following:

– Employment Contracts: – Ensuring that employment contracts comply with legal requirements.

  – Adhering to minimum wage laws and overtime regulations.

– Workplace Discrimination: – Preventing discrimination based on race, gender, age, disability,

  and other protected characteristics.

  – Enhancing workplace diversity and inclusion.

– Working Hours and Breaks: – Complying with laws regarding working hours, rest periods, and

  meal breaks.

  – Managing employee schedules to prevent violations.

– Health and Safety: – Fostering a Secure and Health-Conscious work environment.

  – Ensuring compliance with occupational health and safety regulations.

– Employee Benefits: – Administering employee benefits such as healthcare, retirement plans, and

  leave.

  -Complying with regulations that are beneficial for employees.

Importance of Compliance with Labor Laws

Legal Consequences: – Non-compliance can result in legal actions, fines, and penalties.

  – Lawsuits from employees alleging labor law violations can be costly and

  damaging to a company’s reputation.

Employee Retention and Morale: – Compliance with labor laws fosters trust and goodwill among

  employees.

  – It contributes to higher employee morale and retention rates.

Reputation Management: – Adherence to labor laws enhances a company’s reputation as a

  responsible and ethical employer.

  – A positive reputation can attract top talent and customers.

4. Social Security Laws: – Social Security laws encompass a range of regulations designed to provide financial support and protection to individuals and families during various life events, such as retirement, disability, and unemployment. Compliance with these laws is essential to ensure that employees receive the benefits they are entitled to.

Social Security laws typically cover the following areas:

 

Social Security Contributions: – Ensuring that both employers and employees contribute to the

  Social Security system as required by law.

  – Accurate reporting and payment of Social Security taxes.

Benefits Administration: – Proper administration of Social Security benefits, including

  retirement, disability, and survivor benefits.

  – Compliance with eligibility criteria and benefit payment schedules.

Compliance Reporting: – Timely and accurate reporting of employee earnings to the Social

  Security Administration.

  – Compliance with reporting deadlines and requirements.

 

Importance of Compliance with Social Security Laws:

 

Compliance with Social Security laws is of paramount importance for several reasons:

Legal Obligations: – Failure to comply with Social Security laws can lead to legal consequences,

  including fines and penalties.

  – Employers have a legal duty to withhold and remit Social Security taxes.

Employee Benefits: – Compliance ensures that employees receive the benefits they are entitled

  to, including retirement income and disability support.

  – Non-compliance can result in financial hardship for employees.

Financial Stability: – Adherence to Social Security laws contributes to the financial stability of

  the Social Security system.

  – It supports the long-term sustainability of social safety net programs.

5. Health & Safety Laws: – Health and safety laws are designed to protect the well-being of employees by establishing workplace safety standards and requirements. Compliance with these laws is essential to prevent workplace accidents, injuries, and illnesses.

Health and Safety laws encompass various aspects, including:

 

Hazard Identification and Mitigation: – Identifying workplace hazards and taking steps to

  mitigate them.

  – Implementing safety protocols and procedures.

Training and Education: – Providing employees with the necessary training on safety

  procedures and equipment.

  – Ensuring employees are aware of potential hazards and how to

  respond to them.

Reporting and Recordkeeping: – Maintaining records of workplace injuries and illnesses.

  – Reporting workplace accidents and incidents to regulatory

  authorities as required by law.

Safety Equipment and Facilities: – Provide appropriate safety equipment and facilities, such

  as personal protective equipment and emergency exits.

  – Ongoing safety equipment maintenance and inspection.

 

Importance of Compliance with Health & Safety Laws

 

Employee Well-Being: – Ensures the safety and well-being of employees by preventing

  workplace accidents and injuries.

  – Reduces the risk of long-term health issues resulting from workplace

  exposures.

Legal Liability: – Non-compliance can lead to legal liability, including lawsuits and fines.

  – Compliance demonstrates an organization’s commitment to employee safety.

Productivity and Reputation: – Safe workplaces are more productive and experience lower

  absenteeism.

  – Abiding by regulations strengthens the organization’s reputation.

6. Global Compliance Checklists: – In an era of globalization, businesses often operate in multiple countries and must contend with a diverse array of regulations and standards. Global compliance checklists are invaluable tools for organizations seeking to maintain compliance across borders.

 

Here are some critical considerations for global compliance:

– International Trade Regulations: Companies involved in international trade must comply with import/export regulations, including customs documentation, tariffs, and trade sanctions.

