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Monday, October 23, 2017
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Tax & Accounting Services

Tax & Accounting Services

2. TAX & ACCOUNTING SERVICES

  • a. Service Tax Registration
  • b. Vat/Tin Registration
  • c. Pan card
  • d. Tan Registration
  • e. IEC Code

a. Service Tax Registration

  • a. Overview
  • b. Procedurey
  • c. Documents Required

a. Overview

Service Tax Registration is a tax registration required for businesses providing services in India. Service tax registration is an indirect tax wherein the service provider pays the tax and recovers the same from the recipient of the taxable service. At present, Service Tax is levied at 14.5% on the value of the taxable service.
Service Tax registration is mandatory for every person or business in India that has provided a taxable service of value exceeding Rs.10 lakhs, in the previous financial year. Service Tax Registration is required for identification of the assesses, deposit service tax, file service tax returns and undertake various processes required under the Finance Act, 1994. Failure to obtain service tax registration would attract penalty in terms of section 77 of the Finance Act, 1994.

b. Procedurey

We can help your business obtain Service Tax Registration in 7 to 12 days, subject to Government processing time.

1.Application Preparation

First will prepare your Service Application and obtain your signature in the format along with the necessary supporting documents.

2.Application Processing

Once the application is prepared, we will obtain ST1 Registration and submit the hard copy Application with supporting documents to the concerned Tax Department.

3.Service Tax Registration

Once the Service Tax Application and the attached supporting documents are verified, the Tax Department will allot Service Tax Registration (ST2) for your business.

c. Documents Required

  • i. Pan card of proposed director
  • ii. Address & identity Proof of Proposed Director
  • iii. Photo
  • iv. Address proof of the Registered Office of the Company
  • v. Sale Deed/lease agreement/Rent Deed
  • vi. Cancelled Cheque

b. VAT/TIN REGISTRATION

  • a. Overview
  • b. Procedurey
  • c. Documents Required

Overview

Value Added Tax (VAT) Registration is a tax registration required for businesses trading or manufacturing goods in India. VAT Registration replaced Sales Tax in India and is synonymous with CST Registration and TIN Registration. VAT is a multi-stage tax with the provision to allow ‘Input tax credit (ITC)’ on tax at an earlier stage, which can be appropriated against the VAT liability on subsequent sale. Therefore, VAT is ultimately borne by the consumer.
VAT is collected and governed by the State Government, so each State Government in India has distinct rules applicable for their State based on the type of good manufactured or sold. Hence, it is important for any business involved in the manufacturing or trading of goods to check the VAT rates applicable for the goods they sell in their state and comply with the relevant regulation. VAT Registration is mandatory in most states for traders or manufacturers having a turnover of more than Rs.10 lakhs per year .Therefore, manufactures or traders must be aware of the relevant state VAT regulation and obtain registration if required. When registered for VAT, the manufacturer or trader is allotted a unique 11 digit number which will serve as the VAT Number / TIN Number / CST Number for the business.

b. Procedure

We can obtain VAT/TIN/CST/Sales Tax Registration in 10 to 15 days, subject to Government processing time.

1.VAT Application

Based on the State in which you propose to conduct the business, we can help you understand the process, prepare the application and apply for VAT Registration.

2.Application Processing

Once the application is prepared and submitted in the required format, Officials from the Tax Department will process the application and visit the office premises and verify the particulars presented in the application.

3.VAT Registration

Once the processing is completed, the Tax Department will issue a VAT Registration for your business in the form of a 11 digit unique number, which will serve as the VAT/TIN/CST Identity for your business.

c. Documents Required

  • i. Pan card of proposed director
  • ii. Address & identity Proof of Proposed Director
  • iii. Photo
  • iv. Address proof of the Registered Office of the Company
  • v. Sale Deed/lease agreement/Rent Deed
  • vi. Cancelled Cheque

c. Tan Registration

  • a. Overview
  • b. Procedurey
  • c. Documents Required

a. Overview

TAN or Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. Tax deducted at source (TDS) ensures that the Government’s collection of tax is proponent and the responsibility for paying tax is diversified. The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government – quoting the TAN number. Individuals who are salaried are not required to obtain TAN or deduct tax at source. However, a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent exceeding Rs.1,80,000 per year, etc. On deducting tax at source, the entity registered for TAN will issue a TDS Certificate as proof of collection of tax.
To obtain TAN, application must be made for allotment of TAN in Form 49B along with the required supporting documents. Based on the application, the TAN will be allotted to the entity and the entity must quote the TAN in all TDS/TCS returns, TDS/TCS payment Callahan and all TDS/TCS Certificates. We can help you obtain your TAN registration quickly and hassle-fee.

b. Procedure

We can help your business obtain TAN Registration in 7 to 12 days, subject to Government processing time.

