I want to take help in filing taxes at Certicom, How do I do it?
Once you’ve met our tax advisors, they will explain you the basic outline of filing, modus operandi and broad tax plan. For detailed aspects, you’ll receive an email asking for documentation and details to help us get back.
We will appoint you a tax expert. You must log in to your GST Filing account and upload the required documents. You can sign in and access your requests from here. CA will contact you and discuss your case before setting up the return.
What documents do I need to submit?
A checklist of the documents will be shared with you in person or in email. You can upload them to the email or hold it as a repository online.
How are taxes calculated broadly for Business entity?
The default tax involves the use of indirect methods to calculate tax liabilities where taxable income is calculated on the basis of assumptions rather than actual ones. Here, a commercial entity must declare a certain percentage of turnover (or total receipts in the case of professionals) as its income and pay a fixed percentage of it as a tax. According to the Finance Act of 2016, professionals (as notified CBDT) have been appointed with total receipts up to Rs. 50 Khas for the period from 1 April 2016 to 31 March 2017 can choose the default taxes.
Who is eligible to apply under the default tax?
To date, persons with less professional qualifications are eligible to provide returns under the tax assumption provided they have gross receipts of up to Rs. 50 lakh from 1 April 2016 to 31 March 2017
- Legal
- Medical
- Engineering
- Architectural Engineering
- Accounting
- Technical Consultancy
- IT Professionals
- Interior decoration
- Artists
- Secretary CompanyThe list is updated by CBDT from time to time.
When do I need to keep accounting records?
Professionals must maintain accounting records if the income disclosed is less than 50% of the total receipts and exceeds the total Rs. 250,000 or turnover exceeds Rs. 50Lakhs
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I was independent in 2016, but I switched to a job last year. What plan should I choose?
Congratulations on your new business. Since you are full time in earlier years, you need to advertise this under business income and submit business income tax returns. If you qualify for a default tax, you can choose our default tax plan. You can use our planner to select the right plan for yourself and make your purchase.
In this plan, CA will consolidate your income from all your sources (freelancers and wages) and prepare your tax return. If there are any tax exemptions you have missed, the certification authority will help you claim them on your tax return.
I trade heavily in equity markets. What plan do I choose?
If you are trading daily and trading in the future and derivatives and/or you have a loss to move forward, you should choose an income tax plan for traders. But remember that the tax return must be submitted by the deadline (July 31, 2017) to transfer the losses to the following year.
I need help setting up my account books. Will this be covered under the Business Tier-2 plan?
Yes, we’ll set up your account books provided you have 100 or fewer transactions. If you have more than 100 transactions, it will vary on effort and complexity involved. If you have more transactions to report the detailed financial information required, we have a specialized accounting package that we can help you with.
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Are audit services included in your plan?
No, none of these plans include the fees to check your books. These are downloaded separately. We’ll help you connect with a CA partner in our network who will review your books.
I need to provide earned income returns for earlier years. How can you help?
We only support a tax deposit for the period beginning April 1, 2017. For filing in the prior period, you will need to speak to the relevant income tax assessment officer
What is 194J?
Section 194J of the Income Tax Act provides a 10% TDS deduction for any amount paid for professional or technical services.
If my turnover is less than Rs. 2 crore, can I still choose a higher paid plan?
Yes sure. The advantage of a higher plan is that the CA will review all bank statements and make a comprehensive income -expense plan for you. This will definitely help to cut taxes for you.
What is the due date for tax work?
If the tax review is applied, the due date is September 30, otherwise, it will be July 31.
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I manage a company. I would like to know how is advance tax calculated and when do I need to pay it?
A year’s income assessment can only be made after the year, and the prepayment tax is considered as your tax liability in the year earned. If the tax liability is more than Rs 10,000 in a fiscal year, an advance tax must be paid by the financier. Maturity dates are
June 15 (15%)
September 15 (45%)
December 15 (75%)
March 15 (100%)
In accordance with the Business plan, Certicom experts will help you reach your prior tax obligations and help you pay in a timely manner.
What is the difference types of tax services involved at your end?
Few Tax plans can be categoised as below
a) Preparation of Financial Statements, statutory compliances, tax planning , tax filing
b) Tax planning based on given Documentation
c) Tax Filing as per Due dates which works more like as a service
What services do you provide Business & Professionals under the INCOME TAX?
The plan is designed to help companies and professionals who choose a Standard tax plan or small taxpayers who earn ordinary income such as tuition fees, interest income etc.
How do I pay for this plan?
All debit cards and bank tranfers are accepted. You can also make a NEFT conversion to our account.
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When do I need to meet the advisor?
When you are pressed for a long time and do not want to do it yourself.
When you need help for tax benefits, you’re not sure how to take advantage of them.
I have made my own responses but need assistance to apply for a spouse. How can you help?
Do not sweat. You can use our planner to identify and recommend a plan for your husband or friend.
Alternatively, you can pay on their behalf.
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