– Data Privacy and Protection Laws (e.g., GDPR): If your company handles the personal data of individuals in the European Union, compliance with the General Data Protection Regulation (GDPR) is mandatory. Similar laws exist in other regions, and compliance is essential to avoid hefty fines.

– Anti-Corruption Laws (e.g., FCPA): The Foreign Corrupt Practices Act (FCPA) in the United States and similar legislation worldwide prohibit bribery and corrupt practices. Compliance with anti-corruption laws is crucial for international business operations.

– International Labor Standards: Companies with global operations must adhere to international labor standards, which include principles such as fair wages, safe working conditions, and freedom of association.

– Environmental Regulations: Environmental laws and regulations vary widely across countries. Businesses should be aware of and comply with local environmental laws to avoid penalties and reputational damage.

7. Internal Policies: Internal policies are the cornerstone of an organization’s compliance efforts. These policies serve as guidelines for employees and management to ensure that the organization’s operations align with legal requirements and ethical standards. Key components of internal policies include:

 

– Code of Conduct: A code of conduct outlines expected behaviors and ethical standards for employees. It helps prevent unethical conduct and conflicts of interest.

– Anti-Discrimination and Harassment Policies: Clear policies against discrimination and harassment create a safe and inclusive workplace environment and demonstrate the organization’s commitment to diversity and equality.

– Data Protection and Privacy Policies: Data protection policies govern how the organization collects, stores, and handles sensitive information, ensuring compliance with data privacy laws.

– Whistleblower and Reporting Procedures: Encouraging employees to report compliance violations or unethical behavior is vital. Having confidential reporting channels and whistleblower protection policies in place fosters transparency.

– Conflict of Interest Policies: These policies help employees identify and manage situations where their personal interests may conflict with the interests of the organization.

– Records Retention and Document Management: Policies regarding the retention and disposal of records and documents ensure compliance with legal requirements and facilitate efficient record-keeping.

Compliance Operations

by

Introduction

In the intricate world of business, adherence to regulatory requirements is paramount. Regulatory compliance operations encompass a multifaceted framework that involves various aspects, including data management, filing of returns under various acts, statutory compliance audits, inspections by regulatory authorities, and corporate secretarial services. In this blog, we will delve into each of these critical components to help businesses understand the significance of compliance and how to navigate this complex terrain effectively.

 

1. Data Management in Regulatory Compliance

Data management plays a pivotal role in regulatory compliance operations. Accurate, secure, and accessible data is essential for fulfilling regulatory obligations. Here are some key considerations for data management in compliance:

 

– Data Collection: Identify and collect data relevant to compliance requirements. This includes financial records, employee data, customer information, and other data that may be subject to regulatory scrutiny.

– Data Storage: Establish robust data storage systems that ensure data integrity and security. Encryption, access controls, and regular backups are essential.

– Data Retention: Comply with retention requirements specified by relevant laws and regulations. Develop policies for the disposal of data that is no longer needed.

– Data Accessibility: Ensure that authorized personnel have easy access to required data when requested by regulatory authorities during audits or inspections.

– Data Privacy: Implement data privacy measures, such as GDPR or CCPA compliance, if applicable, to protect the personal information of customers and employees.

– Automation: Automation can streamline data management processes, reducing the risk of human errors and ensuring compliance with reporting deadlines.

Filing of Returns under Various Acts

Various acts and regulations mandate businesses to file returns and reports regularly. Failure to do so can result in penalties and legal consequences. Here are some acts under which businesses often need to file returns:

– Income Tax Act: Businesses must file income tax returns annually, providing detailed financial information and supporting documentation.

– Goods and Services Tax (GST): Compliance with GST regulations involves filing regular returns, including GSTR-1, GSTR-3B, and GSTR-9.

– Companies Act: Companies must file annual returns and financial statements with the Registrar of Companies (ROC) to maintain compliance.

– Employment Laws: Various labor and employment laws require businesses to file returns related to provident fund, gratuity, and other employee benefits.

– Environmental Regulations: Depending on the industry, companies may need to file returns on environmental impact and sustainability efforts.

2. Statutory Compliance Audits

Conducting statutory compliance audits is a proactive approach to ensure that your business adheres to all relevant laws and regulations. These audits help identify areas of non-compliance and mitigate potential risks. Key points to consider:

Internal Audits: Regular internal audits can help identify compliance gaps and address them before regulatory authorities step in.

