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Tax Consultancy Services

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Tax Consultancy Services

Have questions in mind regarding your income tax or GST ? Got a notice about tax from government department? Don’t worry! Get on call with ThinkBiz Filings experts at just at INR 1499/- only.

 
 
 
 
 
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What is Tax Consultancy Services?

All you need to know

Every person in India needs to pay tax if his/her income is more than Rs. 2.5 lakhs. Every company registered in India, including private limited, limited company, one person company needs to file their income tax returns, GST returns etc. during the course of their business.

When you have any queries regarding Tax, be it How to pay tax? tax refund, tax audit, tax savings, NRI taxation, GST or whether you have received any notice from any of the tax department of government and you are confused as to what is it all about? Now you don’t need to worry. Why? Because we, at ThinkBiz Filings have a tax advisory where our experts will be there to personally assist you and guide you regarding all of your queries related to Tax.

All you have to do is subscribe our tax Consultancy services and follow some simple steps, put in some brief information about your queries and we will assign you with an expert suitable to your query from our team of highly qualified experts. The expert will call you as per the time slot provided to you and try to resolve all of your queries you listed.

For example if you have received a notice from GST department and don’t have an idea that what is all about? Or what should be your next step with the notice? You can raise your query to team ThinkBiz Filings by subscribing to our Tax Consultancy Services. Then our team will assign you with a GST expert from our team who will call you as per your preferred time slot and resolve your query on call.

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Compliance Requirements for a Partnership Firm

Income Tax Return

    Partnership firms must file annual tax returns. The due date is 31st July for non-audit cases and 30th September for audited firms. Timely filing ensures compliance, avoids penalties, and maintains legal standing.

    GST Compliances

      Partnership firms must register for GST if turnover exceeds the prescribed threshold. Regular GST return filing is mandatory to ensure compliance, avoid penalties, and maintain smooth business operations under GST laws.

      TDS Compliance

        Partnership firms must deduct and deposit Tax Deducted at Source (TDS) if liable under the Income Tax Act. Timely filing of TDS returns ensures compliance, avoids penalties, and maintains smooth financial operations.

        Accounting

          firms must maintain proper books of accounts reflecting an accurate and fair view of financial affairs. Each partner’s capital, withdrawals and profit share should be recorded separately to ensure transparency

          Tax Audit (if applicable)

            Required for partnership firms if business turnover exceeds ₹1 Cr or professional receipts surpass ₹50 Lakh under Section 44AB, ensuring regulatory compliance and accurate financial reporting.

            Firm Updates

              Partnerships must file updates on any changes in firm structure, such as partner additions, removals, or modifications to the partnership deed, ensuring legal compliance and transparency.

              Documents Required for Partnership Firms

              Quick Checklist

              • PAN card of all partners of the firm.
              • Aadhaar/Passport/Voter ID/Driving License of all partners.
              • Latest utility bill, rent agreement, or ownership proof of the firm’s office.
              • Latest bank statements of partners.
              • Recent photos of all partners.

              Key Benefits of a Partnership Firm

              Points to make your decision easy

              Ease of Formation

                Partnership firms have a straightforward registration process with minimal legal formalities, making them easy and cost-effective to establish.

                Tax Benefits

                  Partnership firms avoid double taxation, as profits are taxed only at the firm’s level and not again in the hands of partners, ensuring tax efficiency.

                  Lower Compliance

                    Partnership have fewer regulatory requirements and legal formalities compared to corporations, reducing administrative burdens and operational costs.

                    Decision-Making

                      Partnership firms enable quick decisions without extensive regulatory approvals, allowing for agile business operations and faster implementation of strategies.

                      Profit Sharing

                        Partners can distribute profits as per the agreed ratio in the partnership deed, allowing flexibility and mutual benefit in financial management.

                        No Minimum Capital

                          Partnership firms have no minimum capital requirement and can be registered even with Rs. 10,000 as total capital, providing flexibility in business setup.

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                          FAQs On Tax Consultancy Services
                          Get answers to all your queries
                          • Tax consultancy services involve advising individuals and businesses on tax planning, compliance, and filing returns to ensure they meet legal obligations and optimize tax liabilities.
                          • Chartered Accountants (CAs), tax consultants, legal advisors, and financial experts offer these services.
                          • A tax consultant helps with: Tax savings & planning Filing accurate returns GST, income tax, corporate tax compliance Handling tax disputes and notices
                          • Businesses, salaried individuals, freelancers, startups, and corporations need these services for compliance and financial efficiency.
                          • Fees depend on the complexity of services (e.g., basic tax filing vs. full tax planning & audits).
                          • Consultants deal with: Income Tax (ITR filing, tax audits, capital gains tax, etc.) Goods and Services Tax (GST registration, returns, audits, etc.) Corporate Tax (TDS, tax structuring, compliance, etc.)
                          • Yes, they assist in claiming tax refunds, filing rectifications, and responding to tax department queries.
                          • Yes, they provide representation before tax authorities, drafting replies, and handling litigation.
                          • Yes, GST at 18% is applicable to professional tax consultancy services.
                          • Yes, but a consultant ensures accuracy, compliance, and tax optimization, reducing the risk of penalties. Let me know if you need assistance with tax compliance or consultancy services!
                          • Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215

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