Online Discussion

FREQUENTLY ASKED QUESTIONS

Consultation

Our business is based on providing professional guidance and solutions, which means we receive many questions from clients. Check out a few of our most common inquiries below. If you can’t find the answer you’re looking for, let us know and we’ll find it for you. Every question is important to us, so don’t hesitate in reaching out.

Accounting

Why should I choose an Accountant for my Organization?


Accounting is one of the valuable keys for success of your organization. A Professional Accountant can manage your Accounting need professionaly to give your organization a fresh new look in the competitive market.




How to choose an Perfect Accountant for my Organization?


Nothing is perfect in the world but it can be better than worse. Choosing an Accountant is very important for your Organization. So, based on your Accounting need you should choose wisely. Just remember some key features when selecting an Accountant: (a) They must be very Professional with their job. (b) You can behave friendlier with them. (c) They must be very punctual in time. (d) They must be Experienced.




What is the benefit of Maintenance of Accounts in the Small and Medium Organization?


All type of Organizations have their own Accounting need. Maintenance of Accounts in your Organization helps you to understand the position of your Organization at any time. It helps to keep you always ready to avoid any Legal harassment in our Country. It always keep you up-to-date about your Organization.





Income Tax

What is Income Tax Return?


Income Tax Return is the form in which assessee(Taxpayer) files information about his/her Income and tax thereon to Income Tax Department.




Who is required to file Income Tax Return?


As per the income tax laws, you are required to file your Income Tax Return if the aggregate of all your income (Gross Total Income), exceeds the basic exemption limit (Now Rs. 2,50,000 /-) before various deductions available for various investments and expenses.




What is Gross Total Income?


There are five Heads of Income as per Income Tax Act, 1961. Aggregate of the Income from these Heads is Gross Total Income. The Heads are: (a) Income from Salary (b) Income from House Property (c) Income from Business/Profession (d) Income from Capital Gains and (e) Income from Other Sources.




What is Taxable Income?


Taxable Income means, After deducting all the deductions available Under Chapter VI-A (which comprises mainly Section 80C, 80CCC, 80CCD, 80D, 80EE, 80TTA, 80TTB etc.) from Gross Total Income.




What is PAN?


PAN (Permanent Account Number) is a ten character alphanumeric Identification Number provided by Indian Income Tax Department to the all taxpayers of India. Lets see the PAN Stracture, First three letter are random Alphabet, Fourth character indicate the type of holder (A — Association of persons (AOP), B — Body of individuals (BOI), C — Company, F — Firm, G — Government, H — HUF (Hindu undivided family), L — Local authority, J — Artificial juridical person, P — Individual or Person, T — Trust (AOP), the fifth character is the initial of Surname in case of individual or initial of name in case of others. then four random number and the last one is a random alphabet. (Example: Name of the individual is Mr. Ajay Banerjee then his PAN Stracture will be AAAPB1234A, if the Name of company is Caps Professional Services then the stracture will be AAACC1234A)





Goods and Service Tax (GST)