External Audit: Engage external auditors or compliance consultants to conduct comprehensive audits to ensure objectivity and expertise.

Corrective Actions: Address any non-compliance issues promptly and implement corrective actions as necessary.

3. Inspections by Regulatory Authorities

Regulatory authorities may conduct inspections or investigations to assess a business’s compliance with specific laws and regulations. Here’s how to prepare for such inspections:

– Documentation: Maintain well-organized records and documentation to provide to inspectors upon request.

– Cooperation: Cooperate fully with regulatory authorities during inspections, providing them with accurate and timely information.

– Compliance Training: Ensure that employees are well-informed about compliance requirements and how to handle inspections.

4. Corporate Secretarial Services

Corporate secretarial services play a crucial role in compliance operations by assisting businesses in meeting their legal obligations. These services include:

– Company Registration: Assisting in the formation of new entities and ensuring compliance with registration requirements.

– Annual Compliance: Managing annual filing requirements, including filing of returns, financial statements, and minutes of meetings.

– Board Governance: Advising on corporate governance best practices and ensuring compliance with board resolutions.

 

– Legal Documentation: Drafting and maintaining legal documents, such as contracts, agreements, and bylaws.

Navigating regulatory compliance operations can be complex, but it is essential for maintaining the legal and ethical integrity of your business. By proactively addressing the compliance operational aspects, businesses can minimize the risk of non-compliance, avoid legal penalties, and build trust with stakeholders and regulatory authorities alike. Remember that staying informed and seeking expert guidance when needed is key to success in the ever-evolving landscape of regulatory compliance.

 

9 Major Benefits of a Finance Consulting Firm

by
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.

by
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

by
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.

 

 

 

6 Reasons to File Income Tax Return

by
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/

 

 

Payment Guidelines for Virtual Digital Assets under Section 194S

by
Payment Guidelines for Virtual Digital Assets

Payment Guidelines for Virtual Digital Assets

The Income Tax Act of 1961 was amended by the Finance Act of 2022 to include Section 194S, which would go into effect on July 1, 2022. This section deals with the provisions of TDS on transfer of Virtual Digital Assets.

If payment is made to any resident such person is responsible to deduct TDS @1% of the consideration for the transfer of Virtual Digital Asset.

This deduction does not need to be made if:

  • The payment is payable by a specific person and its value, or the sum of its values, does not exceed 50,000 rupees throughout the fiscal year;
  • The consideration is payable by any person other than a specific person, and the amount, or aggregate value, of such consideration, does not exceed 10,000 rupees for the financial year.

The following individuals are regarded as specified persons for the purposes of this clause:

  • A person or Hindu undivided family (HUF) that does not get any income under the category “profit and gains of business or profession”; and
  • A person or HUF with income falling under the category of “profits and gains of business or profession,” whose total sales, gross receipts, or turnover from the business they operate does not exceed one crore rupees, or whose turnover from the profession they practice does not exceed fifty lakh rupees. This benchmark must be met in the fiscal year that comes before the one in which the VDA is moved.

The Central Board of Direct Taxes (CBDT) is permitted to establish guidelines with the permission of the Central Government under subsection (6) of section 194S of the Act in order to remove barriers. These regulations must be presented to every House of Parliament and are obligatory on the income-tax authorities as well as the person who is in charge of paying the consideration for the transfer of Virtual Digital Assets

Accordingly, the CBDT hereby issues the following directives in accordance with the authority granted by subsection (6) of section 194S of the Act. These rules will only be applicable when a VDA transfer is made on or through an exchange. In other situations (such as peer-to-peer and other conditions), the Act’s requirements of section 194S shall apply, and with respect to these recommendations, only the explanations provided in Question 6 shall be subject.

Guidelines

Q1. When a VDA is transferred on or via an exchange and money is paid by the buyer to the exchange (directly or through a broker), then the money is sent from the exchange to the seller either directly or indirectly through a broker, who is responsible for deducting tax from that payment?

Ans. Any person who is liable for providing to any resident any amount as payment for the transfer of Virtual Digital Assets must withhold tax under section 194S of the Act. As a result, section 194S of the Act requires the buyer (i.e., the person providing the consideration) to withhold tax in a peer-to-peer transaction (i.e., a direct buyer-to-seller transaction).

