Frequently Asked Questions
Your one-stop solution for seamless and efficient business registrations in Vadodara. Our expert team is committed to providing comprehensive services, ensuring that your business is legally sound and ready to thrive.
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FAQ's related to C M Patel and company
How does C M Patel and company help clients with tax and other issues in Vadodara?
At C M Patel and company, we provide a wide array of tax-related services, such as income tax filing, tax planning, GST compliance, and more. We are committed to delivering quality and value to our clients.
How can I book an appointment for a consultation with C M Patel and Company?
If you’re looking to schedule a consultation with C M Patel and Company, you can reach them via phone, email, or in person at their Vadodara office. Find their contact information on the official website.
For whom does C M Patel and company provide its services?
Recognizing the importance of diversity in their client portfolio, CM Patel and Company proudly serves individuals, businesses, startups, and corporations. Their commitment to excellence is reflected in the nuanced tailoring of services to address the specific tax challenges faced by each client.
Does C M Patel and company extend its expertise to both direct and indirect tax-related assistance?
Absolutely, C M Patel and Company is well-equipped to handle both direct and indirect taxes. Whether it involves guiding individuals through income tax complexity or aiding businesses in GST compliance, their knowledge spans diverse tax realms.
Can C M Patel and Company assist in developing strategies to save taxes?
Absolutely, C M Patel and company is knowledgeable in formulating tax-saving plans for individuals and businesses, allowing clients to utilize exemptions and deductions for reduced tax liabilities.
Could you simplify and list the types of companies that C M Patel and Company has worked with?
Clients across manufacturing, services, IT, healthcare, and more have benefited from C M Patel and Company’s expertise, as they offer personalized solutions based on their diverse industry experience.
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FAQ's for GST Related Services
What documents are required for GST registration, and how can C M Patel and company help in gathering them?
PROPRIETOR
List of Documents required for GST registration
1 Business name
2 PAN Card (Proprietor)
3 Aadhaar Card (Proprietor)
4 Photo – Passport size (Proprietor)
5 Contact No
6 Email id
7 Rent Agreement/ Consent Letter Notarized (Shop/office)
8 Electricity Bill & Municipal Tax Receipt Latest
9 Goods or Services details of the Firm
10 Bank Details (Needed after registration)
Partnership Firm
List of Documents required for GST registration
1 Business name
2 PAN Card of All Partner and Partnership firm
3 Aadhaar Card (All Partner)
4 Photo – Passport size (All Partner)
5 Contact No of All Partners
6 Email id
7 Rent Agreement/ Consent Letter Notarized (Shop/office)
8 Electricity Bill & Municipal Tax Receipt Latest
9 Goods or Services details of the Firm
10 Authorised Signatory of One Parnter.
11 Bank Details (Needed after registration)
Private Limited Company
List of Documents required for GST registration
1 Certificate of Incorporation
2 PAN Card of All Directors and Company
3 Aadhaar Card (All Directors)
4 Photo – Passport size (All Directors)
5 Contact No of All Directors
6 Email id of All Directors
7 Rent Agreement/ Consent Letter Notarized (Shop/office)
8 Electricity Bill & Municipal Tax Receipt Latest
9 Goods or Services details of the Firm
10 Authorized Signatory of One Director.
11 Bank Details (Needed after registration)
Who needs to register for GST, and what is the threshold for mandatory registration?
Businesses and individuals engaged in the supply of goods or services with an aggregate turnover exceeding the prescribed threshold limit are required to register for GST. The threshold limit may vary based on the type and location of the business.
How long does it take to complete the GST registration process, and what is the role of C M Patel and company in expediting it?
The duration for GST registration can vary, but it typically takes 7-10 working days. C M Patel and company expedites the process by ensuring all documents are in order, submitting accurate information, and coordinating with the GST authorities to streamline the registration for their clients.
How can I initiate the GST registration process for my business?
To initiate the GST registration process, you can visit the official GST portal and fill out the online application form. It involves providing necessary business details, uploading required documents, and completing the verification process. C M Patel and company can guide you through this process to ensure accurate and timely registration.
What are the benefits of obtaining a GST registration for my business?
GST registration offers various benefits, such as the ability to legally collect taxes from customers, claim input tax credit on purchases, and participate in the formal economy. C M Patel and company can outline the specific advantages tailored to your business and industry, helping you make informed decisions regarding GST registration.
How can C M Patel and company assist in ensuring accurate monthly GST filing?
