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Online Tax Filing

The forms for the (ITR) Income Tax Return for Financial Year 2015-2016 i.e. Assessment Year 2016-2017) have been released by the Income Tax Department. These are applicable for your income tax
return for income earned from 1st April 2015 to 31st March 2016.

If you’re looking forward to get some assistance on filing your Income Tax Return Gapeseed Consulting can help you with knowing different ITR Forms and filing the same. You could read more on our website here.

To figure out which ITR you need, read below to know more.

ITR-1

The following people need this return form whose total icome for the assessment year 2015-2016 include

  • Income from Salary/Pension
  • Income from One House Property
  • Income from Other Sources which does not include Winning from Lottery and Income from Race Horses

Who cannot use this Return Form

If you own any asset for any financial interest or have an account located outside India you cannot use this return form also if you have exempt income which is more than Rs. 5,000, you cannot use ITR-1.

ITR-2A

This tax return form can be used under the given condition:

  • Income from salary and has more than one house property but does not have any capital gains.
  • People with long term capital gains securities on which transaction tax is paid.
  • NRIs if they do not have any foreign assets.

If you fall under any of the category below you cannot file through ITR 2A

  • If income is from capital gains
  • Income from Business
  • If you have claim of relief/deduction under section 90, 90A or 91
  • If you have any asset which lies outside India.
  • If you have an earning source outside India.

ITR-2

If you lie under the category of Hindu undivided family you need to file your tax by filling up ITR-2 under the following circumstances:

  • If the Income is from Salary/Pension
  • Income earned from house property
  • Income from Capital Gains
  • Income from Other Sources which includes winnings from Lottery and income from Race Horses.

The Return Form should not be used by an individual whose total income for the assessment year 2015-16 includes Income from Business or Profession or if you receive remuneration as a Partner in a Partnership Firm or LLP. If you lie among anyone if the following categories you need to declare these types of incomes under ITR-3, ITR 4 or ITR-4S.

ITR-3

This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a Partnership Firm or LLP and where income chargeable to income-tax under the head, profits or gains of business or professional does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to or received by them from such firm.

Only this form is to be used in case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm and not Form ITR-2.

If your total income is from Business or Profession under any proprietorship then this Return Form should not be used.

ITR-4S OR SUGAM

This Income tax Return to be filed by individuals, HUF and small business taxpayers having presumptive business income, salary/pension, one house property or income from other sources.

You cannot use this form if the individual has more than one house property, speculative income, agriculture income more than Rs 5000, capital gains.

ITR-4

For individuals and HUFs having income from a proprietory business or profession.

ITR-5

For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals)

ITR-6

For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes)

This return has to be filed electronically only.

ITR-7

For persons including companies under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).

    • Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
    • Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
    • Return under section 139(4C) is required to be filed by every
      1. scientific research association;
      2. news agency ;
      3. association or institution referred to in section 10(23A);
      4. institution referred to in section 10(23B);
      5. fund or institution or university or other educational institution or any hospital or other medical institution.
    • Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

Click here to drop us a line if you have any questions regarding tax filing online.

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Business Support Services for International Businesses

t’s not easy to set up a business and these days small business owners think that it’s becoming even more difficult to manage and run a thriving company. While more and more business owners find it difficult to keep up with the competitive pace and continue to struggle to acquire everything required for the smooth running of the business;

they may gradually ask assistance from an outsourcing company to manage the business swiftly.

Start-ups and SMEs cannot always afford hiring new employees who can take care of the various business functions like customer services, travel desk assistance, bookkeeping, accounting duties and other related day-to-day tasks. Therefore, outsourcing the core processes makes it more cost effective and enables them to focus more on business development and invention of new ideas through which the business can be expanded further.

To ease up your burden, this is where our Business Support Services comes in and allows businesses to save money and provide outstanding services. So, let us explore the basic business support services that are required to run a business smoothly and how Gapeseed Consulting can take care of each one of them diligently.

Business Travel and International Visa Assistance

Travelling for business purposes is very common irrespective of the size of the business/ company. It could be attending a meeting abroad or arranging a small workshop for partners in some other city but managing business travel can affect your company’s budget if you don’t plan it well. In most cases, small businesses spend more on travel than large corporations. This is due to the fact that most small businesses lack a streamlined travel expense system. That’s where the Business Support Services of Gapeseed Consulting hop in.

When you choose us, we will not only help to arrange for your business travel, we will help you track and manage your budget so you can maintain a healthy bottom line. When you become our client, a dedicated professional/ account managed from Gapeseed Consulting will work for you to book flights, hotel rooms, transportation, visa assistance and other services that fit your budget and meet your company’s needs.

The Business Travel Services that we offer includes:

A dedicated assigned team to your account
Standard and custom corporate reports, along with access to secure online financial reporting
Financial management – Costings, provisional budgets based on different travel scenarios, closing budget, invoicing, payment and fee collection
Corporate travel and accommodation – Organizing National and International trips for employees/clients.
Completion of ticket voids
Management of Visa requirement – Organizing Visas, Visa Services to International Expats, travel insurances etc.
Delegate administration – Bookings, joining instructions with venue maps etc.
Emergency support available worldwide, 24X7

Setting up a Branch in India or Abroad

At Gapeseed, we offer host of business support services related to complete business set-up, be it in India or abroad. Our experienced professional team specializes in advising the right kind of business set-up keeping in view your business need and the necessary tax aspect.

Our bouquet of services covers from initial market study to post setup support for operational optimization. Services like taking care of approvals, legal compliances, registrations with authorities and all this in minimal time duration. We walk the complete path of setting up business with our clients in a smooth manner till they establish and enforce complete implementation.