However, there may be numerous tax deduction requirements under section 194S of the Act if the transaction is occurring on or via an exchange. Thus, the following clarifications are made in order to remove obstacles to transactions occurring on or via an exchange:

(a) In the event that a transfer of VDA occurs on or via an exchange and the VDA in question is owned by a different party than the exchange, the buyer would then be crediting or paying the exchange in this instance (directly or through a broker). The owner of the VDA that is being transferred must then be credited or paid by the exchange, either directly or through a broker. Due to the presence of numerous participants, it is made clear that:

  1. According to Section 194S of the Act, only the exchange that is crediting or paying the seller may deduct tax (owner of the VDA being transferred).
  2. When a broker owns the VDA, the broker is the one who sells. As a result, under section 194S of the Act, the exchange may deduct the amount of consideration it credits or pays to the broker. When the credit or payment is made between the exchange and the seller via a broker (and the broker is not the seller), both the exchange and the broker are responsible for withholding taxes in accordance with section 194S of the Act. However, under section 194S of the Act, the broker alone may deduct the tax provided the exchange and the broker have a written agreement indicating the broker would be deducting tax on such credit or payment. The exchange would have to submit a quarterly report (in Form No. 26QF) for all such transactions made during the quarter on or before the due date specified in the Income-tax Rules, 1962.
  3. When a VDA is exchanged on or through an exchange and the exchange owns the VDA that is being transferred, there are just one or two participants involved. Section 194S of the Act requires the buyer to deduct tax. The buyer might not be aware that the VDA being transferred is owned by the exchange, which could pose a practical problem. As a result, the buyer may have legitimate concerns about its need to withhold tax under section 194S of the Act. This problem would still exist if the buyer purchased VDA from an exchange via a broker.

To resolve this issue, it is made clear that while the buyer or his broker will still be primarily responsible for withholding tax under section 194S of the Act in this situation, the Exchange may also agree in writing with the buyer or broker that the Exchange will pay the tax for all similar transactions on or before the due date for that quarter. For all such transactions completed during the quarter, the exchange would be obliged to submit a quarterly statement (in Form No. 26QF) on or before the deadline outlined in the Income-tax Rules, 1962 for all such transactions made during the quarter. The exchange’s income tax return would also need to be supplied and would need to detail all of these transactions The exchange’s income tax return would also need to be supplied and would need to detail all of these transactions. The buyer or his broker would not be considered an assessee in default under section 201 of the Act for these transactions if these requirements are met.

As a result of this circular,

  1. The word “exchange” refers to any individual who runs a platform or application for the transfer of VDAs, matches buy and sell transactions, and then carries out such trades on that application or platform.
  2. Any individual who manages a platform or application for the transfer of VDAs and maintains a brokerage account or accounts with an exchange for the execution of such trades is referred to as a “broker.”

Q2. Regarding transactions where the compensation for the transfer of VDA is not in kind, question no. 1 was raised. How will this work if it is given in return for another VDA or in-kind?

Ans. As stated in the addendum to sub-section (1) of section 194S of the Act, there may be instances when the consideration is in kind, in exchange for another VDA, or partially in kind and cash is inadequate to pay the TDS liability. In such cases, the person paying the consideration must make sure that any taxes that need to be deducted have been paid in connection with the consideration before releasing it.

After the seller shows confirmation that the tax has been paid in the aforementioned scenario, the buyer will release the compensation in kind (e.g., Challan details etc.). Both parties are the buyer and the seller in a situation where VDA “A” and VDA “B” are being traded. The first is a buyer for “A” and a seller for “B,” while the second is a buyer for “B” and a seller for “A.” In order for VDAs to be exchanged, both parties must pay taxes related to the transfer of VDAs and provide each other with proof of payment. The TDS statement would then need to include this information along with the challan number. This year, requirements for reporting such transactions were added to Form No. 26Q. Form No. 26QE has been introduced for certain individuals.

However, there are practical problems with executing this clause if the transaction is made through an exchange. It is made clear that, in this case, the exchange may instead deduct tax in order to address this practical issue and ease the difficulty. Based on a signed contract with the buyers or sellers, the exchange may use this alternate approach.

When such a different mechanism is used?

  1. The exchange would have to pay the government after deducting taxes from both legs of the transactions. For the previously stated reasons, it will be necessary to declare it as tax deducted on both legs of the transaction on Form 26Q.
  2. Both the buyer and the seller would not be obliged to individually follow the proviso to sub-section (1) of section 194S of the Act’s instructions.

The tax amount deducted by the exchange under section 194S of the Act on such transactions may also be in kind and require conversion into cash before it may be deposited with the government.

