INCOME TAX

INTRODUCTION:

The Income Tax Act 1961
Income tax act is the charging Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. Recently the Government of India has brought out a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957.

FIVE HEADS OF INCOME TAX:

As per section14 of the Income Tax Act, for the purpose of charging of tax and computation of total income, all incomes are classified under the following 5 Heads of Income
1.Salaries
2.House Property
3. Profits and Gains of Business of Profession
4. Capital Gains
5. Other Sources

ACCOUNTING SERVICES

COMPUTERIZED ACCOUNTING:

• Providing Accounting Statements & info Monthly, Quarterly, Half Yearly or Yearly relying upon the shoppers demand
• Providing all financial Statements within the kind of Profit & Loss Account / financial gain & Expenditure Account, record, Cash Flow, Fund Flow
• Providing taxation Computation
• Projections & Reports for getting assets Loan & Term Loan facilities are provided Interactions with Auditors throughout closing
• Teaching shoppers & their workers in accounting, taxation & alternative sectors will be done.

We maintain books of accounts of shoppers covering the subsequent:-
1) Cash Book
2) Bank Book
3) Sales Register
4) Purchase Register
5) Journal Register
6) Debtors Receivable Management
7) Creditors collectable Management
8) Expenses Voucher Checking
10) Bank Reconciliation Statement
11) Monthly balance
12) Periodical MIS to Management
13) Inventory Books
16) TDS Monthly / Quarterly Compilation
18) Periodical assortment report
19) Periodical Payment report
20) Monthly / Quarterly Cash Budgeting
21) facilitate in completion of Accounts

TDS RETURN

Tax deducted at source (TDS), as the name implies aims at collection of revenue at the source of income. It is essentially an indirect method of collecting tax which combines the concepts of “pay as you earn” and “collect as it is being earned.”

Its significance to the government lies in the fact that it prepones the collection of tax, ensures a regular source of revenue, provides for a greater reach and wider base for tax. At the same time, to the tax payer, it distributes the incidence of tax and provides for a simple and convenient mode of payment.

The concept of TDS requires that the person on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient.

The deducted sum is required to be deposited to the credit of the Central Government. The recipient from whose income tax has been deducted at source, gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor.