TAXLA Services: Your One-Stop Solution for Financial and Compliance Needs!

In today’s world, where data breaches and privacy concerns are on the rise, confidentiality is crucial, especially when it comes to sensitive financial information. For individuals and businesses alike, tax-related data holds some of the most private details of their financial lives. At Taxla Services, we understand the importance of safeguarding your information, and our Confidential Tax Advisory services are designed to ensure that your tax planning and filing are conducted with the utmost privacy and professionalism. Why Confidentiality in Tax Advisory Matters The consequences of a data breach involving tax information can be severe, ranging from financial losses to reputational damage. Given the sensitive nature of tax records, it's essential to work with a tax advisory firm that prioritizes client confidentiality. 1. Protection Against Identity Theft Tax information contains key identifiers like social security numbers, income details, and more, which can be misused if accesse...

In today’s financial landscape, understanding income tax obligations and making the most of tax benefits can be overwhelming. That’s where Taxla Services steps in, offering expert income tax advisory services that simplify the process and empower you to make informed financial decisions. Why Choose Taxla Services? Our team of experienced income tax practitioners provides personalized, professional guidance designed to meet the unique needs of each client. We understand that every individual and business has different goals, financial situations, and compliance requirements. By working closely with you, we ensure that your tax solutions are tailored to maximize benefits and minimize liabilities. What We Offer: Customized Tax Planning : Our advisors work with you to create a tax strategy that aligns with your financial goals, taking advantage of all available deductions, credits, and exemptions. Accurate and Timely Filings : Avoid penalties and missed deadlines with our reliable tax fili...

In compliance with the Companies Act, 2013, every company registered in India is required to file its financial statements with the Ministry of Corporate Affairs (MCA). One of the key forms for this purpose is AOC-4 XBRL . Filing this form is crucial to ensure corporate transparency and adherence to regulatory standards. In this blog, we'll cover everything you need to know about the AOC-4 XBRL filing requirements, its purpose, the deadline, and why it matters for your business. What is AOC-4 XBRL? AOC-4 XBRL is a form mandated by the MCA for filing financial statements of companies in a format that uses the eXtensible Business Reporting Language (XBRL). XBRL is a global standard for exchanging business information, allowing for efficient and accurate data collection, analysis, and comparison across companies. According to Section 137 of the Companies Act, 2013 , and Rule 12(2) of the Companies (Accounts) Rules, 2014 , certain categories of companies are required to submit their f...

As the fiscal year progresses, companies must stay informed about their statutory compliance obligations to avoid penalties and maintain good standing with the Ministry of Corporate Affairs (MCA). One critical compliance requirement for every company in India is the filing of Form AOC-4, which relates to the submission of financial statements. In this blog post, we’ll discuss the importance of AOC-4, its due dates, and the consequences of non-compliance. What is AOC-4? AOC-4 is an annual compliance form mandated by the MCA for filing a company's financial statements. This includes the company's balance sheet, profit and loss statement, cash flow statement, and any relevant schedules. Form AOC-4 ensures transparency in the financial health of the company, making essential information accessible to stakeholders, regulatory authorities, and the public. Due Date for Filing AOC-4 For each financial year, companies are required to file Form AOC-4 within 30 days from the date of their...

 As a listed public company, it's crucial to adhere to the legal requirements set by the Ministry of Corporate Affairs (MCA) for reporting and compliance. One such mandatory compliance is the filing of Form MGT-15 . This post will guide you through the essentials of MGT-15, its due date, and the importance of timely filing. What is MGT-15? Form MGT-15 is a crucial document that every listed public company must submit to the Registrar of Companies (ROC) after each Annual General Meeting (AGM). This form contains a detailed report of the AGM proceedings, confirming that the meeting was conducted in compliance with the applicable rules and regulations. In essence, MGT-15 is a reflection of transparency and accountability, ensuring that the AGM was convened, held, and concluded according to the provisions set forth under the Companies Act, 2013. Why is MGT-15 Important? The filing of MGT-15 serves multiple purposes: Compliance : It helps companies remain compliant with MCA regulations,...