  1. The exchange will deduct TDS from the pair being exchanged at the moment of the transaction. For instance, in the event of a transaction from Monero to Deso, the exchange will withhold 1% of Monero and 1% of Deso as tax in accordance with section 194S of the Act and pay the remaining 1% to the customer. The exchange should keep a record of all transactions showing the deduction of one percent of consideration for each VDA-to-VDA trade.
  2. The exchanges must promptly execute a market order to exchange this tax deducted in kind (1% Monero/1% Deso in the example above) into one of the major VDAs (BT, ETH, USDT, or USDC), which may be quickly translated into INR. By taking this action, you will make sure that the tax that was deducted under Section 194S of the Act in the form of non-primary VDAs like Deso/Monero is converted into the equivalent of primary VDAs that are available on the INR market. To guarantee that the exchange converts the VDAs it has withheld as soon as possible, order timing records must be kept. This step would not be taken if taxes were withheld on main VDAs.
  3. For the day, the total amount of tax deducted in accordance with Section 194S of the Act in the form of primary VDAs or converted into primary VDAs under Step (ii) shall be tallied. The time period will be from 0:00 to 23:59 hours. The trail from VDA orders to transactions performed throughout the day will show how much VDA the exchange has accumulated.
  4. The total principal VDA amount at 00.00 hours will be translated to INR using the market rate in effect at that time. The exchanges are obliged to post-market orders for the tax withheld “or converted under step (ii)” in the form of primary VDAs for conversion at 00:00 hours in order to bring uniformity and prevent discretion. Based on the open buy orders in the market, these sell market orders will be carried out. Every matched deal will have price and quantity information that the exchange will keep up to date and make available for verification. The initial buy order based on the active buy order book of the relevant exchange at the moment of conversion must have occurred in order for the conversion into INR to be verifiable from the system code. It is customary to forbid the appropriate exchange from liquidating the VDA from purchasing these VDAs.
  5. A contract note containing the amount of tax withheld in kind under Section 194S as well as the amount of INR realized from that tax will be emailed to the customer.
  6. According to the timeline and method outlined in the Income-tax Rules 1962, the tax withheld in kind under section 194S of the Act and converted into Indian rupees by following the aforementioned procedure must be deposited in the Government Account.

It is made clear that there will not be any extra TDS if the in-kind tax is transferred from a VDA to INR or from one VDA to another, then back to INR.

Q3. Whether the provisions of Section 194Q of the Act also apply to the transfer of VDA.

Ans. It is made clear that after tax is deducted under section 194S of the Act, tax no longer needs to be deducted under section 194Q of the Act, regardless of whether VDA is considered to be a good or not.

Q4. Whether the consideration for the transfer of VDA to be on a “net basis” after the elimination of these things or on a gross basis after incorporating GST and commission?

Ans. It is made clear that the tax that must be withheld under section 194S of the Act shall be applied to the “net” consideration after deducting GST and any fees assessed by the deductor for providing services.

Q5. Tax may be deducted twice in transactions where payment is made through payment channels. To demonstrate that a person “XYZ” must pay the seller in order to transfer VDA. He uses the “ABC” digital portal to pay one lakh rupees. Given these facts, “XYZ” and “ABC” may both be liable for tax deductions under section 194S of the Act. Is it necessary for both to deduct taxes?

Ans. To solve this issue, it is stipulated that in the example above, if the tax has already been deducted by the person (‘XYZ’) obliged to make a deduction under section 194S of the Act, the payment gateway will not be required to deduct tax under section 194S of the Act on a transaction. Therefore, in the example given above, “ABC” will not be compelled to deduct tax under section 194S of the Act on the same transaction if “XYZ” has done so for one lakh rupees. In order to ensure appropriate execution, “ABC” may request an assurance from “XYZ” about the tax deduction.

Q6. Beginning on July 1, 2022, Section 194S will be in force. Only when the value or total value of the payment for the transfer of VDA during the financial year exceeds 50,000 rupees when the consideration is paid by a defined person, and 20,000 rupees in all other situations, is there a tax deduction obligation under Section 194S of the Act. How this Rs. 50,000 (or Rs. 10,000) cap is to be calculated is unclear.

