Accounting & Tax
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Services we provide under Accounting & Tax
- Payroll Maintenance
- TDS Return Filing
- Individual Income Tax Filing
- Proprietorship Tax Return Filing
Online Payroll Management – Overview
A payroll represents all the financial records like employee salaries, bonus and deduction. Payroll and payroll taxes have a major impact on the net income of most companies. Due to this reason it is mandatory to maintain it efficiently. Payroll management system involves a lot of legal aspects and has to adhere to multiple regulations from the government. So it is highly advisable to get expert assistance while maintaining payroll for a company.
The payroll management consists of creating a payroll policy for the organisation that includes all the flexible benefits and leave policies of the employee. A payroll management system should contain all the leave and cashment policies for the employee.
What Is Payroll Management System?
Payroll management system simplifies the process of payroll processing, you can track all the live details anywhere anytime using an application. Spinach Laws payroll management package comprises of
- Structuring the CTC
- Maintaining all employee records like daily attendance, bonus and much more
- Generating salary slips on a monthly basis
- Preparing all the employment agreement
- Filing income tax for employees if required
Payroll Management System Cost – Spinach Laws
The professional payroll management services from Spinach Laws starts from ₹16,999 plus taxes for a year. If your company has more than 10 employees then you can choose our enterprise package. Our enterprise package additionally contains PF and ESI registration along with monthly filing and TDS calibration at just ₹29,999 for a year.
All payroll-related operations are automated by Spinach Laws payroll and HR management system enabling the administrator to pay all employees on time and in full.
Online Payroll management system is affordable and includes all of the essential components needed for accurate payroll calculation. Deductions, leave policies, and other regulations for payroll auto-calculation should all be programmable. Most significantly, the payroll management system provides more security to protect the data of your employees.
Types of Payroll Management System
There are different types of Payroll management systems used for various purposes.
Excel-Based Payroll Administration
When a business is just getting started and only has a few employees, they choose to manage payroll using excel. In case of payroll management based on excel the calibrations are conducted on sheets using a standard payroll calculation format. The pre-established mathematical formulas help the payroll officer’s calculations.
According to our in-house experts this approach has numerous drawbacks, including high likelihood of clerical and mathematical errors since the data is manually entered. Also adding and removing people from the payroll list is also challenging.
Our HR and Payroll management services also provides extra data, such as attendance, leave, and reimbursement details.We as an external service provider handle the payroll computation and statutory compliance. Payroll is an essential duty, and Spinach Laws can assist you in meeting all the requirements.
Payroll Processing and HR Management
Payroll processing and HR management involves procuring payroll inputs along with other crucial information of the organisation. It also involves managing various components of the payslip including the basic pay, variable pay, HRA, and LTA.
Additionally, filing IT returns, depositing TDS, PF, and other dues with the authorised authorities, as well as paying employee salaries, are all included in our HR and Payroll management system.
HR and Payroll management services including processing payroll, managing staff salaries, tracking deductions and payment information. We help you to keep a record of each employee’s fundamental information, including contact information (name, address, birth date, etc.), employment dates (joining date, promotion date, etc.), banking information, pay scale, basic and grade pay, etc.
Stages Of Processing Payroll
The following are some of the primary duties of the payroll and HR management system:
- Structured compensation
- Determining deductions and leaves
- Calculating and processing salaries
- Control of payroll taxes
- Submitting returns
- Reports and pay slips are generated.
Features of HR & Payroll Management System
1. Easy to install
Spinach Law HR and payroll management system can be easily incorporated into your business form with less time. All you have to do is reach out to our experts and provide the required information. Our team will take care of HR and payroll management systems.
2. Timely tax filings and deposits
Out of all the functions the most challenging part is to deal with the payroll tax withholdings. It is mandatory to file these taxes on regular intervals within the provided time window. Spinach Laws provides the best payroll and HR management system. We make sure that all the compliances are met without any delay.
3. Direct deposit for the payment
The days of paper cheques are over. Now everyone receives their payment through a direct bank transfer. We will assure that the payment will be made on time.
