Taxation & Filing
Learn about Taxation & Filing
What is Taxation & Filing?
Taxation is a term when a taxing authority, usually the government, levies or imposes tax. All individuals and organizations significantly involved in activity of trade or commerce are subjected to taxes levied by respective authorities. In many instances, multiple forms of taxes may be levied on the entity/individual by the taxing authority. Taxation are of two types. (I) Direct taxation, which include taxes like Income tax, wealth tax, etc and (ii) Indirect taxation like GST, Customs, etc. Taxation is the process of arriving at applicability of taxes for an organization; amount of taxes owed to taxing authority and providing information as necessitated to taxing authority within stipulated time frame.
Why Taxation & Filing?
Taxation is a statutory obligation placed on the individual/entity by taxing authorities. Failure in compliance could result in various penalties and increased exposure to civil actions. However, in current global economic scenarios and multi-geographical presence, taxation requires compliance with not only one but requirements of multiple taxing authorities. As such it becomes indispensable for an organization to understand its taxing environment and critical to its continued success to answer the below:
- Is the entity aware of all taxes that are applicable to it?
- What is the procedure to register with taking authority?
- If taxes are applicable, what are the tax obligations that the entity needs to compensate?
- Is the entity eligible for any exemptions?
- How often are the taxes required to be paid?
- What and how is the information associated to transactions required to be submitted to taxing authority?
Compliance of taxation and filing requirements are a sequence and any transaction being different in nature needs to be evaluated for listed criteria and more.
What do we do?
At Oremus, we understand the compliance needs of each customer. We understand regulatory requirements applicable to each entity/individual and come up with solutions for its adherence by our clients. We draw from the rich experience of our team to ensure that all caveats are compiled. At the same time, we strive to ensure benefits relating to commerce or trade is not aggrieved. Some areas of expertise in our team includes but not limited to,
- Payment of TDS/GST/VAT& SERVICE TAX
- Quarterly filing of E-TDS Returns
- Monthly/Quarterly/Annual filings of GST Returns
- Advance Tax Payments
- Filing of Income Tax and GST Returns
- Registrations & filings of Trust
- Coordination and support for tax audit report
- Support for Global Taxation etc.
- Operational Tax planning