Welcome to A K Sharma & Company

34 YEARS OF EXPERTISE

A K Sharma & Co. working since 1990 with the aim of providing a comprehensive range of accounting, financial and legal consulting, tax management, auditing and business process out-sourcing services. With soaring aspirations and the zeal to succeed, we endeavor to be a recognized and reputed global professional service provider.

A.K Sharma & Co. is a leading name among Indian Professional services providers - offering a wide range of Accounting services, Audit / Assurance services & Management Services to its clients in India & abroad, Since 1990. A.K Sharma & Co. has steadily invested in people, processes, technology and infrastructure to create a global enterprises that delivers integrated accounting solution to clients.

GST

GST (Goods and Services Tax) is a single indirect tax aimed at making the country a unified common market. It is imposed on the supply of goods and/or services within India. Multiple indirect taxes that the Central Government or State Governments impose on suppliers and consumers are subsumed by GST. The taxes levied and collected by the Centre until 1 July, 2017, that are subsumed by GST include Central Excise.

INCOME TAX

Income Tax ,VAT/C.S.T/Sales Tax, Service Tax, Import/Export Code, ESIC & PF, Luxury Tax, Entertainment Tax. We Provide PAN Card, Filing of Income tax, TDS Returns, Consultancy on Income Tax Matters, Tax Refunds, Tax Planning & Savings, Maintenance of Income Tax Records, Liaisoning with Income Tax Authorities, Tax deduction account numbers. We take a holistic view, combining industry insight with the technical .

ACCOUNTING

Accounting with Audit With the increase in complexity of the business environment and transactions, financial reporting is becoming increasingly challenging. This challenge is amplified by the significant changes being envisaged in the financial reporting standards in many jurisdictions. Numerous companies are also seeking to improve their processes to achieve timely and accurate financial reporting.

MSME

The Ministry of Micro, Small and Medium Enterprises in India has introduced new accounting rules aimed at simplifying financial reporting for MSMEs. These changes are designed to improve transparency, compliance, and ease of doing business. Below are the key points regarding the new accounting rules for MSMEs: GST and Tax Compliance 1. E-Invoicing: • MSMEs with turnover above a certain threshold are required to adopt e-invoicing for better compliance with GST regulations. • E-invoicing ensures that all invoices are electronically authenticated by the Goods and Services Tax Network (GSTN). 2. Simplified GST Returns: • The government has introduced simplified GST return forms for MSMEs to ease the compliance process. • Quarterly filing of returns has been allowed for businesses with turnover below ₹5 crore. New Audit Requirements 1. Audit Exemptions: • Micro enterprises with an annual turnover below ₹5 crore and small enterprises below ₹10 crore are exempt from mandatory audit requirements. • This exemption aims to reduce the compliance burden and cost for smaller enterprises. 2. Internal Audits: • Medium enterprises and those small enterprises not exempted from audit requirements are encouraged to conduct internal audits to ensure internal controls and risk management processes are in place.

Statutory Audit

This type of audit is not conditional, it depends upon the entity type. Thus, if your entity is a company, you need to get a statutory audit conducted from a Chartered Accountant, for your company. However, it can also comprise documents pertaining to commercial operations, such as invoices, purchase orders, bills, challans, and more.

Tax Audit

Tax Audit is a conditional audit, conducted under the regulations of Income Tax Act. The Act states
that if the turnover of any enterprise is more than
1 crore, and in case of professionals if the value
of services is more than Rs. 50 lacs then they have to get their
books of accounts audited by a Chartered Accountant.

GST Audit

GST Audit is a new audit type, which is conducted under the Goods and Service Act. In this type of audit, any entity whose turnover is more than Rs. 2 crores in a financial year, has to get its books of accounts audited by a Chartered Accountant.

TDS REFUND

A TDS Refund arises when the taxes paid by way of TDS
are greater than the actual tax payable calculated for the Financial Year. It is calculated after consolidating income earned from various sources.

Services

GST

Income Tax

Accounting

Luxury Tax

A luxury tax is an ad valorem tax placed on products or services that are deemed to be non-essential or unneeded. The luxury tax is an indirect tax in that the tax increases the price of the good or service, a price inflationary burden which is only incurred by the end consumer who purchases or uses the product. items that have a high demand, may have a luxury tax imposed when they cost of that .

Service Tax

Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. ... Services provided by air-conditioned restaurants and short term accommodation provided by hotels, inns, etc. were also included in the list of services 2012 and collected as per Point of Taxation Rules, 2011 from the person liable to pay service tax.

Sales Tax

A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. A Government collects tax from goods and services its called as sales tax.