In today’s fast-paced business environment, maintaining accurate and reliable financial records is essential for any organization. At Taxla Services , we offer a wide range of Accounting & Auditing Services to streamline your financial processes and ensure compliance with the latest regulations. Our Key Services: Book Keeping Efficient bookkeeping is the backbone of any successful business. Our experts will help you manage day-to-day financial transactions, so you can focus on growing your business. Tax Compliance Filing taxes accurately and on time is crucial. We provide end-to-end tax services, ensuring you meet all statutory deadlines and avoid unnecessary penalties. Internal & External Audits Regular audits are critical for identifying financial discrepancies, improving internal controls, and building stakeholder trust. We offer thorough internal and external audits to ensure your financials reflect true business performance. Comprehensive Financial Audits Our team will pr...

 The 54th GST Council Meeting introduced significant changes concerning the renting of commercial properties . One key decision was subjecting the renting of commercial property by an unregistered person to a registered person under the Reverse Charge Mechanism (RCM) . This move aims to curb revenue leakage and improve compliance. Here's a breakdown of the new rules: Renting of Residential Dwelling to a Registered Person Supplier: Any person (registered or unregistered) Recipient: Registered (Regular/Composition) GST Applicable : Effective from 18/07/2022 Person Responsible for GST : Recipient Mechanism : RCM Renting of Commercial Property Supplier: Registered (Regular) Recipient: Unregistered GST Applicable : Effective from 1/07/2017 Person Responsible for GST : Supplier Mechanism : FCM (Forward Charge) Commercial Property Renting Supplier: Unregistered Recipient: Registered (Regular/Composition) GST Applicable : Effective from 10/10/2024 Person Responsible for GST : Recipient ...

Managing finances can be a daunting task, especially for businesses that are growing or dealing with complex tax and financial regulations. At Taxla Services , we aim to help individuals and businesses streamline their accounting processes with our comprehensive professional accounting services. Here’s why you should consider partnering with us for all your accounting needs. Why Choose Professional Accounting Services? Accurate accounting is the foundation of financial success. Whether you're an entrepreneur, a small business owner, or running a large corporation, proper management of your financial records is crucial. Here’s what professional accounting can do for you: Accurate Financial Reporting : Professional accountants provide precise and accurate financial statements, helping you understand the financial health of your business. Regulatory Compliance : With ever-changing tax laws and financial regulations, staying compliant is more critical than ever. Our accounting services...

Tax season can be overwhelming, but there’s good news—you could be entitled to a maximum refund if you claim all the deductions you qualify for. At Taxla Services , we specialize in helping you maximize your tax refunds by ensuring that no deduction or credit is overlooked. Here’s how you can ensure you get the maximum refund you deserve: 1. Claim All Eligible Deductions Many taxpayers miss out on valuable deductions they are entitled to. Common deductions include: Home Loan Interest : If you have a home loan, the interest paid on it can provide substantial tax relief. Health Insurance Premiums : Deduct premiums paid for health insurance policies under Section 80D. Education Loan Interest : If you're paying off an education loan, don’t forget to claim the interest deduction. Donations to Charity : Contributions to registered charitable organizations are eligible for tax deductions under Section 80G. Our tax professionals will ensure you claim all possible deductions that apply to...

  What is ITC-04? ITC-04 is a form that captures the summary of goods sent to or received from a job worker, applicable to businesses with an Aggregate Annual Turnover (AATO) exceeding Rs. 5 crore. The filing is required for a half-yearly period from April to September and includes all details about the movement of goods during the job work process. Importance of ITC-04: It enables the tracking of goods sent for job work, ensuring transparency in the movement of inventory. By maintaining this documentation, businesses can claim Input Tax Credit (ITC) accurately and avoid potential compliance issues. Filing ITC-04 on time is crucial to avoid penalties and ensure smooth compliance with GST regulations. Who Needs to File? Any business that sends goods to a job worker and whose turnover exceeds Rs. 5 crore is required to file ITC-04 . Deadline: For the period April - September 2024 , the due date for filing ITC-04 is 25th October 2024 . Ensure timely compliance by consulting profes...

As a business registered under the Goods and Services Tax (GST) system, it is crucial to remain compliant with the return filing deadlines to avoid penalties. If you're part of the Quarterly Return Monthly Payment (QRMP) scheme for states like Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, and many others, the due date for filing GSTR-3B for July to September 2024 (QRMP-2) is fast approaching. 🗓 Important Deadline: The due date for filing GSTR-3B (QRMP-2) for the quarter ending in September 2024 is October 24, 2024 . What is GSTR-3B? GSTR-3B is a self-declared GST return summarizing your outward supplies, input tax credit (ITC) claimed, and the tax you need to pay. Businesses under the QRMP scheme file this return quarterly but can make tax payments monthly. It is mandatory for businesses registered in multiple states, including but not limited to: Himachal Pradesh Punjab Uttarakhand Haryana Rajasthan Uttar Pradesh Bihar Sikkim Arunachal Pradesh Nagaland And other st...

