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BUSINESS TAX PREPARATION
VAYU STRATEGY
- Prepare accurate tax returns that are filed on time
- Develop tax planning strategies that save you money and minimize tax liability
- Develop tax planning strategies that reflect individual financial goals
- Electronic filing and direct deposit for a faster tax refund
- File Extensions and calculate estimated tax to avoid interest and penalties
- Take advantage of certain investments to produce tax exempt income
- Help you set up a record-keeping system that meets Tax requirements
BUSINESS ITR FILING
TAX AUDIT
If total sales, turnover or gross receipt from the business during the previous year exceeds Rs. 1 crore. ( Rs. 50 Lakh in the case of Professionals).
Due Date of ITR Filing
If Audit is required, then the due date is 31st October (subject to changes as per the latest circulars). The due date for filing Income Tax Return without audit is July 31st every year .
ITR V Acknowledgement
ITR-V stands for 'Income Tax Return Verification' Form. You will receive ITR-V when you file your Income Tax return online.
Non Filing of Tax Audit Report
If any taxpayer is required to get the tax audit done but fails to do so, the least of the following may be levied as a penalty:
- 0.5% of the total sales, turnover or gross receipts
- Rs 1,50,000
Form 26AS
The TDS on different earnings, such as wages, debt, and the selling of immovable property, details of self-assessment tax, advance tax paid by an individual, and listed financial transactions are detailed on 26AS form.
BUSINESS RELATIONS
We guide you on various saving options, advisory on various deduction policy of Income Tax Act.