4. Payroll records
Your optimal wish list should include robust, accurate, and easily accessible payroll reports. Finding payroll information requires a lot of paperwork and calculation , trust us this is the last thing you want to do. Our software offers a choice of reports that you can obtain with a few clicks rather than hurriedly compiling reports and gathering information.
Payroll Calculation
The payroll cycle of a business is divided into 3 stages.
- Payroll preparations
- The payroll procedure
- Post-payroll operations
The following equations can be used for calculating the payroll:
- Gross salary – Gross deductions = Net salary
- Gross salary = Base salary + HRA + Allowances + Reimbursements + Arrears + Bonus
- Professional Tax + Public provident fund + Income Tax + Insurance + Leave adjustments + Loan repayments = Gross deductions (if any)
Advantages of Payroll Management System
Record Maintenance:
Thanks to Spinach Laws HR and payroll management system, the HR department can keep track of the qualifications, credentials, and other details of each faculty member. The labour and time-consuming paper records are not necessary!
Processing of Payroll from Start to Finish:
The payroll management system automates the entire payroll process and reduces the workload of employees.
Faster Salary Calculation and Payments:
Because it syncs with the administration system, the salary calculation procedure can be done automatically, rapidly, in a simple way.
Indian Payroll Laws:
The Indian government has established laws that the payroll system must abide by. It is tough for a layman to know all of these rules and regulations, so Our expert attorney at Spinach Laws can help in payroll and HR Management is the best way to always comply with the recent amendments in the law.
Enhanced Data Security:
This feature allows businesses to define user roles and offer employees access to payroll systems in accordance with those roles, boosting data security.
Reports about payroll and employees that are insightful:
With only a few clicks, numerous types of analytical payroll and faculty performance-related reports can be generated.
File Your TDS Return Online – An Overview
The concept of TDS was introduced to collect taxes at the sources of income. According to this idea, a person (deductor) who must pay another person (deductee) must withhold tax at the source and remit it into the central government’s account. Based on Form 26AS or a TDS certificate issued by the deductor, the deductee from whose income tax source deductions have been made is entitled to receive credit for the amount so deducted.
Online TDS return is a statement given to the IT department on every quarter. Every deductor needs to deposit income tax and file for TDS return on time. Spinach Laws assists and guides you on online TDS returns in 3 easy steps. The process is very easy and can be done with no delays. Just book an appointment now and get legal assistance!
TDS Return for Individuals and Businesses
An employer or company with a valid TAN – Tax Collection and Deduction Account Number can file for an online TDS return. Any individual or business that makes a particular payment stated under the I-T Act needs to deduct tax at source. The deposit for the same has to be made within the stipulated time. The payment categories include:
- Salary
- Insurance commission
- Income from winning horse races
- Income by way of ‘Income on Securities’
- Income by way of winning the lottery, puzzles, and others
- Payment in respect of National Saving Scheme and many others
An assessee can submit an e-TDS return if the same was deducted from their income. As mentioned earlier, it is the obligation of the assessee to file within the due date or be liable to pay the penalty for delay. The categories of assessees eligible to electronically file TDS return every quarter are:
- Company
- Persons whose accounts are audited u/s44AB
- Persons holding an office under the Government
Benefits of TDS Return Filing Online
As per the IT Act of 1961 filing TDS return is mandatory as well as it fetches some benefits to person or company. A few advantages of submitting a return and knowing the refund status are
- A steady inflow of income to the government.
- Facilitates a smooth collection of taxes used for welfare.
- No burden of paying tax lump sum as the payment is done every three months for the whole year
Now you can calculate TDS on salary online at Spinach Law . With the help of the online TDS Interest Calculator, you can calculate your TDS while you sit at home.
What Is a Tds Certificate?
A TDS Certificate, also known as Form 16 or Form 16A, is a document issued by an employer or other deductor to an employee or payee that details the tax deducted at source (TDS) from their salary or income. It is issued at the end of the financial year and includes information such as the amount of income earned, the number of TDS deducted, and the amount of tax paid by the employee or payee. The employee or payee uses the TDS Certificate to claim credit for the tax paid while filing their income tax returns.