What is GSTR-3B (QRMP-1)? GSTR-3B is a self-declared summary GST return that is filed by registered businesses under the Quarterly Return Monthly Payment (QRMP) scheme. This form summarizes the total inward and outward supplies, tax liabilities, and input tax credits for the relevant period. For the July to September quarter of 2024, the due date to file GSTR-3B for QRMP-1 is October 22, 2024 . This specific due date applies to taxpayers registered under the QRMP scheme in the following states and territories: Chhattisgarh Madhya Pradesh Gujarat Maharashtra Karnataka Goa Kerala Tamil Nadu Telangana Andhra Pradesh Union Territories of Daman and Diu, Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands, and Lakshadweep. Importance of Filing GSTR-3B on Time Filing your GSTR-3B return within the due date ensures that you comply with GST regulations and avoid penalties, late fees, and interest charges. Timely submission also ensures that input tax credits (ITC) are claimed co...

Attention all Composition Dealers! The GST filing due date for CMP-08 for the period July to September 2024 is quickly approaching, and it is important to ensure timely submission. The last date to file CMP-08 for this quarter is 18th October 2024 . In this post, we'll walk you through what CMP-08 is, who needs to file it, and the importance of filing it on time. What is CMP-08? CMP-08 is a quarterly challan-cum-statement that is mandatory for taxpayers who have opted for the GST Composition Scheme . Under this scheme, small taxpayers can pay GST at a fixed rate on their turnover, without claiming an input tax credit (ITC). Who Needs to File CMP-08? Composition dealers are required to file CMP-08. The scheme is designed to simplify compliance for small taxpayers with a turnover of up to Rs. 1.5 crore. Businesses and individuals eligible under the composition scheme include: Small traders and manufacturers Restaurants not serving alcohol Service providers (with certain restrictions...

GSTR-3B is a critical monthly summary return under the GST regime in India. It consolidates data on outward supplies, Input Tax Credit (ITC) claimed, and the net tax payable by businesses. For the month of September 2024 , the due date to file GSTR-3B is 20th October 2024 . This return is mandatory for businesses that: Have a turnover of more than ₹5 crore in the previous financial year, or Have opted not to file under the Quarterly Return Monthly Payment (QRMP) scheme for the quarter of July-September 2024. What does GSTR-3B include? Outward Supplies : Details of all the sales and supplies made in the reporting period. ITC Claimed : Input Tax Credit that the taxpayer can claim for purchases made during the period. Net Tax Payable : The tax liability after adjusting ITC against the tax on outward supplies. Why Timely Filing is Important: Avoid Penalties : Late filing leads to interest on unpaid tax and late fees. Maintain Compliance : Filing on time ensures your business remains compli...

GSTR-5A is an important GST return form for service providers supplying Online Information and Database Access or Retrieval (OIDAR) services to Indian consumers. These providers, usually located outside India, are required to file this return, detailing outward taxable supplies and the corresponding tax payable. For the month of September 2024 , the due date to file GSTR-5A is 20th October 2024 . Filing this return on time ensures compliance with the GST regulations and avoids any penalties. What does GSTR-5A include? Summary of outward taxable supplies. Tax payable for the OIDAR services provided to Indian consumers. Why is timely filing crucial? Avoid penalties for late filing. Maintain accurate GST compliance records. Ensure seamless business operations without disruptions from the GST department. Need help with your GSTR-5A filing? Reach out to Taxla Services for expert assistance in filing your GST returns, including GSTR-5A. 📞 Contact us today : +91 9600076134 / 6374812546 📧 E...

 As the financial year progresses, it's crucial for government deductors to stay on top of tax filing deadlines. One important form to keep track of is Form 24G , especially for September 2024 , with a submission deadline on October 15th, 2024 . What is Form 24G? Form 24G is a vital submission for Government deductors who are responsible for Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) . This form allows the Pay and Accounts Office (PAO) or the Treasury Officer to file details of TDS/TCS payments to the Income Tax Department. It ensures that all taxes deducted/collected during a particular month are accurately reported. Failure to submit Form 24G within the due date can result in penalties, creating unnecessary hassles for government bodies. Key Features of Form 24G: Filed by Government deductors who handle TDS and TCS. Helps generate the Book Identification Number (BIN) , which is necessary for further filing and linking deductions. Submitted monthly by the P...

