What is the service about ?
Governments impose charges on citizens and businesses in order to raise revenue, which is therefore used to meet their budgetary demands. TDS stands for ‘Tax Deducted at Source’ and this particular tax was introduced to collect tax at the source from where an individual’s income is being generated. The deduction is mandated by the Income Tax Act, 1961. The government uses TDS as a tool to collect tax in order to minimize tax evasion by taxing the income at the time it is being generated. Bringing forth our years of experience in the payroll compliance domain, we, at Karma Management Global Consulting Solutions Pvt Ltd. are always on the lookout for guiding our clients in attaining the most desirable and hassle-free methods of tax filing. Our robust system keeps track of TDS calculations, salary deductions, and report generations. With regards to taxation and TDS, our compliant system facilitates:
Tax Projection :
For all successful businesses, knowledge-based, tech-enabled, and automated tax planning and projections are necessary. At Karma Management Global Consulting Solutions Pvt. Ltd., our professional team strives to identify your opportunities and aim to solve your challenges regarding tax projection. Combining the best of man and machine power, we manage and maintain the online access of the periodic YTD statement along with providing tax calculations for every employee. Our accountants utilize their expertise and industry knowledge for tax planning throughout the year so that our clients are fully prepared for tax season — with no surprises.
TDS Management:
A comprehensive management of the TDS, starting from overseeing the Investment Declaration Documents of the employees to the generation of Form 16 and Form 12BA, we use our upgraded techniques to upgrade the periodic development on taxation matters.
TDS Filing:
TDS is not just about deducting tax, TDS returns need to be filed too. Understanding the complexity of the extensive process, we, at Karma Management Consultants Pvt.Ltd. make prior arrangements to coordinate with the Accounts team regarding the Payable Tax. As per the Income Tax Act 1961, adhering to all the necessary laws and regulations, we prepare the quarterly or annual TDS returns in accordance with the individual’s salary in the most compliant way possible.
What process do we follow and what tools do we use ?
In India, the process of filing your taxes takes some preparation which is why the Government gives you four months window period to compile all the relevant documents. The procedure varies as per the income earned per year and income sources like salary, business profit, investment profit, and so on, and collating all your documents in one place is just one aspect of it. Process For Income Tax Compliance. Step by step is the procedure followed for Income Tax Compliance
- Updating the software based on statutory compliance-related changes
- Calculation & deduction of Income Tax from payable salary
- Calculation of perquisite value as applicable by Income tax and as per the rate of interest mentioned at the start of every financial year
- Creation of Form 16, Form 12 BA, and other relevant forms
- Preparation of quarterly (Form 24Q) and annual e-TDS returns and submitting the necessary data to NSDL
- Providing the customer with necessary reports / MIS / Dashboard on TDS
Process Related to End of Year Process & Generation of Form No. 16 Step by step is the procedure followed for Generation of Form 16 & End of Year Process
- Declaration of investments on the Payroll Portal by employees at the beginning of the Financial year
- Updating the payroll system with the investment declarations received from employees
- Setting up cut-off dates for Actual Investment proof submission in the ESS portal or Offline along with Validation guidelines finalization.
- Validating the documents received and uploading the Tax computation details along with Approved /Rejected details of investment proof in the ESS portal
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Verifying the validity of investment proofs as per Income Tax Act from the angles of:
- Date of investment
- Payee
- Type of investment and
- Submission of validation report to employees (Submitted / Approved / Rejected)
- Final validation report to Customer
- Generating Part B of Form 16 based on the final tax computation and Annexure-II and sharing it with the Customer.
What value does the client get ?
As you know, our Law of income tax on salary is very dynamic, keeps on changing after every Union Budget declared by govt. Our robust system of HRMS allows adopting any changes which can be easily incorporated. That’s a USP of our product. Apart from extending this leverage to Clients, our Payroll Team is also supported by Tax Experts who are always available for their advice.
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