Income/ Corporate Tax

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income and corporate tax

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Form 16 Issuance

Form 16 is a vital document for a salary taking individual, especially if the employer has deducted tax on his/her income. Form 16 is basically a certificate provided by the Employer to the employee displaying the amount of tax deducted from the salary income and deposited with the Government. When an employee files his income tax return, Form 16 helps him to see how much tax has already been paid and to avail the credit for the same while filing the Income-tax return.

Income tax filing is mandatory compliance to a person including Individual, Partnership firms, LLP, Company, etc. to report their total income during a financial year and tax liability arising on the same. This eases the Government to collect the tax and incur more expenditure for the public welfare and also calculate the growth of the nation. This also benefits the taxpayer/person filing the return in various ways mentioned below. 

income tax filing
Tax notices and litigation services

You shall be surprised upon receiving an intimation/notice from the Income-tax department although your Income-tax return is filed within the due date. At such times, you may get confused and may not be sure about what it means and how to prepare a response to the same. Also, encountering disputes in opinions from tax authorities, litigations, questionable assessment notices may lead to rough times for any organisation. Hence, it is essential to have a credible consultant for assistance.

At ICI, we will track down your notice/disputes/litigations in detail and offer complete support by handling them on your behalf.

Tax planning and structuring is a process of analysing the situation or a financial plan form tax perspective. The primary and vital objective of tax planning is Tax efficiency. This mark can be achieved by taking into consideration the investments expense, retirements planning schemes and other deductions based on the status of the person. Hence an effective tax planning can assist in reducing the Income tax liability.

Tax planning and structuring
TDS Returns Filing

Apart from deducting tax and depositing tax in a government account, it is mandatory for the deductor to file the TDS return in a quarterly statement with the Income Tax department.

TCS or Tax Collected at Source is the income tax collected in India, that is payable by the seller who collects in turn from the buyer at the sale of specified goods.

TCS Return Filing


a. What are the benefits of starting a business in India?
  •  Access to 1.3 billion potential customers.
  •  Availability of cheap and skilled labour.
  •  Low paid-up capital requirements.
  •  Attractive tax incentives.
  •  Low operational costs.
  •  Business-friendly government’s initiatives.
b. Can a foreign resident/company start a business in India?

Yes but subject to conditions specified under different forms of business structure

c. Is business registration compulsory in India?

Yes, business registration is compulsory for all types of business entities except sole proprietorship and partnership firm for whom registration is not mandatory. However, it is advisable to register to avail legal advantage in the eyes of law in case of disputes.

d. What is the process to start a business in India?

The process to set up a business entity in India is generally the same, regardless of the specific entity structure you select. This process typically involves:

  • Selecting a unique trading name for the company.
  • Selecting an appropriate business structure.
  • Obtaining a Director Identification Number and Digital Signature Certificate.
  • Preparing registration documents.
  • Registering with the Registrar of Companies/Firms/Local bodies.
  • Registering for social security of employees and other business registrations like GST and Income Tax.
  • Opening a Bank A/c.
e. How can I be eligible to get benefits under the Startup India initiative?

Only the stated entities qualify as a “Startup” for the purpose of Government schemes:-

» Private Limited Company

» Registered Partnership Firm

» Limited Liability Partnership

Further conditions are:

1. Not more than 5 years have passed from the date of its incorporation/ registration.

2. Turnover for any of the financial years has not exceeded ₹ 25 crore.

3. It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.

f. Is conversion from one business structure to another business structure allowed?

A Sole proprietorship can be converted into:-

  • Partnership firm
  •  One Person Company
  •  LLP
  • Private Limited company (By acquiring the Sole proprietorship firm)

A Partnership Firm can be converted into:-

  • LLP
  • Private Limited Company

One Person Company can be converted into:-

  •  Private Limited Company
  •  LLP

A Private Limited Company can be converted into:-

  • One Person Company
  • LLP
  • Public Limited Company
g. I want to start a business with my friend. Which type of business entity is best suited for me?

In case you are looking to raise equity capital or offer ESOP to your employees in the future, Private Limited Company will be the best suited entity for you. However, if you do not wish to raise equity capital or offer ESOP to the employees, you can opt for a Limited Liability Partnership or a simple Partnership depending on the financial liability or the nature of the business.

h. Still Confused?

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