Services – vmsmconsultants.com

Our Services

At VMSM, we offer a comprehensive suite of accounting and financial services designed to help you stay compliant, improve operational efficiency, and achieve your business goals. Our experienced team provides insights and expertise in the following areas:

AUDIT & ASSURANCE

Statutory Audit
Internal Audit
Tax Audit
Risk Assessment and Mitigation

TAXATION

Direct & Indirect Tax Compliance
Tax Planning & Advisory
Transfer Pricing
GST Registration and Filing
Tax Assessments & Representation

ACCOUNTING & FINANCIAL REPORTING

Bookkeeping & Accounting
Financial Statement Preparation
Management Information Systems (MIS) Reporting
Consolidation & Financial Analysis

BUSINESS TRANSFORMATION SERVICES

Corporate Structuring & Restructuring
Business Valuation
Mergers & Acquisitions
Due Diligence Services

CORPORATE ADVISORY

Transforming financial operations and management to drive better decision-making
and efficiency. Learn more on our Speciality page.

COMPLIANCE & REGULATORY ADVISORY

Corporate Law Compliance
Secretarial Compliance
Compliance Reviews and Health Checks
FEMA/RBI Compliance

FAQs - Tax & Compliance

What documents do I need to file my income tax return?

To file your income tax return, you’ll generally need your Form 16 (if salaried), bank statements, interest certificates, investment proof, details of any capital gains, and deductions under Sections 80C, 80D, etc.

How often do I need to file GST returns?

GST return filing frequency depends on the type of taxpayer:
Monthly: For businesses with annual turnover exceeding ₹5 crore.
Quarterly: For businesses with turnover below ₹5 crore under the QRMP scheme.
Composition scheme taxpayers have an annual return and quarterly tax payments.

What is TDS, and when should it be deducted?

TDS (Tax Deducted at Source) is a mechanism to collect tax at the source of income. It should be deducted when certain payments (like salaries, interest, professional fees, rent) exceed prescribed limits. Deductors must deposit TDS monthly and file quarterly returns.

What are the consequences of delayed tax payments?

Delayed tax payments can result in penalties, interest, and late fees. For income tax, the interest is generally 1% per month on the outstanding amount. For GST, late filing fees and interest on unpaid tax apply.

How do I claim deductions for home loan interest?

Under Section 24(b) of the Income Tax Act, individuals can claim a deduction of up to ₹2 lakh on home loan interest for a self-occupied property. Additional benefits may be available under Section 80EE and Section 80EEA for first-time homebuyers.

What are the due dates for filing individual income tax returns?

The due date for individuals (not subject to audit) is typically July 31 of the assessment year. Extensions may apply in specific cases or for taxpayers whose accounts are audited.

How can I register my business for GST?

You can register your business for GST by applying online on the GST portal (www.gst.gov.in) and providing essential information and documents like PAN, proof of business, bank details, and digital signatures.

What is an advance tax, and when is it payable?

Advance tax is income tax paid in installments throughout the year instead of in a lump sum at year-end. It is payable by individuals with tax liability over ₹10,000. The deadlines are typically June 15, September 15, December 15, and March 15 of the financial year.

What is the difference between tax audit and statutory audit?

A tax audit is conducted to ensure income tax compliance, as per Section 44AB of the Income Tax Act. A statutory audit, however, is a financial audit mandated by law for certain entities (companies) to ensure financial statements are accurate.

How do I calculate capital gains tax on the sale of property?

Capital gains tax on property depends on the holding period:
Short-term (held for less than 2 years): Taxed as per income slab rates.
Long-term (held for more than 2 years): Taxed at 20% with indexation benefits.
Supporting documents include purchase and sale agreements, cost of improvements, and indexation calculation.

What is transfer pricing, and does it apply to my business?

Transfer pricing refers to pricing transactions between related entities in different tax jurisdictions. It applies if your business has international transactions with related parties. Transfer pricing compliance includes documentation and filing of Form 3CEB.

What is the penalty for non-compliance with tax laws?

Penalties vary depending on the type and extent of non-compliance. For instance, failure to file income tax returns can result in fines up to ₹10,000, and late GST returns incur late fees and interest on the outstanding tax.

Do freelancers need to pay taxes?

Yes, freelancers are required to pay income tax on their earnings. They may also need to register for GST if their annual income exceeds ₹20 lakh (₹10 lakh in certain states) and file quarterly GST returns.

How can I claim deductions for donations to charity?

Under Section 80G, you can claim deductions for donations to registered charitable institutions. Keep donation receipts, and ensure the charity has a valid 80G certificate to claim the deduction.

What is Form 15G/15H, and who can submit it?

Form 15G (for individuals below 60) and Form 15H (for individuals above 60) can be submitted to avoid TDS on interest income if the total income falls below the taxable limit.