Accounting Services
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Proprietorship Return Filing
As a sole proprietorship is not taxed as a different legal entity, the business owners file their business taxes like their individual returns. Like any other individual taxpayer, a proprietorship firm is also entitled to a proprietorship tax deduction as per the prevailing income tax rules and depending on the slab rates applicable to his income. Whereas the income tax rates for registered companies are assessed at flat rates.
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LLP Annual Filing
The Limited Partnership, or LLP, is a hybrid of a limited and partnership company.A minimum of two partners are required to incorporate an LLP; there is no such upper limit.
Limited Liability Partnerships are required to file their annual returns within 60 days from the end of the financial year and their account statements and statements of solvency within 30 days from the end of the sixth month of the closure of the financial year.
The financial year for LLPs starts on April 1 and ends on March 31. The annual return for the LLPs is due on May 30th, while the statement of accounts and solvency is due on the 30th of October of each financial year.
Besides the MCA annual return filing, the limited liability partnerships must also mandatorily file the income tax return every year.
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Employee Provident Fund
Employees Provident Fund is an Indian employee benefit plan governed by the Provident Funds and Miscellaneous Provisions Act of 1952.The Employee Provident Fund is regulated under the umbrella of the Employees Provident Fund Organization, popularly known as EPFO.
All establishments that have employed 20 or more than 20 employees can apply for PF registration in India. In some cases, subject to the circumstances and the exemption, establishments employing less than 20 are still eligible for PF registration. The employee gets an amount that includes his or her own and the employer’s contributions, plus interest on retirement or resignation.
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Partnership Firm Tax Return Filing
The income tax defines a partnership firm as "Persons who have entered into a partnership with one another are called individually "partners" and collectively "a firm," and the name under which their business is carried on is called the "firm name." Hence, a firm that does not have a registration certificate from the registrar is an unregistered partnership firm.
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Annual Compliances for Private Limited Company
A private limited company that has been incorporated in India must ensure the compliance requirements concerning the Companies Act, 2013, are accurately met.
The Companies Act, 2013, regulates the appointment, qualification, remuneration, and retirement of the company's directors, as well as other aspects such as conducting board meetings and shareholder meetings.
RoC compliance for registered private limited companies is necessary. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement.
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Payroll processing and HR management
Payroll is a list of employees that are paid by the company. Payroll is the total amount the employer pays to the employees. A payroll function involves the development of an organization's pay policy that includes flexible benefits and a leave encashment policy.
Payroll management also includes payslip components like basic, variable pay, HRA, and LTA, as well as gathering other payroll inputs like the organization's food vendor supply, etc.
Payroll and HR management also involve releasing the employees' salaries, depositing the dues like TDS, PF, etc. with appropriate authorities, and filing returns.
Payroll processing includes the calculation of the net pay after tax adjustments and other deductions.
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PF Return Filing
A social security system known as the Provident Fund was introduced to encourage employees to save and to benefit them during retirement. Contributions to the PF are made by both the employer and the employee every month. The contribution made to the PF can only be drawn by the employee during the time of his or her employment, but there are a few exceptions.