TDS Return Form
A TDS (Tax Deducted at Source) return form is a document used to report tax deductions made from an individual’s or organisation’s income. It is filed with the Income Tax Department of India and is used to ensure that the individual or organisation pays the correct amount of tax.
The TDS return form consists of details such as the taxpayer’s name and PAN (Permanent Account Number), the tax deductor’s name and TAN (Tax Deduction and Collection Account Number), the period of tax deduction, and the total amount of tax deducted. It also includes details of the tax deductible at sources, such as the nature of the payment, the amount paid, and the rate at which the tax was deducted.
TDS return forms can be filed electronically or through a physical form. It is important to file the TDS return form on time to avoid any penalties or fines.
TDS Payment Due Dates and Penalties
The table below lists the deadlines for depositing tax withheld at source and filing TDS returns for each deductor’s fiscal year 2022–2023. Check for the TDS rates as well every year.
| Quarter ending | Deduction month | Payment due dates for deduction of tax (2022-2023) | Filing due dates of tds returns for the year ( 2022-2023) |
|---|---|---|---|
| 30 June 2022 | April 2022, May 2022, June 2022 | 7 may 2022, 7 June 2022, 7 July 2022 | 31 July 2022 |
| 30 September 2022 | July 2022, August 2022, September 2022 | 7 August 2022, 7 September 2022, 7 October 2022 | 31 October 2022 |
| 31 December 2022 | October 2022, November 2022, December 2022 | 7 November 2022, 7 December 2022, 7 January 2023 | 31 January 2023 |
| 31 March 2023 | January 2023, February 2023, March 2023 | 7 February 2023, 7 March 2023, 7 April 2023 for tax deducted by govt. office), 30 April 2023 (for other deductors) | 31 May 2023 |
Fine for Late Filing of TDS/TCS Returns
Late filing charges or collected as per Section 234e. Each and every person who files a TDS after the due date is subject to a fine of ₹200 everyday until the TDS return is filed. Say, for instance, that you deducted TDS of ₹5000 on 13 May 2022, and that you file your first quarter’s return on 17 November 2022, rather than the required 31 July 2022.
The delay is 109 days long, measured from 1 August 2022, to 17 November 2022.
The result of the calculation is ₹200 times 109 days, or ₹21,800. Since the total late fee amount is greater than the TDS amount of ₹5000 you will be required to pay ₹5000 as a late filing fee. You must also pay interest for any TDS deposit delays, which is described in the section below. WIth the help of Spinach Laws TDS deposit online, you can avoid TDS deposit delays.
Penalty (Sec 271H)
The officer has the right to order a penalty with the defaulters. The assessing officer can demand up to ₹10000 as penalty if the TDS is not submitted within the deadline. There is a penalty under this section in addition to the late filing charge under Section 234E.
- The government gets credited with the tax that was deducted or collected at the source
- All the late payment charges or paid directly to the government credit
- The TDS/TCS return is submitted before the end of the year following the deadline set forth in this regard.
How Do We Help in Filing TDS Return?
Every deductor must submit a TDS return to the Income Tax Department of India in quarterly statements. Every detail of the returns has to be accurate and precise. Keeping up with the quarterly payments can be cumbersome, and if not done on time, you may attract huge penalty.
The IT department sets the rate of TDS based on expenses recognised by them. Hence the prescribed rate of the deduction varies. Keeping the threshold limit in mind while making payments can be tedious.
Once you choose us, our affiliates prepare the account and file a TDS refund on your behalf. From the very first stage of preparing the returns till the last phase of the refund, we act as your consultants. Spinach Law does all the paperwork for you and ensures that every government interaction is smooth. Our process is truly transparent and always meets your expectations. We take care of:
- Computing your TDS payments
- e-filing the TDS return
- Adherence to compliance with regulations
Things to Remember Before Filing TDS Return on Time
For any person who has a TDS reduction in their pay, TDS return can be filed online. Return preparation has to be done within the prescribed time frame because for individuals who are deemed as regular defaulters in India, a grave penalty can be charged. Therefore submitting an e-TDS Return in the prescribed time is essential.
