Income Tax
The Central Government essentially levies Income Tax for all Individuals, MSMEs, and Corporates alike. Many tax percentage grades are imposed on different income brackets across the board. Apart from these, there are constant changes to the policies, grants, and levies applied under various conditions. Hiring a CA firm to file your Income Tax allows you to benefit from these Tax Exemptions and ensure that your IT is filed on time without incurring any late fees.
Offerings
Income Tax Return Filing
Any Individual or Company governed by India, if they cross the Basic Exemption, is required to file returns on Income Tax annually. This is a necessary action that, if not taken, will lead to penalties. BBig Consultants can handle the hassles of ITR Filing and ease the process of filing your taxes on time.
Planning and Reporting
If you are responsible for the Finances of a large corporate entity, most likely, you are paying more Tax than you are legally required to because you haven't leveraged the Government's allowances. You can use Income Tax Planning to your advantage to deliver the lowest possible taxes.
Capital Gain Advisory
Another facet of Income Tax, besides your usual annual taxation on your salary, is the Tax imposed on profits gained from your assets, such as the sale of houses, commercial property, businesses, shares, or any other form of investments. Capital Gain Advisory allows you to pinpoint where you could potentially save on taxation for any of your financial decisions.
Income Tax Audit
Income Tax Audit is conducted as mandated by the Income Tax Act, which is applicable when the Business or Profession crosses a turnover limit. This is done to ensure that all your income and Expenditure is accounted for, and taxed according to whichever tax bracket your total profit falls under.
Transfer Pricing
Transfer Pricing is an extension of accounting and taxation. It refers to the practice of pricing internal transactions. This is conditionally done toward businesses with each other and its subsidiaries where the same entities have common ownership or control over the companies.
Income Tax Assessment, Appeals, Representations
In case of any discrepancy between taxes payable as per Tax Authorities and Taxes declared by your entity, you can Appeal to Authorities with a valid reason. For this, you need a clear assessment, and it also helps to have a Certified CA Representative to represent your case.
12A and 80G Reigstration for Trusts
Trusts can claim exemption of its income under Section 12A of the Income Tax Act. The Donor can also benefit from providing a donation if the Trust has got approval under section 80G. 12A provides Tax Exemption to Trusts for receipt of money, while 80G allows exemptions to the Donors for the payment of money. This allows the benefactors of the Trust to collect claims against the amount donated to the Trust towards their annual taxable value.
Foreign Remittance
The amount of Foreign contribution to the total revenue generated by Indian Companies has significantly increased in recent years. While this is a good thing, it also invites a lot of complexity from the banking sector and the forex market. BBig Consultants can help you comply with all the applicable laws and provide strategies that have the highest impact on your business.
Corporate and International Taxation
Corporate and International Taxation go hand in hand because most of the companies that function within the legal jurisdiction of India conduct large-scale transactions with foreign entities, and most of their clients are abroad. This poses an interesting scenario of where taxation needs to happen, in the client's country or the Company's country. To navigate these situations, BBig offers Consultations on these scenarios.
TDS and TCS Compliance
Ever since the Income Tax Act was incorporated, the main component of the Act has been the deduction of Tax at source. TDS and TCS allows the Income Tax Department to efficiently validate the Income and Expenses of an Organization thereby increasing taxable profit and therefore, the Tax Amount. A difference in such a declaration could attract Notice for non-deduction or payment of TDS from the Income Tax Department during assessment.
Expertise that has helped
many others like you
It has been an incredible journey together. What I like about BBig Consultants is that they will go to any extent to solve genuine requests or needs. We have benefitted immensely from their knowledge and expertise. They understand the client's needs and then build the process around them. They are young and think out of the box to solve clients' requirements.
