digilekha

  Tax planning is crucial, however, often ignored in India. Tax planning not just means availing of deductions, but even includes planning your investments and finances so that the tax payable is not high. Knowing which tax to pay is not sufficient. Filing income tax returns can be a complex job for new taxpayers. One needs to take an expert’s advice while submitting tax returns to save taxes appropriately. Also, the government introduces changes or exemptions in the tax laws, making the situation even more complicated for individual taxpayers while filing the tax. Here is when tax consultants come into the picture. Tax consultants, also known as tax advisors, are experts in taxation law, tax planning, and tax compliance. They provide helpful tax-related guidance; tax consultants are even responsible for keeping up-to-date knowledge and keeping you well informed about the latest tax necessities, either on the state or federal levels. What Does A Tax Consultant Do? Tax consultants h...

Profession tax was introduced in the year 1975 in Maharashtra. The intention was to raise the resources needed for implementing the Employment Guarantee Scheme and to provide for establishment of the Employment Guarantee fund. The salaries of persons and the businessman/ professionals have to pay profession tax in Maharashtra. The employment guarantee scheme of Maharashtra is now converted to centrally funded employment guarantee scheme via MGNREGS. With introduction GST on 1st July 2017, the indirect taxes of the country are subsumed under GST. Except Profession tax. Yes, Profession tax levy is persisting independently. It is the owner’s/ company’s responsibility to deduct the profession tax from the salaries of the employees and deposit it to Government. Also, the business entities and professionals have to get their own profession tax number and deposit the profession tax to the Government every year. The rate of profession tax is prescribed in the profession tax act under various S...

  Quality education is the new norm. Competitive job markets have raised the bar for higher education. The cost of higher education in private institutes is 3 times higher than in government institutes. These days, a 4-year medical degree course costs around 15-20 lakhs in decent colleges. Whereas IIM and IITs will charge you anything around 30-50 lakhs. Studying abroad will add up everything from 80 lakhs to 1 crore expenditure. Students relying on international universities also have to pay for travel, residence, mandatory course material, tuition fees, etc. There is education. There are dreams. And thankfully, there are education loans. Hence, Section 80E of the Income Tax Act was introduced to provide some relief to taxpayers paying high education expenses. Now you must think about whom to consult for such tax exemptions. Digilekha is here to solve all your tax compliance services queries. Let’s understand education loan tax benefits and how to claim these tax deductions when y...

  Small start-ups, firms, and entrepreneurs require good staff to look into accounts. Hiring a talented, very well-educated and experienced person to take care of the company accounts may call for investing tremendous amounts year by year. Hiring a perfect person(s) - especially with the right skills to manage all accounting and bookkeeping operations, analysing the financial data, bank operations, and all other accounts-related work; is a challenging task. The number of accountant(s) required and hired full-fledge incurs a lot of expenditure. It is not only a time-consuming process, but also may or may not be effective in the long run. It consumes a lot of time and occupies a lot of space in bookkeeping and accounting work. Nowadays, hiring a knowledgeable, qualified, and well-experienced person at an affordable rate is even more challenging. At present, many small companies or businesses prefer outsourcing their accounting and bookkeeping services. It is really interesting to k...

  Coronavirus brought about a standstill to everyone’s life. The number of people affected ranges from an average salaryman to multinational companies. Another significant aspect of the pandemic was the nationwide lockdown to help control the spread of the virus. It meant a complete stop to the operations of companies and businesses, and as these ventures were in their lives, they suffered massive losses. The country provided compensation for the losses of people through various schemes, but in doing so, a large percentage of national savings was used. As lockdown ends, the government has started to increase the tax rates on businesses and companies to make up for the loss. The ventures being taxed are already going through loss, and to avoid hefty taxes,  Accounting and tax services  are required now more than ever. Digilekha Consultancy Pvt. Ltd is a firm that provides  Accounting and Tax Compliance services in Pune . A skilled team is the backbone of success for a...

Income Tax Return (ITR) is a form in which an individual (taxpayer) is supposed to submit the information about his/her income earned in the particular financial year (1st April to 31st March of next year) and tax applicable to the Income Tax Department of India. It is mandatory that every taxpayer must file his/her ITR on or before the mentioned due date given by the income tax department. A taxpayer is eligible to fil ITR forms depending upon the sources, type of income earned, and the category he/she belongs to such as individual, company, Hindu Undivided Families (HUFs), Association of Persons (AOP), Body of Individuals (BOI), etc. The Income Tax Department has specified seven types of ITR forms from ITR-1 to ITR-7 and that taxpayers should choose the relevant form to file their return of income. Income of the taxpayer can be of various forms such as income from salary, capital gains, house property, business/profession, and other sources like interest earned from bank deposits...

GST was implemented on 1st July 2017. Back then, from that day to this day, there is quite a lot of fuss related to it. To over this fuss, we have Digilekha Consultancy Pvt. Ltd.   GST consultant in Pune. GST was introduced so that the entire nation can come under a unified indirect taxation system. The public generally faces various types of indirect tax like VAT, CST, Excise, Service tax, etc. GST is being adopted to streamline the indirect taxation. GST has been hailed as the most significant tax reforms in the country. It has eradicated the cascading effect of the tax. The procedure has become simpler. However, People are facing a lot of problems due to the implementation of new rules and regulations. Digilekha GST consultant in Pune helps the people in resolving all the issues related to GST and guide its clients in the best manner. The challenges which an individual or firm can face due to GST implementation is increased cost due to software purchase, an increase in opera...