For the deductor, it is vital to deposit the subtracted TDS to the concerned government department along with the details.
The period within which the deductor should deposit the amount, and the deductee has to file for TDS refund, are given below. It is essential to stick to the schedule to avoid incurring a penalty.
For online TDS returns, everyone who has made the TDS deduction should file the TDS return without fail. The deductor should make the quarterly submissions at the Income Tax department. Different types of forms are available in accordance with the change in the intent of the TDS deductions made. The PAN details of both the deductees and the deductor should be added in the statement. The statement should also contain information about the TDS challan and the tax details, among other important details.
In online TDS return, the statement/ TDS return is defined as the summary of every transaction made in relation to the quarterly TDS payments. This statement should be submitted by the deductor to the department of income tax for filing income tax returns.
For all deductors, the submission of TDS return is mandatory. It contains the details of TDS deductions and deposits made by the deductor. It should also contain PAN card details of both deductees and deductor, tax paid particulars, information about TDS challan and any other extra information the form demands.
TDS Return Filing Procedure
Step 1: Go to the website of the Income Tax Department (https://www.incometaxindiaefiling.gov.in/home) and log in to your account using your PAN and password
Step 2: Click on the ‘e-File’ tab on the top menu and select ‘Prepare and Submit TDS Return’
Step 3: Select the appropriate financial year and form (Form 26Q for TDS on salaries, Form 24Q for TDS on non-salaries, Form 27Q for TDS on foreign companies, etc.) and click ‘Continue’
Step 4: Enter all the required details, including the TDS amount, PAN of the deductee, and the tax deducted at source
Step 5: Verify the details and click on ‘Submit’
Step 6: You will receive an acknowledgement receipt of TDS return filing, which you can save or print for future reference
Step 7: If you have made any errors or omissions in the TDS return, you can file a revised return by following the same process. Just select the ‘Revised Return’ option instead of ‘Original Return’ while filing.
Filing Revised TDS Returns
In the case of online TDS return, if there are any errors committed due to incorrect challan details, incorrect PAN details or lack of PAN card details, the amount which is credited as the tax will not be reflected in the Form 16A/Form16/Form 26AS. In such cases a revised TDS return must be filed.
To file a revised TDS return, you need two files – a consolidated file containing the details of the deductions made in the quarter; and the one is the justification report containing the information on the errors filed in the return.
The Period of Filing TDS Refund
While filing online TDS returns, if you pay in excess of the actual tax amount payable, you will be eligible to claim TDS refund. The time within which the refund is done depends on whether you have made the income tax return filing before or after the due date. If the returns were filed on time, you will receive the refund of the excess amount within 3-6 months.
In online TDS return, if there is a case of late filing or failure to file the returns, the individual or the company will have to face two types of penalties:
- The late filing fee- U/s 2 and 234E
- Non-filing penalty – U/s 271 H
Documents Required to File TDS Return Online
The following documents have to be submitted for filing the TDS returns.
- TAN details
- PAN details
- Last TDS filing details, if applicable
- The period for which TDS has to be filed
- Date of incorporation of the business
- No. of transactions for filing TDS returns
- Name of the entity – Proprietorship/ Partnership/ Company/ LLP
Filing Income Tax Returns Online in India- An Overview
Every responsible Indian citizen should file income tax to the government. With present technology, you can easily file your income tax online. This process is fast and accurate with no time constraints.
However, Filing income tax return in India through the official website involves filing ITR forms. There is a different ITR form for individuals and ITR form for salaried people. This is a critical task because the income tax department has various forms titled from ITR 1 to ITR 7. Each form has a specific function and belongs to a particular category.
Even if you miss a single field in the form or make any errors your income tax will not be filed on time. This is where you need expert guidance. Spinach Laws files income tax for both individuals and institutions regularly. So you can easily count on us to file your income tax returns. For that, you will have to provide us with the following documents.
