Tax regulations and requirements are complex and constantly evolving.
Individual income and expenses, business transactions, and investments all create tax consequences. Our tax services keep you updated of the changing regime, deliver compliance, and develop adequate plans to mitigate tax burdens in the most effective and efficient ways. Our experience makes us a valuable asset when preparing returns, developing strategies to mitigate tax exposure, composing financial plans, and effectively transferring estates.
Business and Individual Income Tax Preparation :
Our team delivering Tax compliance and filing services work seamlessly with our clients to ensure tax reporting requirements and that the deadlines are met and current tax standards are adhered to. We have a thorough understanding of applicable rules and legislation for individuals and businesses to ensure zero penalties. We help our clients with filing requirements, to streamline transactions and decrease tax liabilities as much as possible.
Tax Planning Services :
We provide clients a way to manage their tax liabilities. Planning services involve working with both individual and business entities to understand income and transactions, assets and liabilities, in order to pre-empt tax liabilities at year end and take steps to alleviate tax consequences, and avoid tax surprises.
Types of Tax Planning
Most people merely perceive tax planning as a process that helps them reduce their tax liabilities. However, it is also about investing in the right securities at the right time to achieve your financial goals. Following are some of the various methods of tax planning:
Short-range tax planning
It is thought of and executed at the end of the fiscal year. Investors resort to this planning in an attempt to search for ways to limit their tax liability legally when the financial year comes to an end. This method does not partake long-term commitments. However, it can still promote substantial tax savings.
Long-term tax planning
Chalked out at the beginning of the fiscal and the taxpayer follows this plan throughout the year. Unlike short-range tax planning, you might not be offered with immediate tax benefits but it can prove useful in the long run.
Permissive tax planning
Involves planning under various provisions of the Indian taxation laws. Tax planning in India offers several provisions such as deductions, exemptions, contributions, and incentives. For instance, Section 80C of the Income Tax Act, 1961, offers several types of deductions on various tax-saving instruments.
Purposive tax planning
Purposive tax planning involves using tax-saver instruments with a specific purpose in mind. This ensures that you obtain optimal benefits from your investments. This includes accurately selecting the appropriate investments, creating an apt agenda to replace assets (if required), and diversification of business and income assets based on your residential status.
Business Set Up and Entity Selection :
Understanding business goals, potential business risks, and tax regulation is important while doing a business setup. Welfin provides proper perspective in selecting and creating the appropriate type of entity keeping tax prudence in mind.
State and Local Tax Compliance :
In addition to applicable federal tax requirements and regulations, we guide you through applicable state and local tax regulations and liabilities.
Payroll Tax :
Our payroll tax services assist clients in meeting the filing requirements associated with federal, state, and local payroll tax regulations related to payroll taxes. We review payroll information, determine benefits and deductions that are taxable, and prepare the appropriate filings.
