Income tax

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Expertise Income tax

An income tax is a government levy imposed on individuals or entities that varies with the income or profits (taxable income) of the taxpayer. Details vary widely by jurisdiction. Many jurisdictions refer to income tax on business entities as companies

Most jurisdictions either do not tax income earned outside the jurisdiction or allow a credit for taxes paid to other jurisdictions on such income. Nonresidents are taxed only on certain types of income from sources within the jurisdictions, with few exceptions.

Only net income from business activities, whether conducted by individuals or entities is taxable, with few exceptions. Many countries require business enterprises to prepare financial statements which must be audited. Tax systems in those countries often define taxable income.

Some jurisdictions also impose a tax collected from employers, to fund unemployment insurance, health care, or similar government outlays. Self-assessment means the taxpayer must make a computation of tax and submit it to the government.

What is Income tax return?

Provides following services to ease the legal process of sales tax
  • Normal return

    In business, "normal" is any gained revenue that exceeds the cost, expenses, and taxes needed to sustain the business or an activity.

  • Belated return

    In case of failure to file the return on or before the due date, belated return can be filed before the expiry of one year from the end of the relevant assessment year.

  • Revised return

    In case of any omission or any wrong statement mentioned in the normal return can be revised at any time before the expiry of one year from the end of the relevant assessment year.

  • Defective return

    Assessing Officer considers that the return is defective, he may intimate the defect. One has to rectify the defect within a period of fifteen days from

Income tax

Income tax is the most impotant tax in our country, every person whose total income Exceed Maximum Exemption Limit (MEL) has to deal with Income Tax Act and Income Tax Authorities.

Consultancy on various intricate matters pertaining to Income tax.

Effective tax management, tax structuring and advisory services.

Tax Planning for Corporates and others.

Designing / restructuring salary structure to minimise tax burden.

Obtaining Advance tax Rulings.

Obtaining PAN for assesses, employees etc..

Assessing the liability towards deferred taxes.

Providing regular updates on amendments, circulars, notifications & judgments.

Filing Income tax returns for employees of corporate clients.

Liaison with Income tax department for rectification, assessment, obtaining refunds etc.

Expertise in complicated direct tax assessments.

Filing and pleading appeals under various provisions of IT Act.

Special expertise in search, seizure and prosecution litigation.

Advice on future tax implications in respect of the potential acquisition.

Opinions on the various Double Tax Avoidance Agreement related issues.

Settlement of various issues raised under FEMA.

About MMC

MMC Associates is a financial consultancy expert specially trained in tax law. Some organization require tax advisor to verify the balance sheets of companies above a certain size of individuals and companies.