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Income Tax Services

Taxation is a highly specialized area that requires skills relating to tax planning, documentation and representation.

  • Income Tax Return Filing
  • TDS Return Filing
  • Professional Tax Registration

Income Tax Services

Taxation is a highly specialized area that requires skills relating to tax planning, documentation and representation. As expert Direct Tax Planners, the whole idea behind offering excellent Income Tax Consultancy at Thrissur, Kerala & Suri Associates is to ensure that a major portion of your hard-earned money stays with you and to keep your tax liability to the minimum level within four corners of Law.

Today rapid changes in the economy lead legislators to bring frequent changes in taxation. Indian economy is growing and domestic as well as overseas people showing interest to do business in India. In recent time tax growth in direct and indirect tax has been unprecedented and the number of taxpayers also increased many folds. So today individuals and business people need professional tax advisers who do proper advice in respect of their tax issues and do tax compliance on a timely basis.

Income Tax Consultancy at Thrissur, Kerala & Suri Associates is to ensure that a major portion of your hard-earned money stays with you and to keep your tax liability to the minimum level within four corners of Law.

Income Tax Return Filing

Individual Tax advisory is an important advisory service part of our firm. Today individual tax assessee number has been increased many folds and every year substantial changes noticed in individual taxation provisions individual assessees need Income Tax Consultants who understand their requirements because they are not more experts to understand taxation and lots of places where they need professional advice so we as expert provide professional consultancy in respect of Individual Taxation.

Following the area where Individual need Professional Income Tax Consultants.
  • Calculation of allowance deduction from Salary (Eg. HRA)
  • Home loan payment (Principal and Interest deduction)
  • Income from House Property calculation and applicable deduction.
  • Carry forward house property loss in subsequent years.
  • Capital Gain arises from sales of House Property and provision to save capital gain tax.
  • Capital gain on sales of shares and security.
  • Deduction applicable under section chapter VIA.
  • Income from other sources like interest Income from various sources.
  • Any other forms other sources like business professionals etc.
  • Short term and long-term capital gain

These all are above impact individual taxes and if not do adequate advice and do not file a proper return after considering all the relevant provisions then assesses can get a defective return notice U/s. 139(9), may be possible he needs to pay extra tax demand or get less income tax refund. It is observed that people lack knowledge about some important aspects of individual taxation like capital gain on the sale of house property and its exemption u/s 54. So if the money is not in the time interval mentioned in the section then the assessee needs to pay heavy tax liability which will impact his financial position so it is always better to take expert advice when entering in the property transaction.

TDS Return Filing

The TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at the source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department and TDS Return needs to be filed in appropriate TDS Return Forms.

Important notes:

• TDS Return is required to be filed by any person who is liable to deduct tax at source.
• It is a quarterly statement which has to be submitted to the Income Tax Department of India.
• Submitting a TDS Return is mandatory if you are a deductor.
• It should contain all details of TDS deducted and deposited by you for a particular quarter.

Pre-requisites of TDS Return Filing

The first requirement for filing a TDS Return is to obtain a valid TAN (Tax Deduction Account Number) and PAN (Permanent Account NumberYou need to assess if you are required to deduct TDS on which payments.

Transaction details and Payment details.

Usually, all types of payments such as Salaries, Interest, Professional Fees, Payment to Contractors, Rent of Machinery, Rent of Building etc are covered under liable payments.

There are prescribed rates for every type of TDS payment under the Income Tax Act, 1961.

Types TDS return forms:

  • TDS return Form 24Q: Statement for tax deducted at source from salaries
  • TDS return Form 26Q: Statement for tax deducted at source on all payments other than salaries.
  • TDS return Form 27Q: Statement for a tax deduction on income received from interest, dividends, or any other sum payable to non-residents.
  • TDS return Form 27EQ: Statement of collection of tax at source.

So If you are a deductor and have made payments to resident Indians with regards to any of the above, you should file Form 24Q (TDS on salary payments) and Form 26Q (TDS on payments other than salaries) every quarter. If you have made any payments to non-residents, you are required to file Form 27Q on a quarterly basis.

Form 16A and Form 16 (TDS Certificates) can only be generated if you have correctly filed your TDS Returns.

Professional Tax Registration

Professional tax is a direct tax levied on persons earning an income by either practising a profession, employment, calling, or trade. Unlike income tax imposed by the Central Government, professional tax is levied by the government of a state or union territory in India. In the case of salaried and wage earners, the professional tax is liable to be deducted by the Employer from the salary/wages, and the same is to be deposited to the state government. In the case of other classes of individuals, this tax is liable to be paid by the employee himself. The tax calculation and amount collected may vary from one State to another, but it has a maximum limit of Rs. 2500/- per year. The present article briefs the Professional Tax Registration in detail.

Government levies Kerala professional tax on salaried individuals working in Government or Non-Government entities or any profession, including Chartered Accounts and Lawyers or persons carrying out some form of business. Kerala Government has conferred the power of levelling professional tax under the Kerala Municipality Act, 1994. The professional tax rates are based on the Income slabs set by the State Government. The total professional tax paid during the year is allowed as a Deduction under the Income Tax Act. This article will look at the Kerala Professional Tax in detail.

As per the Kerala Municipality Amended Act, 2015, it is mandatory for all employees who are drawing a half-yearly salary of more than Rs. 12,000 to pay Kerala professional tax. This tax is to be paid to the respective municipal corporation in which the company or firm is situated.

Kerala professional tax will be applied for the following entities:

– Any company which transacts business in the municipal area for not less than sixty days has to pay professional tax.

– Any company that transacts business outside the limit of the municipal area but has its head office from which its business is controlled within the municipal area for sixty days needs to pay PT.

– Any person who exercises a profession, art, or calling or transacts business or holds any public or private appointment within the municipal area for not less than sixty days also must pay professional tax.

– Any person who exercises a profession outside the municipal area but who resides within the municipal area for not less than sixty days is eligible for PT.

– Any person transacts business outside the municipal area but has his head office or place from which his company is controlled within the municipal area for not less than sixty days.

– Any person who resides in the municipal area for not less than sixty days in the aggregate and receives any income from investments will have to pay a half-yearly tax assessed.

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Client Testimonials

It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.

I have done my GST and Income Tax filing services for our manufacturing business from Suri Associates Tax consultant in Thrissur, Kerala. Their service is highly recommendable. I have approached them again for Suri Sir’s help for our other new businesses we are setting up in Delhi and Haryana.

A FMCG Firm

Kerala – Delhi - Haryana

We are in Partnership Business and were looking for some experienced consultant who can
guide and help us in our GST registration. We moved our Business from Tamil Nadu to
Kerala, and wanted to get the right advice on our new venture. After getting help from Suri
Associates at Thrissur, now we are seeking regular support on our tax related matters. We
are happy to put our review regarding the best services provided by Mr. Suri and team. Thank
you for your support and the operational advices for our business.

A Trading Firm

Irinjalakuda, Thrissur

As a returned NRI, I was not sure about the policies and procedures for starting a business
here in Thrissur, Kerala. After the first consultation with Suri Associates, I got perfect
guidance and support from them. Right from the beginning till today, Suri Associates has
given me the advice for GST Registration and other mandatory services for the setting up and smooth running of my business. I am happy with their services. They are the best GST and Tax consultants in Thrissur

A Proprietary Firm

Mundur, Thrissur

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