Closing a business requires proper income tax planning and completion of applicable tax compliances. Our assistance helps businesses, companies, LLPs and proprietors review their tax records, file pending income tax returns and organise essential documents before closure.
Assistance with filing applicable income tax returns for the relevant financial and assessment years before business closure.
Review of business income, expenses, deductions, advance tax and outstanding tax liabilities before closure.
Assistance with reconciling books of accounts, bank statements, TDS details and other relevant financial records.
Support in identifying pending income tax filings and applicable compliance requirements before discontinuing operations.
Guidance based on the legal structure of your business, including proprietorships, partnership firms, LLPs and companies.
Proper documentation and filing acknowledgements to help maintain income tax records for future reference.
Assistance with preparing and filing eligible pending income tax returns for previous financial years, subject to applicable filing provisions and time limits.
Preparation and filing assistance for the return covering income earned during the financial year in which business operations are discontinued or closure takes place.
Review of business receipts, operating expenses, closing transactions and other relevant financial details for accurate income reporting.
Assessment of applicable income tax, advance tax, self-assessment tax, interest and outstanding demands before closure.
Reconciliation of TDS, TCS, Form 26AS, Annual Information Statement (AIS) and available tax credit details.
Coordination and assistance with applicable tax audit requirements, financial statements and supporting tax documentation.
Prepared and filed income tax return for the applicable year, based on the entity type and available financial records.
Acknowledgement containing the filing details and return submission reference, once successfully filed.
Summary of reported income, applicable deductions, taxable income and calculated tax liability.
Relevant reconciliation of tax credits, TDS, TCS and other available tax payment information.
Details of identified pending returns, tax dues or other income tax compliance matters requiring attention.
Organised copies of relevant tax filing documents and supporting records for future reference.
We understand the business structure, proposed closure date, financial year details and applicable income tax filing requirements.
Relevant financial statements, books of accounts, bank statements, previous ITRs and tax-related documents are collected for review.
Business income, expenses, asset-related transactions, TDS credits and other relevant financial details are reviewed and reconciled.
Applicable taxable income, deductions, tax liability, interest, audit requirements and outstanding compliance matters are assessed.
The applicable ITR form is prepared and submitted through the income tax e-filing portal after reviewing the details and obtaining the required approval.
Assistance is provided with applicable return verification and sharing the acknowledgement and relevant tax records for future reference.
Proprietors discontinuing business activities who need to report applicable business income and complete their personal income tax filing obligations.
Partnership firms planning closure or dissolution and requiring applicable income tax return filing and tax compliance review.
LLPs preparing for strike-off or winding-up and requiring income tax return filing and review of outstanding tax obligations.
Companies planning strike-off, voluntary closure or winding-up that need to complete applicable corporate income tax return obligations.
Entities with eligible unfiled income tax returns or pending tax-related compliance for previous financial years.
Businesses requiring review of tax demands, unpaid liabilities, TDS credits, audit requirements or other pending income tax matters.
PAN details of the business entity or proprietor, as applicable.
Relevant identity and authorised signatory details for filing and verification, wherever applicable.
Copies of previously filed income tax returns and acknowledgements, if available.
Certificate of incorporation, LLP agreement, partnership deed or other applicable business registration documents.
Relevant ledgers, journal entries, trial balance and accounting records for the applicable financial year.
Income and expense statement showing the business financial performance.
Financial position of the business, including assets, liabilities and capital details, wherever applicable.
Business bank account statements for the relevant financial period and closure-related transactions.
Invoices, bills, receipts and supporting records of business transactions.
Details of fixed assets, inventory, loans, creditors, debtors and other relevant balances.
Annual Information Statement and Form 26AS for reviewing reported financial transactions and tax credits.
Available TDS and TCS certificates and supporting tax deduction details.
Details and challans of advance tax, self-assessment tax and other applicable tax payments.
Applicable tax audit report and related financial statements, if audit provisions apply.
Board resolution, partners' resolution, dissolution deed or other available documents relating to the proposed closure.
Available income tax notices, demand orders, pending proceedings and previous tax correspondence.
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