Understanding GST and TDS Applicability on Metal Scrap Supply The metal scrap industry is an essential part of the recycling chain, but navigating the tax implications can be confusing. Here's a detailed breakdown to help suppliers and buyers of metal scrap understand their GST and TDS responsibilities. GST on Metal Scrap Supply Registered Supplier : When a registered supplier sells to a registered buyer , GST at 18% is payable on the Forward Charge Mechanism (FCM) . If the buyer is unregistered , the same 18% GST applies, but no TDS under GST is required. Unregistered Supplier : When an unregistered supplier sells to a registered buyer , the buyer is responsible for paying GST under the Reverse Charge Mechanism (RCM) at 18% . No GST is applicable if both the supplier and buyer are unregistered . TDS on Metal Scrap Supply Registered Buyers must deduct 2% TDS under GST when purchasing from a registered supplier. No TDS is applicable for unregistered buyers in any scenario. Ke...

 As we move into October 2024, it's essential for businesses to stay on top of their GST return filings. Two important GST returns— GSTR-5 and GSTR-6 —are due by October 13th, 2024 . Here’s a breakdown of what these returns involve and who they apply to: What is GSTR-5? GSTR-5 is a monthly return that must be filed by non-resident taxable persons who are supplying goods or services within India. This return includes details of outward taxable supplies and the corresponding tax payable. The primary purpose of GSTR-5 is to ensure that non-resident businesses comply with Indian tax regulations for the supplies made during their temporary stay in the country. Key Points about GSTR-5: Applicable for: Non-resident taxable persons Information required: Outward taxable supplies and tax payable Due Date: October 13th, 2024 (for the month of September 2024) Non-resident taxable persons should ensure that they file GSTR-5 on time to avoid any penalties or late fees. Non-compliance can a...

 The 54th GST Council Meeting brought a significant change regarding the renting of commercial property. Under the revised guidelines, if an unregistered person rents out a commercial property to a registered person , the GST is levied under the Reverse Charge Mechanism (RCM) . This change was introduced to curb revenue leakage and improve compliance. Key Points to Note: Residential Dwelling to Registered Person: Supplier : Any person (registered or unregistered). Recipient : Registered (Regular or Composition). GST : Applicable under RCM from 18/07/22 . Commercial Property: Supplier : Registered (Regular) or Unregistered Person. Recipient : Registered Person (Regular or Composition). GST : Under RCM/FCM , effective 10/10/24 . For Composition dealers , it's important to note that they cannot claim Input Tax Credit (ITC) under this mechanism. Need help understanding how this impacts your business? Let Taxla Services guide you through the compliance process. 📞 Contact us today :...

The due date for filing the Income Tax Return for audit for the financial year 2023-2024 is October 31, 2024 . This is applicable if the assessee, who does not have any international or specified domestic transaction, falls under the following categories: Corporate-assessee Non-corporate assessee whose books of account are required to be audited Partner of a firm whose accounts are required to be audited, or the spouse of such a partner if Section 5A applies Ensuring timely filing is crucial to avoid penalties and maintain compliance. It’s important to have all your financial documents ready for a smooth audit process. If you require assistance with your audit or filing, our team at Taxla Services is here to help. We provide professional support for corporate and non-corporate tax return filings, audit requirements, and compliance needs. Contact us today to ensure that your audit filing is done smoothly and without hassle: 📞 Call : +91 9600076134 / 6374812546 📧 Email : auditsiva2...

 As a business owner registered under GST, it’s crucial to stay on top of your tax filing dates. The due date for GSTR-1 filing for the month of September 2024 is 11th October 2024 . What is GSTR-1? GSTR-1 is a monthly or quarterly return that businesses must file, summarizing all the outward supplies (sales) made during the reporting period. The return contains details like: Invoice-level information of all sales Details of outward supplies made to both registered and unregistered customers Details of debit and credit notes issued during the period Who is required to file GSTR-1? The GSTR-1 return must be filed by every registered taxable person, except for: Input Service Distributors (ISDs) Composition scheme taxpayers Persons liable to deduct tax at source (TDS) Persons liable to collect tax at source (TCS) Key Details for September 2024 Filing: Due Date: 11th October 2024 Applicable for: Businesses with an annual turnover exceeding ₹5 crores or those who have opted out of th...

