We advise individuals on personal tax planning with the aim of mitigating income tax, capital gains tax. We continue to devote significant resources, both human and technical, maintaining and enhancing our personal tax services to private clients. Legislation surrounding issues relating to private individuals, such as self-assessment tax and capital gains tax is constantly changing and becoming more complex.
Our expertise within this area allows us to offer advice on the most recent developments whilst tailoring this to each client’s needs. One of the department’s particular areas of strength is advising individuals coming from overseas to India and non-resident landlords.
Personal tax is paid on one’s individual income and is different from the tax paid on firm’s profits.
However in an incorporated firm, the owners or the shareholders have to pay tax on both, their personal income (such as dividends) as well as the firm’s income (profits). The criteria for levying personal tax are same as that of Corporate Income tax with the same slabs as well. Mapasu can provide you with best Personal Tax Return Service. We also help you with filing of TDS Return as well.
We are seen as a boutique tax consultancy, providing advice and solutions to complex corporate tax issues. Our international experience has enabled us to gain experience in advising on international as well as India corporate tax issues.
Mapasu Consultancy Services offers consultancy to companies on domestic and international legislation, finding creative solutions to corporate tax problems. We provide compliance services to Indian companies, prepare computations and returns for filing with Government of India, prepare group tax provisions for inclusion in statutory accounts, advise on liabilities and the timing of payments and correspond with the tax authorities in the case of disputes.
Corporate tax is levied on the profit of a firm, & different rates are used for different levels of profits. Corporate taxes are taxes against profits earned by businesses during a given period for which taxation is done; (generally applied to companies’ operating earnings). And whoever earns the corporate income needs to file corporate income tax return. Personal tax return is also essential that needs to be filed regularly.
All levels of Government levy Corporate Income Tax (Both Central & State).
Tax Deducted at Source refers to a means of collecting income tax in India, under the Indian Income Tax Act of 1961. Any payment which is covered under these provisions shall be paid after deducting prescribed percentage. The tax which is deducted at source is known as TDS as the name suggests. TDS filing services are also provided by Mapasu.
It is compulsory for all corporate and government deductors to file their TDS returns on electronic media (e-TDS/TCS returns). However, those deductors who are not corporate/government deductors can file either in physical or in electronic form. However, when it comes to Advance tax Calculations, many of the big companies face a problem, but we can help you with this as well.
Goods & Services Tax
Goods and Services Tax (GST) is an indirect tax (or consumption tax) levied in India on the supply of goods and services. GST is levied at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer.
Goods and services are divided into five tax slabs for collection of tax - 0%, 5%, 12%,18% and 28%. However, Petroleum products, alcoholic drinks, electricity, are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax regime. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.
The tax came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Indian government. The tax replaced existing multiple cascading taxes levied by the central and state governments.
The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of centre and all the states. GST is meant to replace a slew of indirect taxes with a unified tax and is therefore expected to reshape the country's 2.4 trillion dollar economy, but not without criticism. Trucks' travel time in interstate movement dropped by 20%, because of no interstate check posts.
As per the GST Council, entities in special category states with an annual turnover of Rs.10 lakhs and above would be required to register under GST. All other entities in rest of India would be required to register for GST if annual turnover exceeds Rs.20 lakhs. There are also various other criteria's, that could make an entity liable for obtaining GST registration - irrespective of annual sales turnover. Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST.
PAN Card of the Business and Applicant
GST registration requires the PAN (Permanent Account Number) of the business and authorized signatories/applicant (Directors / Partners / Proprietor).
Valid Indian Phone Number and Email address
A valid mobile number and an email address of the Primary Authorized Signatory is required to be filled at the time of GST registration.
Proof of Place of business
Principal Place of Business is the primary location within the State where a taxpayer's business is performed where the business's books of accounts and records are kept.
As a supporting document, keep following documents handy:
Valid bank account number from India
You need to mention details of the bank accounts maintained for conducting business. You can enter details of upto 10 Bank Accounts. You will also need to fill the Indian Financial System Code (IFSC) number of the same bank and branch.
|Return form||Who should file the return and what should be filed?||Due date for filing returns|
|GSTR-1||Registered taxable supplier should file details of outward supplies of taxable goods and services as effected.||10th of the subsequent month.|
|GSTR-2||Registered taxable recipient should file details of inward supplies of taxable goods and services claiming input tax credit.||15th of the subsequent month.|
|GSTR-3||Registered taxable person should file monthly return on the basis of finalization of details of outward supplies and inward supplies plus the payment of amount of tax.||20th of the subsequent month.|
|GSTR-4||Composition supplier should file quarterly return.||18th of the month of succeeding quarter.|
|GSTR-5||Return for non-resident taxable person.||20th of the subsequent month.|
|GSTR-6||Return for input service distributor.||13th of the subsequent month.|
|GSTR-7||Return for authorities carrying out tax deduction at source.||10th of the subsequent month.|
|GSTR-8||E-commerce operator or tax collector should file details of supplies effected and the amount of tax collected.||10th of the subsequent month.|
|GSTR-9||Registered taxable person should file annual return.||31st December of the next fiscal year.|
|GSTR-10||Taxable person whose registration has been cancell||Within 3 months of date of cancellation or date of cancellation order, whichever is later.|
|GSTR-11||Person having UIN claiming refund should file details of inward supplies.||28th of the month, following the month for which the statement was filed.|
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