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Income Tax Return: In India every assessee whether having a taxable income or not should definitely file an income tax return. Income Tax is the annual direct tax that government levies on financial income generated by all entities. The Income Tax Act, 1961, requires all assessees to file income tax return every year so as to determine whether they owe any taxes or are eligible for a tax refund. Tax is levied on taxable income of all assessees as per rates fixed by the Finance Act. For computing this taxable income, income under all five heads are aggregated to give adjustment for losses of current year and earlier years and then effect is given for eligible deductions. The assessee is required to submit these details by filing income tax return within due dates specified under the act. In case of non-compliance various penalties and prosecutions can be initiated against defaulting assessees as laid down by Income Tax Act.
PROFESSIONAL TAX REGISTRATION: A tax levied by State Government (mostly governed by Municipal council of the State Government) for professional or employment is Professional Tax. States which impose Professional tax are: Karnataka, West Bengal, Andhra Pradesh, Maharashtra, Tamil Nadu, Gujarat, Assam, Chhattisgarh, Kerala, Meghalaya, Orissa, Tripura.
VAT REGISTRATION: A Value Added Tax (VAT) is a form of consumption tax or indirect tax which is imposed on goods and services at each stage of production starting from raw materials to final product. For the buyer, it is a tax on the purchase price and for the seller it is a tax on the value added to any product at each stage of its manufacture or distribution thereby avoiding cascading effect. The manufacturer remits to the government the difference between these two amounts, and retains the rest for themselves to offset the taxes they had previously paid on the inputs. VAT applies to all provisions of goods and services except those that are zero rated or exempted and both natural persons and legal entities can get themselves registered for VAT.
PARTNERSHIP DEED REGISTRATION: Partnership deed is a duly stamped and registered written agreement governing the existence of a partnership firm as a business incorporation document. Ordinarily, the rights, duties and liabilities of partners are laid down in the deed. It is advisable to prepare a partnership deed even if a partnership firm is not registered because a deed helps in amiable resolutions of problems when disputes between partners arise. Partnership deed governs the relationship and other aspects of business.