All The Tax Practices

A Business must register for GST if it satisfies any of the following conditions:

• If the aggregate Turnover from all the business activity in the Financial year exceed Rs. 20 Lakh (Rs. 10 Lakh for North Eastern States)
• Making the supply or providing the services to other state
• Having multiple branches or branches in multiple states
• Require to pay GST under reverse charge
• Agent of supplier
• E -Commerce Companies or an aggregator
• Supplies goods or service through E-commerce

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TDS means Tax Deduced at Source i.e. persons making payments are required to deduct tax at source at defined slab rates prescribed by the Income Tax Act. In the current scenario, TDS is almost applicable on the any payment the business make. If You pay rent you are liable to deduct TDS. If you enter into contract, you are liable to deduct TDS from the payment you make. You hire a professional, you are liable to deduct TDS. Eventually applicability of TDS is on almost every payment you make. Businesses generally faces two challenges while dealing with TDS.

1. when and what amount to deduct as TDS and
2. Under Which head TDS to be deduct

Merakhata helps answering both these question by proactively providing the update on recent changes in the laws to the businesses and taking the training session of the company staff to cope with all the changes in the law. This will help the companies in facilitation of correct payment. Also, Since we work on real time basis, Our team reviews the daily transactions and communicate the business if there is TDS clauses attract on any transaction.

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