Tax season has started and we are half though it, I usually do the accounts for my company or at least keep a close eye on what’s happening since it allows me to forecast where thing are headed. This post is a deviation from the usual SQL or Cloud blogs that I post but just as useful
The above link mentions a list of forms and the purpose of each form it’s pretty new and should be up to date.
For those who run companies the tax laws is a nightmare to follow but break down to a few major buckets like
Service tax is exempt for those with revenue less than 10 Lacs but for those above that amount you need to calculate at 12.36 % of total to be done semi-annually.
Income tax which is based on profit usually by Sept or Oct of the following year for example if FY 2013-14 is being filled for then the income tax needs to be paid by Sept / Oct of 2014.
Sat audit to be done by chartered accountant and uploaded by CA as part of companies Act if turnover exceeds 60 lacs
The whole process can be done online for most items
Here are a few popular websites that you might end up using if you’re doing everything yourself.
PS:- After just 2 hours of BI we were able to reduce our monthly Opex by 2 % , it’s just amazing what a little effort takes.