The Mission of Our Income Tax Department is "To promote Compliance with our direct tax laws, through caring taxpayer service and strict enforcement, and thus realize maximum resources for the Nation."
The assessee is required to deposit Advance Taxes 3-4 times a year, file their Income Tax Return keeping in view the provisions of the Income Tax Act, Depreciation, Tax Audit Reports, Loans Taken, Loans Repaid etc etc and this is a never ending job.
Under the provisions of TDS (Tax Deduction at source) and TCS (Tax Collected at Source), there are numerous sections, rules, proviso to comply with. Near about one return every quarter is filed following the threshold limits under each section and once a mistake is made, it brings liability of interest and penalties.
Under GST, each and every transaction has to follow some provisions of the Act and rules. Not only your mistake, your partys mistake invites a liability to your business.
The real story starts after a businessman complied with the above laws during a particular year. From time to time, the departments check and review the returns, trace out some mistakes from it and issues various notices. What is difficult in it? The problem starts for two reasons : One, after filing returns, your team is made busy with other tasks and never get a time to recheck the returns if any mistake has been done earlier. Second, the department has time up to 5-6 years to raise a query against the mistakes made in the return. If they feel the mistakes are huge, they may make a survey or search to your business. At that point of time, you do not have any option but to pay a huge amount of taxes along with interest and penalties. Harassment remains till the disposal of all these cases which may take 2-5 years to resolve.
Both you and us need to understand whether we are a good fit for each other. We also need to arrive at the exact scope of work and the fee thereof.
We are pleased to offer a FREE consultation session for this purpose.