Mukul Garg & Associates.

Call Us: +91 8750879200  | Mail: CA.MukulGarg@gmail.com

Our Services


We at M/s Mukul Garg & Associates offer specifically designed ONE STOP SOLUTIONS to small and medium sized corporate to manage its finance.


A multi-skilled team with experience in Business Management Accounting provides various services with the latest methods and information system tools. Team with the business oriented approach focuses on an understanding of the client’s business much deeper than the knowledge of the accounting system and records that makes them more alert to problems and opportunities from a management and commercial perspective.


We tailor our professional approach to the specific needs and requirements of our clients to ensure that the work is conducted in most efficient and cost effective manner. We at M/s Mukul Garg & Associates help the companies & establishments to improve performance, and to achieve high levels of efficiency and competitiveness. We build our relationship with clients on respect, communication and dedication of services. We provides advisory/consultancy services for project feasibility studies, financial planning, financing, funding, staff selection, formation of companies and allied commercial and legal matters


In our Endeavour to provide the best professional services, we follow the international standards along with Indian Standards and keep abreast with the latest developments in the respective fields of practice. We work constantly to maintain our position at the cutting edge of our profession. We know that we operate in a highly competitive market, so our prices have to be true, fair and up-front, with no hidden surprises.



Business Setup

Setting up a business in India has been liberalised over the years, still it requires company formation, approvals if required, legal compliances and registration with various authorities. We provide our clients Business Setup Solution based on “turnkey” methodology which takes care of approvals, legal compliances, registrations with authorities etc. to provide a ready to operate business setup in shortest possible time frame.

Business Setup Includes:

loadingProprietorship
loadingPartnership
loadingPrivate Limited Company
loadingPublic Limited Company
loadingOne Person Company
loadingLimited Liability Partnership
loadingSection 8 Company
loadingTrust
loadingSociety
loadingCo-operative Society
loadingOther Drafting & Compliance

Proprietorship

A sole proprietorship is a business that is owned, managed and controlled by one person. It is one of the most common forms of business in India, used by small businesses. Proprietorships are very easy to start and have very minimal regulatory compliance requirement for getting started. However, after the startup phase, proprietorship's do not offer the promoter a host of other benefits such as limited liability, separate legal entity, independent existence, transferability, etc., which are desirable features for any business. Therefore, proprietorship's are suited for unorganized, small businesses that will have a limited existence.

Partnership

Partnership Firms in India are governed by the Indian Partnership Act, 1932. As per Act: "Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”

Private Limited Company

These are closely held businesses usually by family, friends and relatives. Private companies may issue stock and have shareholders. However, their shares do not trade on public exchanges and are not issued through an initial public offering. Private Limited Companies are those types of companies where minimum number of members is two and maximum number is fifty. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc.Shareholders may not be able to sell their shares without the agreement of the other shareholders.

Public Limited Company

A public limited company is a company whose securities are traded publicly on the stock exchange. These types of companies are tightly regulated and must publicly disclose the truth about its financial position so that investors can determine the worth of their stock Public Limited Companies are those types of companies where minimum number of members is seven and no maximum limit.

One Person Company

One person company is a new concept in India which has been introduced by the companies act 2013. In the old Companies act 1956 a minimum of two directors and shareholders were required to form a private limited company. However in case of a One person company, only 1 person is required who can be a shareholder as well as the Director. Hence the name, One Person Company.
Where the person forming the One Person Company has to nominate a Nominee with his written consent who, in the event of death or inability to contract of the owner of the One Person Company, shall come forward and take over the reins of the one person company.

Limited Liability Partnership

The LLP has Separate Legal Entity i.e. the LLP and the partners are distinct from each other. Minimum of 2 partners are required to form a LLP. However, there is no limit on the maximum number of partners. Minimum Capital Contribution of Rs. 100000. The LLP Act does not restrict the benefit of LLP structure to certain classes of Professionals only and would be available for use by any enterprise.

Section 8 Company

The company is said to be a Section 8 Company if it has in its objects the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object; It intends to apply its profits, if any, or other income in promoting its objects. It intends to prohibit the payment of any dividend to its members. The company registered under this section shall enjoy all the privileges and be subject to all the obligations of limited companies.

Trust

The origin of 'Trusts' can be traced back to the ancient times when human motivation to do charity and dedicate property for charitable and religious purposes found its manifestation in the form of dharmashalas, annachatras, sadavarts, educational and medical institutions, construction of water tanks and wells, bathing ghats,implanting trees etc. with the emergence of idol worship, endowments for temples and idols came into existence. As per section 3 of Indian Trust Act 1882 “A Trust is an obligation annexed to the ownership of the property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another, or of another and the owner” Trivia : This definition has never been amended since its inception.

