FAQ

Frequently Asked Questions

Why is FAST Solutions India Private Limited important?

  • I am a fresher, would like to start a new business, would you be providing me with consultation?

    “YES” we are a proficient team with 25+ years of experience, and have curated and guided many upstreams of business and proffesional atartups.

  • Do you provide complete business solutions?

    "Yes" 

    we assist you in implimenting and procurring all necessary Incorpration certificates, registeration of various important compliance records and management of compliances including Preperation and Filing of all taxes. 

  • Do you assist me with legal support pertaining any taxation issues?

    "Yes"

    we have a deligent Team, always updated with intellectual bylaws and are ever ready to stand up to resolve any legal taxatoion issues occuring.

How to book online Accounts and Taxation Service with FAST Solutions India Private Limited

  • How do I book my service on your website?

    We appreciate and thank you for inesting your trust in us, as a professional we are always commited to deliver the best. So you stay ahead on your financial stride.

    You need to decide what your hurdle point is, if you need advisory related to procedure and processes we are always available on appointment to sort it out for you.

    we have : ACCOUNTING anfd TAXATION in navigation bar, in which yopu will find all necessary options required for the purpose.

    Nvigate to required service, fill in the required details, you can "ASK for quick quote" or "PROCEED" to CART option making the payment if prompted upfront, or we will submit to you the fee estimate occuring for the service with the payment link and you can proceed with the payment.

    We will be doing the rest official approach and its required runaround, getting yopu the results.

  • How do I communicate with your team?

    We have placed variable option

    • Email- You may communicate with us via Email, we reply within minutes on a normal working day
    • Contact us post- You may post your concern on Contact us Page, we will respond to it within a day (Holidays not included)
    • WhatsApp link- Reply within minutes on a normal working day
    • Customer Support Portal- Available only to Premium members with dedicated team support

Income Tax

  • What is Form 26AS?

    Form 26AS is a consolidated statement that gives a summary of tax-related data and specifics on taxes paid in India by an individual or entity. It contains information about TDS, TCS, advance tax, refunds, and high-value transactions.

  • What is Income TAX

    The word “income tax” refers to a category of tax that governments levy on income generated by enterprises and people under their authority. Taxpayers are required by law to file an income tax return each year in order to establish their tax liabilities.

    Governments receive funding from income taxes. They are used to pay for debts owed to the government, fund public services, and supply residents with goods. Many states and municipal governments impose income taxes in addition to the federal government.

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  • Why is filing of income tax important
    INCOME TAX: HELPS BUILD THE NATION

    Running a whole nation has enormous costs, especially one as big and crowded as ours. The taxes we pay enable the government to carry out its civil functions. In other words, the government couldn't function without taxes to fund its operations.

    Pay taxes and invest in welfare programs.

    India now has more than 50 union government programs. The government has introduced a number of initiatives to aid all the various sections of society, including job programs, house loan subsidies, discounts on cooking gas, and pension plans.

    Taxpayers who pay more in taxes than they are entitled to may be able to get a refund. Anyone who receives dividend income or any interest from a term deposit is eligible to apply for exemptions.

    to ask a bank for a loan

    to get a loan to buy a house, automobile, or for medical expenses, a two-wheeler, etc. The bank requires the last three years' worth of income tax returns. Only then will the bank determine whether or not and how much of a loan it will sanction for you.

    Some foreign embassies, including those in the UK, Australia, Canada, and the US, demand that applicants produce their IT invoices from the previous year in order to complete VISA applications.

  • Is it compulsory for filing of income tax ?

    If the threshold amount established by the financial regulatory government is exceeded by your entire income, you are required to file an income tax return. 

    if you want to avail other benefits like loan application applying for Visa and other advantage of the income tax benefits that can only be obtained by completing an ITR, you should still think about filing your income tax return even if your income is less than applicable treshhold limits.

  • What happens if I file Income Tax Return after the due date?

    If you fail to file the ITR by the deadline specified in section 139(1), you may still file your income tax return, but you may be penalized a late fee as set by goverment rules. You will also be obligated to pay interest on the tax debt, if there is any.

  • What is the due date for filing ITR?

    The due date for filing ITR for the Financial Year 2022-23 is 31st July 2023. However, this date may be subject to change by the government.

  • What is Form 16?

    Form 16 is a certificate that Indian employers give to their staff members. The wage the employee received during the fiscal year and the taxes withheld at source (TDS) by the employer on the employee's behalf are both disclosed. It is used to file income tax returns (ITR) and serves as evidence of earned income and taxes paid.