1.Application Preparation

We will prepare your TAN Application and obtain your signature in the format along with the necessary supporting documents.

2.Application Processing

Once the application is prepared, will submit the TAN Application to the Tax Department

3.TAN Allotment

Once the application and the attached supporting documents are verified, the Tax Department will allot a TAN Number for your business.

c. Documents Required

  • i. Pan card of the applicant
  • ii. Photo of the applicant

d. Pan Card

  • a. Overview
  • b. Procedurey
  • c. Documents Required

a. Overview

Permanent Account Number (PAN) is a mandatory registration with the Income Tax Department of India required for all person and entities that are required to pay Income Tax and perform certain high-value transactions. The Income Tax Department uses the PAN to track all compliance and filings of an Income Tax Assesses using the PAN. PAN is a 10 digit alpha-number character, issued in the form of a laminated card. Once a PAN Card is issued, no continued compliance filings are necessary and it is valid for lifetime of the entity.PAN is now required in India for entering into every transaction exceeding Rs.50,000/-.

b. Procedure

We can help you apply and PAN Card 15 to 20 days, subject to Government processing time.

1.PAN Application

You will have to sign and submit an application for PAN in the provided format along with the necessary supporting documents.

2.PAN Application Processing

Once your application is submitted the department will verify the application and process the same for issue of PAN card.

3.PAN Card Dispatch

Once, the application for PAN is processed the final verification will be done by UTI and PAN Card will be dispatched to the address mentioned in the application.

c. Documents Required

  • i. DOB Proof of the applicant
  • ii. Address Proof of the applicant
  • iii. Photo

e. IEC Code

  • a. Overview
  • b. Procedural
  • c. Documents Required

a. Overview

IEC Code is “Importer Exporter Code”. To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number. IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies. IEC number can be submitted with government authorities as a proof of exporter/importer to obtain various benefits on their exports / imports from DGFT, customs, Export Promotion Council etc. Only one IEC would be issued against a single PAN number. Any proprietor can have only one IEC number and in case there are more than one IECs allotted to a proprietor, the same may be surrendered to the Regional Office for cancellation.

b. Procedure

We can obtain IEC Code in 10 to 15 days, subject to Government processing time.

1.IEC Code Application

You will have to sign and submit an application for IEC Code in the provided format along with the necessary supporting documents.

2.Application Processing

After the application is submitted it is sent to IEC section where it is processed. If the application is found complete in all aspects (as per requirements prescribed) an IEC is generated, or else a deficiency letter stating the nature of deficiency is prepared and sent to the applicant. Replies are awaited in cases where deficiency letter is issued and after due compliance by the applicant the IEC is allotted.

3.Allotment of IEC Code

IEC allotment letter is sent through post at the registered office mentioned by the applicant in the application in case application is found correct in all respects.

c. Documents Required

  • i. Certificate from the Banker of the applicant firm in the specified format
  • Self certified copy of Permanent Account Number (PAN) issued by Income Tax Authorities.
  • iii. Two copies of passport size photographs of the applicant
  • iii. Photo
  • iv. Photograph on the banker’s certificate and it should be attested by the banker of the applicant.
  • v. Documentary Proof:

      a. In case of Proprietorship firms, please furnish

    • i. Date of Birth of individual
    • ii. Number of IECs held along with their details

    b. In case of Companies, please furnish

    • i. Extract of Board Resolution
    • ii. MOA & Form 32/DIR-12 in case of change of Directors

    c. In case of others

    • i. Notorised Partnership Deed showing date of formation
    • ii. No Objection Certificate from other partners/HUF

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