C M Patel and company can assist by maintaining accurate records, reconciling financial data, and guiding you through the GSTR-3B filing process. Their expertise ensures compliance with GST regulations and minimizes the risk of errors.
When is the due date for monthly GST filing?
The due date for monthly GST filing, typically known as
GSTR -1 is the 11th of the following month.
GSTR-3B is the 20th of the following month.
However, it’s essential to check for any updates or extensions provided by the government.
What are the post Complinace after GST Registration
Monthly filing is required to provide accurate and up-to-date information on your business transactions, facilitating timely tax payments and compliance. It ensures that the government receives a regular and comprehensive overview of your business activities.
What information is included in the monthly GST return (GSTR-3B)?
GSTR-3B includes details such as total sales, eligible input tax credit, tax liability, and payments made. It provides a summary of your business’s financial transactions for the month.
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FAQ's for Income tax Related Services
What documents and information do I need to provide to an accounting service?
To effectively manage your financial affairs, an accounting service typically requires documents such as bank statements, receipts, invoices, payroll records, tax forms, and any other relevant financial records. It’s essential to provide complete and organized information to ensure accurate accounting.
Who are exempted from filing ITR?
Individuals with gross total income (before allowing any deductions under section 80C to 80U) not exceeding Rs. 2,50,000 in a financial year, for resident senior citizens (between 60 years to 80 years) not exceeding Rs. 3,00,000 and Rs. 5,00,000 for resident super senior citizens (above 80 years).
Income Tax slab under New Regime for FY 2023-24
Income Tax Slab | Tax Rate |
Up to Rs.3 lakh | Nil |
Above Rs.3 lakh – Rs.6 lakh | 5% |
Above Rs.6 lakh – Rs.9 lakh | 10% |
Above Rs.9 lakh – Rs.12 lakh | 15% |
Above Rs.12 lakh – Rs.15 lakh | 20% |
Above Rs.15 lakh | 30% |
Income Tax Slab (Old Regime) for individuals who are less than 60 years old
Income Tax Slab | Tax Rate |
Up to Rs.2,50,000 | Nil |
From Rs.2,50,001 to Rs.5,00,000 | 5% |
From Rs.5,00,001 to Rs.10,00,000 | 20% of the amount exceeding Rs.5 lakh |
More than Rs.10,00,000 | 30% of the amount exceeding Rs.10 lakh |
Due Date of Advance tax Payment
Advance Tax
Calculating tax liability beforehand and paying the taxes to the government accordingly is called advance tax. There are specific deadlines for the advance tax payments. These deadlines are listed below:
Due Date | Advance Tax Payable |
On or before 15 June | 15% of advance tax |
On or before 15 September | 45% of advance tax |
On or before 15 December | 75% of advance tax |
On or before 15 March | 100% of advance tax |
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FAQ's for Accounting Services
How can an accounting service benefit my business?
Accounting services offer several benefits to businesses, including accurate financial records, timely tax filing, improved cash flow management, financial analysis and insights, reduced compliance risks, and expert financial advice. Outsourcing accounting tasks also allows businesses to focus on their core operations.
What is the role of an accounting service?
An accounting service provides financial record-keeping, analysis, and reporting services for businesses and individuals. They handle tasks such as bookkeeping, tax preparation, financial statement preparation, and financial consulting to ensure accurate and compliant financial management.
How much does an accounting service cost?
The cost of accounting services can vary based on factors such as the complexity of your financial needs, the size of your business, the scope of services required, and the location of the accounting service provider. Some charge an hourly rate, while others may offer package pricing or monthly retainers. It’s best to request quotes from multiple providers and compare their offerings.
How do I choose the right accounting service for my business?
When selecting an accounting service, consider factors such as their experience and expertise in your industry, the range of services they offer, their technology and software capabilities, their reputation and client testimonials, and their pricing structure. It’s also essential to ensure they are properly licensed and certified.
What documents and information do I need to provide to an accounting service?
To effectively manage your financial affairs, an accounting service typically requires documents such as bank statements, receipts, invoices, payroll records, tax forms, and any other relevant financial records. It’s essential to provide complete and organized information to ensure accurate accounting.
Is it better to outsource accounting services or hire an in-house accountant?
The decision to outsource accounting services or hire an in-house accountant depends on the specific needs and resources of your business. Outsourcing can be cost-effective, as you don’t have to worry about employee benefits or training costs. It also provides access to a team of experienced professionals. However, having an in-house accountant offers more direct control and may be necessary for businesses with complex accounting requirements or sensitive financial information.