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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.
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.
Yes but subject to conditions specified under different forms of business structure
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.
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:
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.
A Sole proprietorship can be converted into:-
A Partnership Firm can be converted into:-
One Person Company can be converted into:-
A Private Limited Company can be converted into:-
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.