  • How are short and long term capital gain taxed?

    When assets with a holding period of up to 36 months are sold or transferred, short-term capital gains result. Furthermore, when it comes to the taxation of short-term capital gains, these profits are added to the person's overall income and are taxed at the applicable slab rates for that fiscal year.

    Long-term capital gains, on the other hand, come from the sale or transfer of assets whose holding length exceeds the time limits. Depending on the type of asset, a different holding term may apply. Without the benefit of indexation in the case of listed securities, these long-term capital assets are taxed at 10%. While unlisted securities and other assets are subject to a 20% flat tax.

GST

  • Is GST registration is mandatory for all individuals?

    Any supplier operating a business anywhere in India with an annual revenue totaling more than Rs. 40 lakhs is required to register and receive a GSTIN. Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh, and Uttarakhand are the states to which the abovementioned maximum is reduced to Rs 10 lakhs under Article 279A (4)(g) of the constitution.

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TDS

  • Know more about TDS

    TDS Return is the summary of quarterly statements which is to be submitted with the Income Tax Department

    In order to report and reconcile tax authorities with the deductions made by enterprises or individuals from certain payments, TDS returns must be filed.

    Forms of TDS return filing

    Form 24Q (TDS on Salary)

    The Form 24Q is used to prepare eTDS returns for the TDS deducted on salary under Section 192 of the Income Tax Act, 1961.

    It is submitted on a quarterly basis by the deductor.

    It consists of the details of the salary and TDS deducted by the employer.

    Furthermore, it comprises of two annexures

    Annexure I: It consists of the details of the deductor, deductee and challans. In addition, it is required to be submitted for all the four quarters.

    Annexure II: It consists of the salary details of the deductee. Moreover, it is to be submitted in the fourth and the final quarter. So, it must comprise the details of deductee’s salary of the entire financial year.

    TDS on payments other than salary (Form 26Q)

    Form 26Q is used to prepare eTDS returns for the TDS deducted on all payments other than salary under Section 200(3), 193, and 194 of the Income Tax Act, 1961. It is to be submitted on a quarterly basis by the deductor. For instance, this form is used where income on which tax is deducted includes interest on securities as well as dividends on securities, professional fees, etc. If the TDS is deducted by a non-governmental deductor, then the PAN of the deductor is to be compulsorily provided. However, if the TDS is deducted by the governmental deductor, then after this ‘PANNOTREQD’ has to be mentioned on the form.

    Form 27Q (TDS on payments made to NRIs)

    This TDS Form 27Q is used to prepare eTDS returns for the TDS deducted on payments, NRIs and foreigners other than salary under Section 200(3) of the Income Tax Act, 1961.

    It is to be submitted on a quarterly basis by the deductor.

    In addition, the income on which tax is deducted includes interest, bonus income or any other sum to be paid to NRIs or foreigners.

    Additionally, if the TDS is deducted by a non-governmental deductor, then the PAN of the deductor is to be compulsorily provided. However, if the TDS is deducted by the governmental deductor, then ‘PANNOTREQD’ has to be mentioned on the form.

    Form 27EQ:

    This form consists of quarterly statements that furnish the details and information. In addition, of the tax collected at source, under Section 206C of the Income Tax Act, 1961.

    It is to be submitted on quarterly basis by the seller and it is mandatory to furnish TAN.

    It comprises of the statement of Tax Collected at Source (TCS), which is the tax collected by the seller. Whenever a buyer purchase certain goods or commodities, consequently the seller collects the tax from the buyer through the TCS medium. Further, this tax can be collected in any mode of payment including credit.

    In addition to the above, if the TDS is deducted by non-governmental deductor, then the PAN of the deductor is to be compulsorily provided. However, if the TDS is deducted by the governmental deductor, then ‘PANNOTREQD’ has to be mentioned on the form

    Documents required:

    – Details of Deductor

    – Details of Deductee

    – TDS deduction details

    – Details of person responsible

    – Challan details

  • What is the due date for filing TDS returns?

    The due date for filing TDS returns depends on the type of return and the quarter to which it pertains.  

    • TDS returns are due by the 31st of July (for Q1)
    • 31st of October (for Q2)
    • 31st of January (for Q3)
    • +31st of May (for Q4) of the respective financial year.
  • Is it necessary to obtain a Tax Deduction and Collection Account Number (TAN) for filing TDS returns?

    Yes, all taxpayers who are required to deduct TDS must have a TAN. In TDS returns and challans, it must be cited. According to the Income Tax Act, however, some people or organizations could be excused from needing a TAN for particular kinds of transactions.

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