Miscellaneous Services

TDS challan submission

TDS challan submission is a kind of a tax deduction source it is a type of indirect tax which has been calculated by Central board of indirect taxes. In this kind of deduction if a person makes specified his income like salary, range, deposition of money, commission, etc.

if a person is deducting TDS under the income tax act he is capable of depositing that TDS amount before the given due date.

How to deposit TDS after the due date?

A person who collected TDS can deposit to the government by the seventh of the next month.
This can only happen if the deduction is made in march then the person can pay TDS to income tax department by April 30.
any person who is paying TDS for collecting it also needs to make a proper statement of all details and then submit to the income tax department. This statement can be made quarterly.
After all, this step the income tax department will issue a TDS certificate to a person who is paying for collecting TDS from the government.

What is advance tax

Advance tax is a part of income tax, which is payable in the same year in which you have income, that is, as you earn, you will also have to pay tax on that income.

Your advance tax liability is when tax of Rs.10,000 or more is payable by you.

For calculating the advance tax, your first income is estimated and the tax is calculated according to the slab rate on that income.

For example

You have income in one financial year – salary – 5 lakhs, rental income from house property – 2 lakhs, income from shares 3 lakhs, fixed deposit interest 40000.

In this case your total income has gone up to 10 .40 lakhs (5 lakhs + 2 lakhs + 3 lakhs + 40,000). Now the total tax amount on all these income is more than 10 thousand, then your advance tax liability will be made and you will have to pay advance income tax.

You will have to estimate all these income at the beginning of the year so that you can make advance tax payment before the due date.

TDS, TCS, rebate and relief (sections 87A, 89, 90, 90A, 91) are deducted from the calculated tax and the balance tax amount if Rs. 10,000 or more, then you will have to pay advance tax.

For example, whatever tax liability is being created in the above example, whatever TDS or TCS you have will be exempted and the balance tax amount will be seen. If the balance tax amount is more than 10 thousand, then you have to deposit advance income tax.

You will pay advance tax in 4 instalments. If you do not pay these instalments on time or pay less, you may have to pay interest in section 234B & 234C.

CMS stands for credit monitoring arrangement. This report contains project performance and fast performance of a business. let’s discuss in financial terms it means it contains all financial record that is doing business. This CMS report is professionally made and increase the chance to take a loan from the Bank. Now let’s discuss through which statement we can cover CMS report these statements are given below.

The current and proposed limit
Operating statement
Take a look of balance sheet
Current liabilities and current assets of cooperative statement
Calculation of MPBF
Analysing ratio

Documents required for preparing CMA

Candidate must have a 2-year audit finance record.
Provisional finance for the last year and current year.
Completing the EMI schedule.

ROC E FILING

Every company e must file an annual account and annual return under the ROC Company. This can be done according to the companies act in 2013. And there will be a time limit period that is 30 days and 60 days respectively. The ROC E filing gets the less than there will be plenty applicable.

There is the various document required for filling ROC show the list of the document is very huge then the ROC filing document is divided into various type. Documents will be filled once a year (Annually) under the central government.

Few general tips that keep in mind before filling ROC.

A notice to be sent to all board meeting members and directors before 7 days.
The financial statement and consolidated financial statement should be signed by the chairperson of the company this comes under companies act 2013 as per section 134.
Journal notice will be sent to all directors and representatives of the company before 21 days as per section 101 according to the companies act 2013.
The company must complete a balance sheet and keep it to the registered office.
Before feeling any form the should be acknowledged that the form should be off latest version and provided by the MCA.

Alteration/Addition in Company

Hear the word alter means modify if we want to do do some changes in the registered company then these can be done with the help of (MOA) memorandum of association.

This change can be done according to section 2 (3) of the company act in 2013. Alteration means not to add only but it also means doing omission and substitution in the registered company.

What is the procedure for doing the addition and alteration of a private limited company

Board resolution
Check company name availability
Go for the change of alteration addition in the company.
Go for the application approval.
Make a change to MOA and AOA

Letter of Undertaking (LUT) File

A letter of undertaking is a type of document that exporters can export goods after filling a file.

And these services are provided without paying any taxes. Old rules are changed after new GST in the letter of undertaking because it came under IGST and the GST can be reclaimed against the tax paid.

What are the documents required for letter undertaking file

Letter of the undertaking must have a cover letter which is duly signed by an authorised person.
This can only submit under 1 registered GST.
It must contain a copy of GST registration.
PAN card
Authorised person KYC
GST RFD11 form
Cancel cheque
Authorised letter
Copy of IEC code.