{"id":219,"date":"2019-05-02T13:02:11","date_gmt":"2019-05-02T07:32:11","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=219"},"modified":"2019-08-29T12:39:05","modified_gmt":"2019-08-29T07:09:05","slug":"meet-your-obligation","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/meet-your-obligation\/","title":{"rendered":"Meet your Obligation"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Doing business in India is a tricky proposition, Just not because of diversity in customer requirement and behavior but more due to various legal provision and compliances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While we can\u2019t do much about the situation, what we can do here is to understand, what are the legal obligation we need to comply when doing business in India.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-655 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Meet-your-Obligation.jpg\" alt=\"Meet your Obligation\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Meet-your-Obligation.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Meet-your-Obligation-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Meet-your-Obligation-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><b>As we have explained in step no 5 :-<\/b><span style=\"font-weight: 400;\">( Get the registrations required) various registrations requirements like<\/span> <span style=\"font-weight: 400;\">Service Tax<\/span><span style=\"font-weight: 400;\">, VAT, CST, TAN, etc. There are obligations like paying taxes and filing periodical returns as prescribed in particular Law, which we need to comply after taking registration.<\/span><\/p>\n<h2><b>While talking about various legal obligations or compliances we can broadly explain it in two steps:-<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><b>Payment of taxes :-<\/b><span style=\"font-weight: 400;\"> In most of the tax registration just like VAT, Service tax, TAN, CST, etc, The business need to collect tax, For example,<\/span> <span style=\"font-weight: 400;\">Tax<\/span><span style=\"font-weight: 400;\"> from buyer is VAT and CST, Tax from Service receiver as provided in Service tax &amp; Deduction from the payment made as there are provided in TDS deducted for TAN holder.<\/span><\/li>\n<\/ul>\n<p><b>Here, the obligation is to collect the taxes and pay to government account before the due date provided.<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Filing of Return:- <\/b><span style=\"font-weight: 400;\">Now the second step after paying taxes to Govt. account is to file a return before the due date as provided.<\/span><\/li>\n<\/ul>\n<h2><b> Now there is the biggest misunderstanding about the filing of return is that:<\/b><\/h2>\n<p><b>Most people ask:-<\/b><span style=\"font-weight: 400;\"> \u00a0When I already paid the taxes, why is there a need to file a return?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This may sound stupid but we generally receive a lot of question like this.<\/span><\/p>\n<p><b> The answer is :-<\/b><span style=\"font-weight: 400;\"> in payment of taxes we generally put taxes and very limited details in the challan at the time of making payment of taxes, which is not enough for Govt.D departments to ascertain whether all people have complied with rules or not, hence there is a provision of<\/span> <span style=\"font-weight: 400;\">filing return<\/span><span style=\"font-weight: 400;\"> where all information related to payment of taxes and nature of payment are provided during <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">filing of a return<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To explain further,\u201d The requirement of filing return \u201cunderstands this example.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You deducted Rs 50000 from various people towards payment made towards<\/span><span style=\"font-weight: 400;\"> TDS deductions<\/span><span style=\"font-weight: 400;\"> and you paid it by a common challan accordingly however the tax department needs to understand \u00a0PAN number of various deductee so that due credit can be given to them and cross-verification can be done.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While in most of the cases where tax collection is not involved the<\/span> <span style=\"font-weight: 400;\">return filing<\/span><span style=\"font-weight: 400;\"> or renewal of registration is required.<\/span><\/p>\n<p><b>Effect of non-compliance:- <\/b><span style=\"font-weight: 400;\">While taking various registrations and certificates are important to <a href=\"https:\/\/aktassociates.com\/blog\/being-an-entrepreneur\/\">start your enterprise<\/a>, meeting all the legal compliances are utmost important to ensure your enterprise run without facing much legal hurdle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the subsection of this step, we will guide you in details what are various legal compliances are required and how to meet these obligations.<\/span><\/p>\n<p><b>Easy solutions for cumbersome compliances:-<\/b><span style=\"font-weight: 400;\"> Whatever business you are or whatever services you may be provided, it\u2019s always advisable to take services of a professional firm, who can guide you through all this legal maze.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">AKT Associates scores a point by having dedicated team and experience to help your business sail smoothly through this cumbersome compliances So that you can focus more on your business \u00a0area and we are here to help you,<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Call @ 8080809061 to know how<\/span> <span style=\"font-weight: 400;\">AKT Associates<\/span><span style=\"font-weight: 400;\"> can play a Compliance partner to your venture.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Doing business in India is a tricky proposition, Just not because of diversity in customer requirement and behavior but more &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Meet your Obligation\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/meet-your-obligation\/#more-219\">Read more<span class=\"screen-reader-text\">Meet your Obligation<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Meet your obligation - AKT 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