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Income Tax

The tax landscapes have changed a great deal over the years, and the complexity of change in the tax scenario continues to grow at a fast pace. This change in the corporate and private space has brought about a greater shift in the way Tax authorities work, and therefore it is necessary to have the right procedures in place when it comes to taxes. Our trained Chartered Accountants provide easy and hassle free ways to help manage tax compliances.

  • Preparation of Income Tax Return
  • Assessment of Tax Returns
  • Consultancy in Income Tax matters & Tax Planning
  • Income Tax Audit
  • Form 10B Audit
  • Ex-patriate Taxation
  • International taxation consultancy
  • Transfer Pricing matters-TP Study, TP Audit, TP Assessment & Objections with DRP
  • TDS & Withholding tax compliance
  • Lower or No TDS Deduction Certificate related consultancy
  • Income tax Appeals before Commissioner of Income Tax (Appeals)
  • Income tax Appeals before Income Tax Appellate Tribunal (ITAT)
  • Survey, Search & Seizer Consultancy
  • Appearance before Investigation Wing of Income Tax Department
  • Appearance before Central Board of Direct Taxes (CBDT) and before Ministry of Finance

Why Us

We are a vibrant Firm of Chartered Accountants with the objective of creating a single window for the entire array of financial services.

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We believe integrity is the quintessential value that is the engine behind getting things done in the organization.

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Professional integrity and independence is an essential characteristic of all the professions but is more so in the case of accountancy profession.

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Mr. Kedia's View

Government of any Country is run by the funds available at its disposal. Income Tax is one of the major source of direct tax collection by any Government. Income Tax payable by any person must be according to Law and must be calculated accurately. Most of the Government impose penalty and prosecution, if correct Income tax is not paid. Compliance of Income Tax Laws are a serious challenge. Thus, organisations must hire the services of experts who have complete infrastructure, software, hardware & manwares. We provide full gemnts of Income Tax services which are best as I myself worked as Accountant Member of Income Tax Appellate Tribunal, Government of India and known the things of both the table.

CA Gopal Kumar Kedia

SOLUTIONS FOR YOUR KEY QUERIES

From our Team of Expert & Dedicated CAs!

Ans- Section 17 of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary.

Ans- Allowances are fixed periodic amounts, apart from salary, which are paid by an employer for the purpose of meeting some particular requirements of the employee. E.g., Tiffin allowance, transport allowance, uniform allowance, etc. There are generally three types of allowances for the purpose of Income-tax Act - taxable allowances, fully exempted allowances and partially exempted allowances. Perquisites are benefits received by a person as a result of his/her official position and are over and above the salary or wages. These perquisites can be taxable or non-taxable depending upon their nature. . Uniform allowance is exempt to the extent of expenditure incurred for official purposes u/s 10(14).

Ans- Yes but only to the extent of Rs. 2 lakh, however, losses other than losses under the head ‘Income from house property’ cannot be set-off while determining the TDS from salary.

Ans- The presumptive taxation scheme of section 44AD can be adopted by following persons : 1) Resident Individual 2) Resident Hindu Undivided Family 3) Resident Partnership Firm (not Limited Liability Partnership Firm) In other words, the scheme cannot be adopted by a non-resident and by any person other than an individual, a HUF or a partnership firm (not Limited Liability Partnership Firm). Further, this Scheme cannot be adopted by a person who has made any claim towards deductions under section 10A/10AA/10B/10BA or under sections 80HH to80RRB in the relevant year.

Ans- As per section 44AB, following persons are compulsorily required to get their accounts audited : • A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesn't exceeds Rs. 2 crores. Note: The threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 10 crore in case when cash receipt and payment made during the year does not exceed 5% of total receipt or payment, as the case may be. In other words, more than 95% of the business transactions should be done through banking channels. • A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs. • An assessee who declare profit for any previous year in accordance with section 44AD and he decreases profit for any of one 5 assessment year relevant to the previous year succeeding such previous year lower than the profit computed as per section 44AD and his income exceeds the amount which is not chargeable to tax. • If an eligible assessee opts out of the presumptive taxation scheme, within the aforesaid period, he cannot choose to revert back to the presumptive taxation scheme for a period of five assessment years thereafter. • A person who is eligible to opt for the presumptive taxation scheme of section 44ADA (*) but he claims the profits or gains for such profession to be lower than the profit and gains computed as per the presumptive taxation scheme and his income exceeds the amount which is not chargeable to tax. • This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesnot excceeds Rs. 2 crores. • A person who is eligible to opt for the presumptive taxation scheme of sections 44AE (*) but he claims the profits or gains for such business to be lower than the profits and gains computed as per the presumptive taxation scheme of sections 44AE. • A person who is eligible to opt for the taxation scheme prescribed under section 44BB (*) or section 44BBB (*) but he claims the profits or gains for such business to be lower than the profits and gains computed as per the taxation scheme of these sections. (*) section 44BB is applicable to non-resident taxpayers engaged in the business of providing services or facilities in connection with, or supplying plant and machinery on hire basis to be used in exploration of mineral oils. section 44BBB is applicable to foreign companies engaged in the business of civil construction or erection of plant or machinery or testing or commissioning thereof, in connection with a turnkey power project.

Ans- A person covered by section 44AB should get his accounts audited and should obtain the audit report on or before 30th September of the relevant assessment year, e.g., Tax audit report for the financial year 2021-22 corresponding to the assessment year 2022-23 should be obtained on or before 30th September, 2022. The tax audit report is to be electronically filed by the chartered accountant to the Income-tax Department. After filing of report by the chartered accountant, the taxpayer has to approve the report from his e-fling account with Income-tax Department

Income Tax Consultant in Delhi, India

A tax consultant can solve all the financial problems that would otherwise hold you back from making the right financial decisions.
At G. K. Kedia & Co., we make sure that you get the best Income Tax Consultancy Services in India.

We aim at guiding you through your tax compliances. Taxation is an area that requires great skill & accuracy. Our experts have the requisite knowledge to carry out tax planning, administration, documentation and representation. They are skilled to provide you with best income tax consultant services in India.

In the realm of taxation services, we also cater to large enterprises and domestic business houses. Our team is proficient in handling assessment and representations.

We can also assist you with:

  • Income Tax Scrutiny Assessment
  • Income Tax Consultancy Services in India
  • Transfer Pricing Assessment and litigations
  • Excise Assessment and Litigations
  • Handling notice from Intelligence & Criminal Investigation Department
  • e-Assessments and Faceless Assessments
  • DRP Proceedings
  • CESTAT Representation
  • Faceless Representation

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