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Welcome to Bashamakh, your trusted and experienced partner for all your tax and financial needs in the vibrant city of Navi Mumbai. With a proven track record of excellence, we are committed to delivering top-notch tax services,
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About
Our Approach
We provide expert guidance on income tax planning, optimization, and compliance for individuals and businesses.
Audit Firm in Mulund
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 highest attempt in CA?
the Institute of Chartered Accountants of India (ICAI) allows candidates a maximum of eight attempts to clear each level of the Chartered Accountancy (CA) examinations, including both the Intermediate (IPC) and the Final examinations. This means that if a candidate does not pass a particular level of the CA exam within eight attempts, they must re-register with ICAI and start the process anew.
Connect with us today to schedule a consultation. Our experts will assess your needs
Audit Firm in Mulund
How do I start an income tax consultancy?
Starting an income tax consultancy business can be a rewarding venture, especially if you have a strong understanding of income tax laws and a passion for helping individuals and businesses with their tax matters. Here are the steps to start an income tax consultancy:
1. Gain Expertise and Certification:
- Ensure you have a thorough understanding of income tax laws, rules, and regulations. Consider obtaining relevant certifications, such as becoming a Chartered Accountant (CA) or a Certified Public Accountant (CPA), which can enhance your credibility and expertise in the field.
2. Create a Business Plan:
- Develop a comprehensive business plan that outlines your consultancy’s objectives, target market, services offered, pricing structure, and growth strategies. Having a well-defined plan will guide your business and help secure financing if needed.
3. Legal Structure and Registration:
- Choose a legal structure for your consultancy, such as a sole proprietorship, partnership, limited liability partnership (LLP), or private limited company. Register your business as per the applicable laws and obtain any necessary licenses and permits.
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.
Audit Firm in Mulund
What is the rate of consultancy income tax?
The rate of income tax on consultancy income in India depends on various factors, including the nature of income, the taxpayer’s status, and the applicable tax slabs and rates for the assessment year. As of my last knowledge update in September 2021, here are some key points to consider regarding income tax rates for consultancy income in India:
Individual Taxpayers:
- For individual taxpayers (resident or non-resident), the income tax rates are typically determined based on the applicable income slabs. India has a progressive tax system, meaning that higher income levels are subject to higher tax rates. Consultancy income is generally considered as part of the total income of the individual.
Business Structure:
- If you are operating your consultancy as a business entity (e.g., a partnership firm, LLP, or company), the income may be taxed differently, and the applicable tax rates and provisions will depend on the business structure and the nature of income earned.
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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.
Mumbai GST Consultants
Do consultants need to pay GST?
Whether consultants need to pay Goods and Services Tax (GST) in India depends on various factors, including the type of consultancy services provided, the annual turnover, and GST regulations. Here are some key considerations regarding GST for consultants:
1. Threshold Limit:
- As of my last knowledge update in September 2021, consultants providing services are required to register for GST if their aggregate turnover in a financial year exceeds the prescribed threshold limit. The threshold limit for GST registration is ₹20 lakhs for most states in India. However, for some special category states, it may be lower.
2. Type of Services:
- GST is generally applicable to services provided by consultants unless they fall under specific exemptions. Various categories of services, including professional services, fall under the GST regime. Consultancy services are typically considered professional services and are subject to GST.
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