Trust are generally, formed or created to fulfill any or more of the following Objectives:-

  • loadingFor discharge of the charitable and/or religious sentiments of the author of settlor of the trust, in a way that ensures public benefit.
  • loadingFor claiming exemption from Income tax U/s 10 or 11, as the case may be, in respect of incomes applied to charitable or religious purposes.
  • loadingFor the welfare of the members of the family and/or other relatives, who are dependent on the settlor of the trust.
  • loadingFor the proper management and preservation of a property.
  • loadingFor regulating the affairs of a provident fund,superannuation fund or gratuity fund or any other fund constituted by a person for the welfare of its employees.

Society

A society is a non-commercial organization, form for the promotion of the object like art, culture, science, religion etc. Associations, clubs or societies are formed to help further these causes because they work on non-profit basis. The need for a legal entity, which could own, possess and manage the funds and assets for achievement of charitable or promotional objects, as laid down by donors, is the result of these endeavours. A society can be formed to achieve this end.

Co-operative society

A co-operative society is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. It is another means for forming a legal entity to conduct business besides forming a company. It pools together human resources in the spirit of self and mutual help with the object of providing services and support to members.

The Co-operative Principles under which a co-operative society operates and carries out its business are :-

  • loading Voluntary and open membership.
  • loadingDemocratic control, one member one vote.
  • loadingAutonomy and independence.
  • loadingPromoting economic activities.
  • loadingPromoting education and information technology.
  • loading Co-operation among co-operatives.
  • loadingConcern for the social and ecological environment.

Registrations

We offer top grade facilities for filing of income tax return for individuals, firms, companies etc. We have also mastered the art of offering specified advice on taxation, tax audit, get assessment etc., to our clients. Plus, we also help our clients in following up with the Tax Refunds due to them from the authorities. We have gained a reputation in the market and are known for setting new benchmarks. Customers can feel relaxed as our topmost motto always remains adequate client satisfaction. Our reliable services and economical prices are some other reasons of our success.

Registrations Includes:

loadingIncome Tax
loadingSales Tax
loadingService Tax
loadingImport Export Code
loadingROC Incorporations
loadingFCRA Registration and Renewals
loadingTrademark
loadingCopyright
loadingPatent
loadingTrade License
loadingFood License
loadingDrug License
loadingEPF-ESI
loadingPollution Certificate
loadingNOC from IMF IRDA
loadingFinancing Services

Income Tax

Income Tax is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961.​
Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year.
The year in which income is earned is called as previous year and the year in which the income is charged to tax is called as assessment year.
e.g., Income earned during the period of 1st April, 2015 to 31st March, 2016 is treated as income of the previous year 2015-16. Income of the previous year 2015-16 will be charged to tax in the next year, i.e., in the assessment year 2016-17.
Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act covers in its ambit natural as well as artificial persons.
For the purpose of charging Income-tax, the term 'person' includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.
Thus, from the definition of the term 'person' it can be observed that, apart from a natural person, i.e., an individual, any sort of artificial entity will also be liable to pay Income-tax.​
Generally, the tax on income crystallizes only on completion of the previous year. However, for ease of collection and regularity of flow of funds to the Government for its various activities, the Income-tax Act has laid down the provisions for payment of taxes in advance during the year of earning itself. It is called as ‘pay as you earn’ concept. Taxes may also be collected on your behalf during the previous year itself through TDS and TCS mode. If at the time of filing of return you find that you have some balance tax to be paid after taking into account the credit of your advance tax, TDS & TCS, the shortfall is to be deposited as Self Assessment Tax.
Self – Assessment Tax or Advance Tax is to be deposited to the credit of Government by using the challan prescribed in this behalf, i.e., ITNS 280. The Challan can be downloaded from www.incometaxindia.gov.in Tax can be paid in the designated banks through two modes, viz., physical mode, i.e., cash/cheque or e-payment mode.

​Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:

Status By 15th June By 15th Sept 15th Dec 15th March
Corporate 15% 45% 75% 100%
Non-Corporate Nil 30% 60% 100%

Any tax paid till 31st March is treated as advance tax.
The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.
The NSDL website [http://www.tin-ns​dl.com] provides online services called as Challan Status Enquiry. You can also check your tax credit by viewing your Form 26AS from your e-filing account at www.incometaxindiaefiling.gov.in
Form 26AS will also disclose the credit of TDS/TCS in your account.​
Receipts can be classified into two kinds: A) Revenue receipt, B) Capital receipt.
Revenue receipts are recurring in nature like salary, profit from business, interest income, etc.
Capital receipts are generally of isolated nature like receipt on account of sale of residential building, personal jewellery, etc. ​
The general rule under the Income-tax Law is that all revenue receipts are taxable, unless they are specifically granted exemption from tax and all capital receipts are exempt from tax, unless there is a specific provision for taxing them.​
Agricultural income is not taxable. However, if you have non-agricultural income too, then while calculating tax on non-agricultural income, your agricultural income will be taken into account for rate purpose. For meaning of Agricultural Income refer section 2(IA)​ of the Income-tax Act.
Even if you have only agricultural income, you are advised to maintain some proof of your agricultural earnings/expenses.
Yes, such winnings are liable to flat rate of tax at 30% without any basic exemption limit. In such a case the payer of prize money will generally deduct tax at source (i.e., TDS) from the winnings and will pay you only the balance amount.
Yes, you can claim relief in respect of income which is charged to tax both in India as well as abroad. Relief is either granted as per the provisions of double taxation avoidance agreement entered into with that country (if any) by the Government of India or by allowing relief as persection 91​ of the Act in respect of tax paid in the foreign country.​
The Income-tax Act does not prescribe any specific books of account for a person engaged in business or in non-specified profession. However, such a person is expected to keep and maintain such book of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of the Act.
For companies the books of account are prescribed under the Companies Act. Further, the Institute of Chartered Accountants of India has prescribed various Accounting Standards and Guidelines that are required to be followed by the business entities As regards the maintenance of books of account by a professional, who is engaged in specified profession has to maintain certain prescribed books of account, if the annual receipts from the profession exceed Rs. 1,50,000 in all the three years immediately preceding the previous year (in case of newly set up profession, his annual receipts in the profession for that year are likely to exceed Rs. 1,50,000).
Specified profession covers profession of legal, medical, engineering, architectural, accountancy, company secretary, technical consultancy, interior decoration, authorised representative, film artist or information technology.
For more details on the provisions relating to maintenance of books of account you may refer provisions of section 44AA read with Rule 6F of the Income-tax Rules, 1962.
All the books of account and related documents should be kept at the main place of business, i.e., where the business or profession is generally carried on. These documents should be preserved for a minimum of six years. Where, however, the assessment has been reopened, all books of account and other documents which were kept and maintained at the time of reopening of assessment should continue to be so kept and maintained till the assessment so reopened has been completed.​

Ancillary Services

Ancillary services are the specialty services and functions provided by the electric grid that facilitate and support the continuous flow of electricity so that supply will continually meet demand. The term ancillary services is used to refer to a variety of operations beyond generation and transmission that are required to maintain grid stability and security. These services generally include, frequency control, spinning reserves and operating reserves. Traditionally ancillary services have been provided by generators, however, the integration of intermittent generation and the development of smart grid technologies have prompted a shift in the equipment that can be used to provide ancillary services.

Ancillary Services Includes:

loadingPAN
loadingTAN
loadingTIN
loadingDigital signature
loadingAdhaar Card
loadingTDS Return Submission
loadingLIC Advisory Services and Registration
loadingManagement Consultancy for setting up the structure
loadingProject Loan
loadingLoan against property (LAP)
loadingBusiness Loan
loadingWorking Capital Term Loan
loadingOverdraft/CC Facility
loadingMaintenance of Company Statutory Records
loadingStatutory Filing of Returns
loadingRepresentation Services
loadingCorporate Affairs Advisory
loadingCapital Gains Advice
loadingExpatriate Tax Advice
loadingTransfer Pricing
loadingInternational Taxation

Accounting & Auditing

Accounting and auditing are both essential business functions which, while distinctly different concepts, can interrelate at times. Small business owners must set up an accounting system before they open their doors to manage and record financial data, but auditing is generally reserved for larger or more established businesses. Understanding the definitions of accounting and auditing, as well as the correlation between the two, is vital to understanding business finance.

Accounting & Auditing services Includes:

loadingMaintenance of Accounting Books and Records
loadingPreparation of Periodic and Annual Accounts
loadingPreparation of Banking and Commercial Documentation
loadingPreparation of Consolidated Financial Statements
loadingEstablishment and Review of Accounting System
loadingManagement Accounting
loadingAccounting Advice
loadingPayroll Accounting
loadingDesigning Payroll Structures
loadingTransaction Support Services