 Starting October 1, 2024, the Government of India has introduced new tax clearance rules that will affect travelers with certain financial profiles. This move aims to ensure tax compliance, especially among individuals with significant tax liabilities. Who Needs a Tax Clearance Certificate? Travelers departing from India will now need to obtain a Tax Clearance Certificate before traveling if: They have unpaid tax liabilities. They are involved in financial irregularities. They have tax arrears exceeding ₹10 lakh, including liabilities under the Black Money Act . This new rule ensures that tax defaulters or individuals with unresolved tax issues cannot evade their obligations while traveling abroad. It's designed to target those who may owe substantial amounts or who are being scrutinized under financial irregularities. Who Is Exempt from This Rule? The tax clearance requirement applies only to individuals who meet the criteria mentioned above. Regular travelers, who are tax-com...

 It’s easy to lose track of time, especially with the busy lives we lead. However, if you missed the Income Tax Return (ITR) filing deadline , don’t panic. There’s still time to file a belated return , and here’s how you can avoid further penalties. 1. Belated Return Filing If you missed the initial ITR filing deadline, the good news is that you can still file your belated return up until 31st December 2024 . This extended window allows taxpayers to file their returns and ensure they stay compliant with tax regulations. 2. Penalties Under Section 234F Filing a belated return does come with a penalty. Here’s how it works: For individuals with an income of up to ₹5 lakh , the late filing fee is ₹1,000 . For individuals with an income of more than ₹5 lakh , the fee is ₹5,000 , irrespective of the tax regime you have opted for. 3. Interest on Tax Payable If you have tax liabilities , missing the original deadline means you’ll also have to bear 1% interest per month on the outstanding ...

 As the month of September concludes, businesses and e-commerce operators must prepare for upcoming GST filing deadlines. Staying compliant with the Goods and Services Tax (GST) regulations is crucial for avoiding penalties and ensuring smooth business operations. Key GST Filing Deadlines for October 2024: GSTR-7 Filing for September 2024 Due Date: 10th October 2024 The GSTR-7 form is meant for taxpayers who are required to deduct tax at source (TDS) under GST laws. It is vital for all businesses registered under GST and involved in making specific payments liable for TDS. The TDS deducted in September must be declared, and payment should be made before the deadline. GSTR-8 Filing for September 2024 Due Date: 10th October 2024 The GSTR-8 is filed by e-commerce operators who are required to collect tax at source (TCS) under GST laws. This form is crucial for detailing the TCS collected from suppliers, ensuring proper tax compliance for e-commerce activities. Both GSTR-7 and GSTR-8...

 Attention all taxpayers! The due date for the TDS/TCS payment for the month of September 2024 is approaching fast. You must deposit the tax deducted or collected by October 7, 2024 . This deadline applies to all assessees who have deducted or collected tax under the applicable provisions of the Income Tax Act for the month of September. What Is TDS/TCS? TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are mechanisms introduced by the Income Tax Department to collect tax at the very source of income generation. They are pivotal for ensuring tax compliance and reducing the chances of tax evasion. Here’s a quick breakdown: TDS is the tax deducted from payments made by an entity (like salaries, rent, etc.) on behalf of the taxpayer. TCS is the tax collected by sellers from buyers at the time of sale of specified goods. Failing to deposit the TDS/TCS within the due date could lead to penalties and interest under the Income Tax Act, making it critical for businesses ...

 Taxpayers, take note! The due date for filing your audit report under Section 44AB for the financial year 2023-24 has been extended to October 7, 2024 . This extension is applicable to both corporate and non-corporate assessees who are required to submit their income tax returns by October 31, 2024 , for the assessment year 2024-25 . The extension comes as per Circular No. 10/2024 , issued on September 29, 2024 . Why Is Section 44AB Important? Under Section 44AB of the Income Tax Act, certain taxpayers, including businesses and professionals, must undergo a tax audit to ensure compliance with the provisions of the law. This audit ensures the correctness of income, claim deductions, and fulfillment of statutory obligations. Failure to comply with the tax audit requirements can result in penalties under the Income Tax Act. Therefore, it is crucial for businesses and professionals to file their audit reports before the extended due date. Who Needs to File an Audit Report U/S 4...

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