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Welcome to Bashamakh your premier destination for expert tax consulting and advisory services in the bustling financial hub of Mumbai. With a team of seasoned tax professionals and a commitment to delivering tailored solutions, we are your trusted partner for all your taxation needs
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About
Our Approach
At Bashamakh, we offer a comprehensive range of tax services designed to meet the unique needs of our clients.
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Service
Our team assists with GST registration, return filing, and GST compliance to ensure your business meets its obligations seamlessly.
We offer expert guidance on tax planning, compliance, and strategies to optimize your tax liabilities.
What is the work of tax consultant?
A tax consultant, also known as a tax advisor or tax expert, is a professional who specializes in providing tax-related advice and services to individuals, businesses, and organizations. Their primary role is to help clients navigate the complex and ever-changing landscape of tax laws and regulations to minimize tax liabilities and ensure compliance with tax authorities. Here are some of the key responsibilities and functions of a tax consultant:
Tax Planning: Tax consultants assist clients in developing tax-efficient strategies to legally minimize their tax liabilities. They analyze the client's financial situation, goals, and circumstances to identify opportunities for tax savings.
Tax Compliance: They ensure that clients meet all their tax obligations, including filing accurate and timely tax returns. This involves keeping up with tax deadlines, maintaining records, and preparing and submitting tax returns.
Tax Audits and Investigations: Tax consultants can represent clients during tax audits or investigations by tax authorities. They help gather and present relevant documentation, explain tax positions, and negotiate on behalf of the client to resolve disputes.
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What is the tax rate in Mumbai?
The tax rates in Mumbai, like the rest of India, can vary based on the type of tax you are referring to. Here are some of the key tax rates applicable in Mumbai:
Income Tax: Income tax rates for individuals and businesses in Mumbai are the same as those applicable across India. The rates are typically divided into slabs based on the individual’s or business’s income levels. The income tax rates can change with each annual budget presented by the Indian government.
Goods and Services Tax (GST): GST is a consumption-based tax that applies to the sale of goods and services. The GST rates vary based on the category of goods or services. There are four main GST rates in India: 5%, 12%, 18%, and 28%. Certain essential items may be taxed at 0% or fall under special rates.
Our Services
Financial Consultation: Our experienced CAs provide strategic financial guidance to empower businesses, enabling them to make informed decisions and achieve financial success.
Audit and Compliance: Specializing in audit and compliance services, we ensure financial transparency and regulatory adherence for businesses of all sizes.
Taxation Services: Our adept tax experts navigate the intricate tax landscape, minimizing liabilities and maximizing benefits while ensuring full compliance.
Business Advisory: We deliver personalized business advisory services, assisting clients in optimizing operations, expanding their horizons, and surmounting financial challenges.
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Is income upto 5 lakhs tax free?
individuals in India with an annual income of up to ₹2.5 lakhs (₹250,000) were eligible for full tax rebate, effectively making their income tax-free up to this limit. This means that if your total taxable income, after deductions and exemptions, was ₹2.5 lakhs or less, you were not required to pay any income tax.
For individuals with an annual income between ₹2.5 lakhs and ₹5 lakhs, a rebate was provided under Section 87A of the Income Tax Act. The rebate allowed individuals to reduce their income tax liability by up to ₹12,500, which was the maximum rebate amount. This effectively meant that individuals with an income between ₹2.5 lakhs and ₹5 lakhs were not required to pay any income tax if the tax liability was equal to or less than ₹12,500.
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Why Choose Bashamakh?
Local Insight: We possess an in-depth understanding of Thane’s business landscape, allowing us to provide solutions that are finely tuned to local market dynamics.
Qualified Professionals: Our team comprises highly skilled Chartered Accountants and financial experts with extensive industry experience.
Client-Centric Approach: Your objectives are our utmost priority. We collaborate closely with our clients to provide pragmatic solutions that drive financial success.
Technological Advancements: Leveraging cutting-edge accounting and auditing technology, we streamline processes to deliver efficient and precise services.
Ethical Values: Upholding the highest ethical standards, we ensure the confidentiality and integrity of your financial information.
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Which tax is largest in India?
In India, one of the largest sources of tax revenue for the government is the Goods and Services Tax (GST). The GST is a consumption-based tax that was introduced on July 1, 2017, and it replaced a complex system of indirect taxes, including value-added tax (VAT), central excise duty, service tax, and others. GST is a comprehensive tax levied on the supply of goods and services at various stages of production or distribution.
The GST has played a significant role in simplifying India’s indirect tax system and creating a uniform tax structure across the country. It has helped streamline tax collection and reduce tax evasion.
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