 

Business Management Services, we offer, include:

Planning & Advisory

Advising on business structure
Advising on Indian/Abroad Regulatory Environment

Execution

Registration of Company, Partnership, Trust
Application for Various Trade Licenses
Registration with various tax Authorities (Central or Local)
System Development & Other related services
Management Support Services

Complete solution for setting up business

Customized solution according to need
End to End Advisory

Managing a Foreign Office in India

Managing a foreign office in India can involve a lot of risks if you don’t have the right kind of people working for it. So it’s very important to take care of employees that you are hiring. Staffing for foreign corridors in India is an uphill task as we have to act as the Employer Brand and the ambassador both and that is the reason we included Managing a foreign office in India as a part of Business Support Services at Gapeseed Consulting.

You need to have facts with employee background checks, you need to have resources to help you uncover records, employment education verification, paying employees at the right time, management etc.

All this involves different processes and Gapeseed’s umbrella of Business Support services include,

1.Payroll Management

Payroll isn’t just about paying your people. It’s about maximizing the productivity of any organization. Gapeseed Consulting Services helps to maximize the productivity of a company by channelizing timely and accurate salary processing, efficiently handling the reimbursements, managing loans and advances and government of India statutory requirements including all PF and TDS. We provide complete HR Payroll solutions to our clients/enterprises. A better management helps in streamlining processes, supporting employee work-cycle, lowering risks related to compliance and penalties etc.

2.Business Support for Managing a Foreign Office include,

Payroll Accounting

Recording and Reconciling Payroll Transactions
Professional payroll processing- pay checks and pay stubs
Payments to independent contractors
Payment tracking of employees

Compliances

Guaranteed, accurate federal, state and local tax calculations
Deposits & Compliance of EPF ESI or other Employee Welfare Contributions

System & Process Integration

The pace with which technology is changing and its effects on an organization is alarming. To keep their businesses on track with latest technology and solutions, an organization may either have to update their old systems with newer ones or replace them with new products from other vendors.

This migration process needs certain expertise in planning and execution. To fill this gap, Gapeseed’s system integration process steps in. Our integration services team includes various software, hardware and functional experts who can easily plan and execute this kind of migration without disturbing existing business activities of the clients. Our approach involves analysis of existing processes, understanding existing pain areas and then taking care of them via new and improved processes and technology solutions.

Services We Offer

Excellent implementation and support services help the client to concentrate on their business rather than handling day-to-day operational issues of the software.

Easy integration of different systems helps into optimized business processes and functions.

Customized solutions help customers get only those modules which are required for its business and internal activities.

Gapeseed Consulting comes with the expertise of directors and consultants who have handled many turnkey projects with international corridors. The need of Business Support Services emerged from that very domain only and we are most certain of the support we offer.

For more information on Business Support Services for International Businesses, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Payroll Services in Delhi NCR

Every business owner is faced with the option of doing payroll in-house or outsourcing to a payroll service provider. While each has its advantages, outsourcing payroll seems to be a common choice for both large and small businesses. Reason being – it saves cost and increases efficiency. Once you outsource the service, the providers can manage the tedious task of running payroll whereas you and your employees can focus on business growth.

In simple words the purpose of any payroll system is to standardize the process of paying employees and organize everything for tax purposes. Now, to choose the best payroll service for your business can be a difficult task. Because the type of payroll service that works best for each company depends on the needs and circumstances of the business. Some payroll providers can accommodate large companies with hundreds of accounts, while others are focused more on small businesses and limit the number of accounts they work with. So you should consider parameters like the cost involved, the reputation or status of the provider and the services it will provide.
However with so many options to choose from, finding the right one can be overwhelming. So to help you out in best way possible, Gapeseed comes as a rescuer. Our motto is very simple – We prioritize our client’s needs.

Check out the Benefits of Payroll Services

Save Cost: The most important aspect of any business is cost saving. So, in addition to reducing the probability of costly penalties, hiring Gapeseed to manage your payroll module can save you money in lot many ways. The price that you will be investing for training purposes or for labour may add up more than the price of outsourcing. And there’s no guarantee involved. Whereas if you hire us, you and your team can concentrate more on the business growth while we take care of the rest. We will also be involved in taking full responsibility for any mishap and you can feel confident, mistakes (if any at all) will even be taken care of.
Increase Productivity: Now, once you avail the service, you don’t have to involve any of your internal team members to process payroll, which means you not only save on cost, but also time. The team member can actually get involved into doing something productive rather than spending time on keeping track of employees’ wages and fees, processing paychecks and records etc.

Faster Processing: We hire experts of the industry when it comes to payroll rules and requirements. We also have advanced technical resources as support, so we can complete complex payrolls quickly and accurately. Be it paying the wages or reviewing employee contribution and deduction, all are taken care systematically. This also includes adding new employees to the system and removing former employees as soon as they leave the company.
Reduce Compliance Issues: Payroll tax regulations can be complicated and confusing. When trying to concentrate on running a business successfully, it may be difficult to stay up with all the tax rules and changes. Yet it is very important to keep a track as inaccurate payroll reporting can result in penalties from the government. Gapeseed can help you prevent compliance issues. Our systems are upgraded with up-to-date information on all tax rules and therefore reduce inaccuracy of any sort. In addition, we also handle filings, taxes and payments, and other such complexities.

There are many details and factors to consider in each of these processes and the easiest way to tackle all of them is to hire a professional payroll service provider. And to do so it’s advisable to hire the best among the rest.

Whether you are seeking the Payroll Services for a funded startup, an Indian Office of your foreign-aligned venture or any other payroll services in Delhi NCR, get in touch with us.

Further to this if you seek any further clarity, feel free to write to us on, info@gapeseedconsulting.com or you can also call us at +91-9599444639.

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