Documents Required for ITR return File
If you are an employee:
- PAN card
- Form 16 provided by your employer
- Salary slip (each month)
If you are a business owner:
- Trading report
- Business account details
- Profit and loss statement if any
Apart from this, you can submit:
- Investment proofs
- Asset purchase/sale documents
- TDS certificates provided by banks
- Interest income statement
- Receipts regarding donations mutual funds and other forms of investments.
Checklist for Income Tax Return Filing (ITR return)
Section 139 (1) of the Income-tax Act 1961 specifies any individual whose total income during the previous year is more than the maximum amount not chargeable to tax should file their income tax returns.
Let us make it clear: Any individual earning more than ₹2.5 lakhs, ₹3 lakhs or ₹5 lakhs should file ITR.
Benefits of Filing Income Tax Return on Time
The advantages of filing IT returns are:
Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require the last three year’s IT returns.
Visa: As Immigration centres scrutinise many documents and IT returns, proofs are a mandatory document for visa applicants.
Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.
Last Date for Filing Income Tax Returns
So if you come under the taxable income make sure to file it before the last date.
- Individuals or a firm that are not liable for audit should file income tax returns before July 31 of every year.
- An institution or a company that is liable for an audit should file IT returns before September 30 of every year.
- Individuals and companies filing belated returns should complete before March 31 of every year.
Who Should File an Income Tax Return?
According to the Income Tax Department, the following entities are required to file yearly IT returns:
- Salaried individuals with gross income exceeding the exemption level before deductions under Sections 80C to 80U
- Regardless of profit or loss, every firm, whether private limited, LLP, or partnership, is required to file IT returns
- Individuals who are Directors in a Private Limited Company or a Partner in a Limited Liability Partnership firm.
- Individuals who earn dividends from mutual funds, bonds, equities, fixed deposits, interest, and other sources
- Individuals that receive income through charity or religious trusts, as well as income from voluntary contributions
- Individuals and businesses seeking tax refunds
- NRIs and tech professionals on onsite deputation, as well as anyone with foreign income or assets.
How to File Your Income Tax Return Online
First and foremost have all the soft copies, scanned copies of all the required documents like your bank statement and last year’s return. You should also fill out income tax Form 16.
- Step 1: Submit all the required documents to our experts
- Step 2: Through the registered portal our experts will file your income tax returns online
- Step 3: ITR Filing Form will be selected based on your category, and experts will fill in all required information and claim any applicable exemptions
- Step 4: Our experts will inform you regarding the tax payable amount if any after all exemptions
- Step 5: Subsequently your income tax returns will be filed without any hassle.
Note: Make sure to fill in accurate details in every field of the form, and select the applicable ITR form based on your criteria. If you have any doubts you can reach out to our expert and they will help you out.
You should know that non-compliance with filing of income tax returns can result in huge penalties. So why take that risk, when you can easily get an expert to file your income tax returns online!
How Spinach Laws Can Help You With ITR Filing?
Filing income tax returns on your own is going to be a tedious task. But if you choose Spinach Laws to file your income tax returns, the whole process can be completed in just three steps. We have an expert team who can provide support around the clock and file your income tax returns without any delay. Why Do It Yourselves, when our experts can do it for you ASAP
Affordable price: When compared to other competitors we provide the most affordable price to file your income tax returns.
| Category | Charges |
|---|---|
| Salaried Employees upto ₹50 Lakhs | ₹799 |
| Salaried Employees More than ₹50 Lakhs | ₹1499 |
Super fast process If you are running low on time or pretty close to the deadline then you should reach out to our experts. We provide the fastest income tax returns filing process in the country
Adept team: Filing income tax returns is one of our daily jobs, our team does it with such ease!
Popular in town: More than thousands of companies choose Spinach Laws for filing their Income tax. Apart from this, we have a large number of individuals who choose Spinach Laws for filing their income tax returns online.
All you have to do is reach out to us, sit back, relax, and watch your income tax return filing at super ease.
