Corporate & Tax Compliance
Table of Contents
With the introduction of the faceless assessment scheme, there has been a paradigm shift in the way in which the tax assessments were done in India. While the scheme aims to eliminate the interface between the taxpayer and the Income tax authorities, it also brings new challenges like stringent compliance dates, no personal hearing, limited adjournments etc.
Corporate & Tax Compliance – Deepti Bhagtani & Associates In Vadodara
Our professionals with their wide-ranging experience and in-depth knowledge help in navigating these challenges. In this respect, below are the key services offered by us to our clients:-
- Assistance in filing corporate tax returns and analysing the impact of Income-tax Computation and Disclosure Standards.
- Assistance in advance tax computations for various quarters.
- Assistance in filing withholding tax returns for both Indian and foreign entities.
- Assistance in preparation and filing of robust submissions on various matters including assessment or reassessment proceedings, penalty proceedings, rectification proceedings, stay of demand etc.
- Assistance in representation for pending tax refunds and follow-up with the Indian tax authorities.
- Assistance in other compliances such as tax registration, obtaining lower withholding tax certificate, etc.
Income Tax
Income Tax is levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961. Income-tax is levied on the annual income of a person. The year considered under the Income-tax Law is the period starting from 1st April and ending on 31stMarch of next calendar year. Income-tax is to be paid by every person. For the purpose of charging Income-tax, the term ‘person’ includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.
Corporate & Tax Compliance – Deepti Bhagtani & Associates In Vadodara
Corporate Compliances
| Form Name | Need of E-form | Attachments | Due Date | Applicability |
| ADT-1 Form | Appointment of Auditor | Appointment Letter, Confirmation Letter from Company, Consent Letter from the Auditor | 15 days from the date of AGM. | All type of Companies |
| AOC-4 Form and Form AOC-4 CFS (in case of Consolidated monetary reports) | Annual Accounts filing | Board Report along with annexure: AOC-2, CSR Report, Corporate Governance Report, MGT-9, Secretarial Audits Reports etc. | 30 days from the date of the AGM (In case of OPC within 180 days from the close of Financial Year | All type of Companies |
| AOC-4 XBRL Form | Filing of Annual Accounts in XBRL mode | XML report of financials of the firm | 30 days from the due date of the AGM | Listed firms in India and their national subsidiaries (or) a public company With paid-up capital >= 5 crores (or) With turnover>=100 crores |
| MGT-7 Form | Filing of Annual Return | List of shareholders, debenture holders, Share Transfer, MGT-8 | 60 days from the date of AGM | Private Company, Public Limited Companies, One Person Company |
| CRA-4 Form | Filing of Cost Audit Report | XML report of Cost Audit documents | 30 days from the receipt of report of cost audit | Firms advised as per The Companies (Cost records and Audit Rules), 2014 amended from time to time. |
| MGT 14 Form | Filing of resolutions with MCA about permission of Board statements and Final Accounts | the resolution of Certified original copy | 30 days from the date of concerned Board Meeting | Public Companies and Listed Companies (Exempted for private companies) |
Certain registrations and pre-approvals to be obtained from the tax department. Some of them are:-
Gratuity trust:
According to section 36(1)(v) read with section 40A(7) of Income-tax Act, 1961, any sum paid by the employer by way of contribution towards gratuity fund is allowable as expenditure if the gratuity fund is approved by the tax authorities.
In practice, the employer files an application with tax authorities to obtain approval for the gratuity trust.
Tax deduction Account Number (TAN):
TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax.
Under Section 203A of the Income Tax Act, 1961, it is mandatory to quote Tax Deduction Account Number (TAN) allotted by the Income Tax Department (ITD) on all TDS returns.
Lower Tax (TDS) Certificate:
As per the provisions of the Income Tax Act, TDS/ TCS is required to be deducted at the prescribed rate at the time of making the payment. In case, the estimated tax liability of a person is lower than the TDS amount, then he has an option of applying to the department for a certificate directing TDS deductor to deduct tax at a lower/nil rate than the prescribed rate.
Tax Residency Certificate:
A resident taxpayer can file an application in Form 10FA to the Assessing Officer (‘AO’) for obtaining a TRC in India. The application form along with supporting documents has to be submitted to the AO. The New Rule provide that the AO, on receipt of the application and on being satisfied of the particulars contained therein, should issue the TRC to the resident assessee in Form 10FB.
Permanent Account Number (PAN):
Permanent Account Number (PAN) is a ten-digit alphanumeric identification number allotted to every taxpayer. It is mandatory to quote PAN on return of income and other important financial transactions.
The term refers to the legal practice of law relating to corporations, or to the theory of corporations. Corporate law often describes the law relating to matters which derive directly from the life-cycle of a corporation. It thus encompasses the formation, funding, governance, and death of a corporation.
There are 7 types of entities recognized under the Indian Law namely Private Limited Company, Public Company, Sole Proprietorship, One Person Company, Partnership, Limited Liability Partnership (LLP).
Corporate lawyers are experts in commercial law. They are tasked with ensuring a company’s transactions comply with corporate laws and regulations. They may work at a law firm or as part of a company’s legal team. Duties include preparing documents, assessing partnerships, and negotiating deals.