Ans. It is made clear that

  1. Since the barrier of 50,000 rupees (or 10,000 rupees) relates to the financial year, counting the consideration for a transfer of VDA that triggers a deduction under section 194S of the Act must begin on April 1, 2022. Therefore, if the value or aggregate value of the consideration for transfer of VDA payable by a person exceeds 50,000 rupees (or ten thousand rupees) during the financial year 2022–23, the provisions of Section 194S of the Act shall apply to any sum representing consideration for transfer of VDA that is credited or paid on or after July 1, 2022. (Including the period up to June 30th, 2022).
  2. Since the provisions of section 194S of the Act take effect at the time that any sum representing consideration for the transfer of VDA is credited or paid (whichever comes first), any sum that has been credited or paid prior to July 1, 2022, will not be subject to tax deduction under section 194S of the Act.

 

 

 

 

 

 

 

 

 

 

 

 

Effects of GST on Manufacturers, Distributors, and Retailers

by
Effects-of-GST-on-Manufacturers-Retailers-and-Distributors.jpg

Effects of GST  on Manufacturers, Distributors, and Retailers

The GST is the largest indirect tax change in the world since freedom. The Indian economy benefited from the implementation of the plan since most items’ prices were reduced. It encourages the consumerism and hence improve economy.

In India, GST is an indirect tax on the supply of goods and services. The Government of India implemented the One Hundred and First Amendment to the Constitution Act 2016 on July 1, 2017, and GST went into effect on that day. It replaced the federal and state governments’ numerous existing taxes.

The Goods & Service Tax is a multistage, complete, destination-based tax. It has effectively absorbed almost all indirect taxes, except for a few state levies. This new tax structure has a slightly varying effect on diverse businesses. The first degree of difference will depend on whether the industry is in manufacturing, distribution, or retail.

The following are the Effects of GST on manufacturers, Distributors, and Retailers:

The Goods and Services Tax is improving India’s manufacturing sector’s competitiveness and performance. Previously, various indirect taxes have raised manufacturers’ and distributors’ admin expenses. However, now that GST is in place, compliance costs have decreased, and the industry is expanding at a faster rate as a result.

Businesses that had previously been exempt from taxation must now register for GST. As a result the Goods & Service Tax removes the possibility of tax avoidance.

The benefits of GST implementation in these industries include:

 

• Lower production costs.

Previously, manufacturers were unable to claim any tax credit of OCTROI, entry tax and other local body taxes and it increased the total cost of production of goods and services adding to manufacturing cost. The GST abolished these cascading taxes, saving manufacturer’s money on the spot. It also established the Input Tax Credit to assist in the reduction of tax bills.

• Increase in the competitiveness

Production costs have been reduced after the implementation of GST, hence it helps to increase the competitiveness of Indian Goods and services in the global market and give boost to Indian exports. The procedure is now much simpler thanks to Goods & Service Tax. The same GST rate applies regardless of the location of the suppliers and buyers. This allows you to pick the most cost-effective providers.

• Better Logistics

With the implementation of GST, numerous state border checkpoints were shut down immediately. You may now register shipments and pay taxes online using the e-way bill system. As a result, you will save time and money on logistics.z

• Simple Registration

One of the major effects of GST is the simplicity in the process. Previously, it was compulsory for manufacturers to register their plants in a single state. GST registration is PAN based and state specific. Manufacturers simply have to file for individual registration under the GST, regardless of the number of factories in a state.

• Longer evaluations are no longer necessary

Earlier, firms had to go through a confusing and lengthy tax assessment process. The companies had trouble answering questions about complicated and diverse taxes such as VAT, central excise, and sales tax. Different tax assessment authorities were in charge of different taxes.

GST was also implemented in the industrial sector, along with a composition scheme. This plan offers various incentives to dealers and producers, which includes:

 

  • The ability to pay GST quarterly rather than monthly relieves the burden of monthly payments.
  • Goods & Service Tax will be charged at a reduced rate of 1%.
  • Only the taxable supply turnover, not their whole income, will be subject to Goods & Service Tax.
  • Unlike ordinary taxpayers who do not use the composition plan, there is no requirement to keep extensive records or keep books.

Komplytek is a well-known GST consultancy in Delhi (NCR). We provide potent solutions to businesses across geographies and numerous industry verticals. Our team comprises team of lawyers and chartered accountants who bring many years of corporate experience with them. Our customers may get entire Goods and Service Tax solutions from us, including:

  • Obtaining a registration for the Goods and Services Tax
  • Preparing and reporting monthly or quarterly GST returns
  • Offering guidance on several topics
  • Goods and Service Tax refund applications, including preparation and filing, as well as follow-up
  • Annual tax returns preparation and submission