ITR Filing for Proprietorship Firm – An Overview
Just like other incorporated firms such as Partnerships Firm Registration and LLP Registration, Sole Proprietorship Registration also must pay tax on their earnings. As per the law proprietorship and the proprietor are considered as a single entity and are subjected to income tax returns. As a result, the laws that control the payment of the proprietor’s income tax also apply to the proprietorship.
However, the income tax rates of the registered companies are fixed based on flat rates. On the other hand, a single proprietorship will not be taxed as a different legal entity. All the business owners should file their taxes as an individual return like other individual taxpayers of the country. Based on the Income-tax rules and the slab rates the proprietorship tax is also subjected to the deduction.
Eligibility Criteria for Proprietorship Tax Return Filing
- If the total income exceeds ₹3 lakhs, all owners under the age of 60 are required to file an income tax return under the Income Tax Act
- If the income exceeds ₹3 lakhs, owners above the age of 60 must file income tax
- If the total income exceeds ₹3 lakhs, proprietors under the age of 80 must pay income tax
- If the income exceeds ₹5 lakhs, proprietors above the age of 80 are required to file proprietorship tax returns.
On meeting certain conditions, Sections 10A, 10B, 80-IA, 80-IAB, 80-IB, and 80-IC will provide deductions.
Documents Required for Proprietorship Income Tax Return Filing
As a sole proprietor, the following documents are required for ITR filing:
- PAN card
- Aadhar card
- Bank account details
- Form 16, 16A and 26AS
- Advance tax payment challan
Income Tax Slab Rate for Fy 2021-22 (Ay 2022-23) Updated With New Tax Regime
The advantages of filing IT returns are:
| Income Tax Slab | New Regime Income Tax Slab Rates FY 2021-22 (Applicable for All Individuals & HUF) |
|---|---|
| ₹0- ₹2.5 lakh | NIL |
| ₹ 2.5 lakh – ₹3.00 lakh | 5% (tax rebate u/s 87a is available) |
| ₹3.00 lakh – ₹ 5.00 lakh | |
| ₹5.00 lakh- ₹7.5 lakh | 10% |
| ₹7.5 lakh – ₹10.00 lakh | 15% |
| ₹10.00 lakhs – ₹12.50 lakh | 20% |
| ₹12.5 lakhs – ₹15.00 lakh | 25% |
| > ₹15 lakh | 30% |
How to Complete Proprietorship Tax Return Filing
The income tax of the proprietorship is the proprietor’s income tax and it is crucial to be filed every year without fail. The E-sign of the proprietor will be used to file the income tax return. Based on the type of proprietorship you will have to submit two different forms. Initially, you will have to submit all the required documents including your PAN card to our experts
- ITR 3 Form: If the proprietorship is run by a hindu undivided family (HUF) or any other owner
- ITR 4 Form: This one is used by proprietorships that are subject to presumptive tax schemes. Filing this form will reduce the burden of compliance for small businesses and still provide you with the deductions of HUFs.
Subsequently, our experts will register it in the official portals. The assessment year and ITR filing type will be chosen based on the scenario. You will be provided the required confirmation after completing the process.
Due Date for Proprietorship Income Tax Return Filing
Losses in the business, if any, can be carried forward if the proprietor files an income tax return before the deadline.
- Income tax return filing wherein the audit is not necessary 31 July of every year
- Income tax return filing wherein the audit is necessary on 31 October of every year.
Audit for Proprietorship
Depending on the annual turnover of the proprietorship, auditing may be necessary under the following scenarios.
- During the assessment year, the turnover of the proprietorship firm conducting business exceeds ₹1 crore
- In the case of a professional proprietorship, an audit is required if the total receipts of the business exceed ₹50 lakh
- An audit is required whenever a proprietorship is subject to any presumptive tax scheme, regardless of yearly turnover.
As per the Income Tax Act of 1961 the proprietorship firm’s audit must be performed by a certified Chartered Accountant. Don’t worry if you don’t have a CA at your disposal, Spinach Laws will cover you with that!
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