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PAN (Permanent Account Number) is an identification number assigned to all taxpayers in India. PAN is an electronic system through which, all tax related information for a person/company is recorded against a single PAN number. This acts as the primary key for storage of information and is shared across the country. Hence no two tax paying entities can have the same PAN.


An Importer Exporter Code is a unique 10-digit code, which is requisite for every import/export business owner in India. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and needs no filing or renewal. IEC is required by importers to clear customs and shipment, and to transfer money to foreign banks. Exporters require IEC to send shipments and receive money from foreign banks. In short, no importer/exporter can operate in India without getting the IEC.


The abbreviation of TAN is Tax Deduction and Collection Account Number. Tax Deduction and Collection Account Number or Tax Collection Account Number (TAN) is a ten-digit alphanumeric number provided by the Income-tax Department, to a person who is required to execute Tax Deduction at Source (TDS) and Tax Collection at Source (TCS). All entities which deduct tax at source should hold a TAN number to execute the deduction process, on behalf of the government and deposit to the same. Section 203A of Income Tax Act, 1961, mandates that all entities quote TAN in all communications related to TDS. In every TDS/TCS returns, TDS/TCS certificates, TDS/TCS payment challans, the TAN number should be mentioned.


It is simply a form to be filed with the Income Tax Department. A Form to be filed as a statement of income earned. It is arranged in such a way that calculating tax liability, scheduling tax payments, or requesting refunds for the overpayment of taxes has been made convenient for the taxpayers.


GST return filing is done to maintain financial accounts per year. GST return is a document that contains the details of the income of the taxpayer. This document needs to be filed with the tax authorities.


GST Payment and Refund

The Goods and Services Tax (GST) was introduced in 2017 and included all goods and services under its purview, replacing the previous service tax, VAT, excise duty etc. Now, for every purchase, GST is levied based on the categories or slabs defined by the central and state governments.
At the time of calculating GST paid by taxpayers, if it is discovered that the taxpayer has paid an amount excess to the actual tax to be paid, then the taxpayer is eligible to claim a refund before or on the GST return due date.

GST Refund Eligibility

GST is levied on the basis of invoices raised and has been introduced to ensure a smooth way of collecting taxes from the manufacturer and exporters. This system has not only reduced the burden on the taxation system but has also made it easier to get a GST refund.

There are multiple events where one can be eligible to get the GST refund. In such cases, they would need to download the right form and fill the details accordingly if the situation is any one of the following:

  • When an extra amount has been paid as GST due to a mistake in the calculation, you can claim a GST refund.
  • In case of an export transaction which involves a cumulative balance of input credits, a claim for a GST refund can be made. This is applicable also in case of a rebate claim by the exporter.
  • If the provisional assessment indicates that you can claim a refund, you can claim a GST refund.
  • If you have paid an amount as GST for articles that are exempted from tax, or a lower tax rate is levied, that results in input credit accumulation in GST leaders. This amount you can claim for GST refunds.
  • On adjudication, if the officer points out an input credit in the GST claim, you are eligible for GST refund.
  • If you have made a submission of a deposit against an appealing mail made by the respondent, you will get that refund after the appeal is dismissed or resolved.
  • When a product is procured from the United Nation’s partners or a foreign embassy, they can claim a GST refund.

GST Refund Forms List

To file for a GST refund, forms are prescribed for every situation, which are listed here:

Form RFD-01 (Application Form)

For the purpose of filing the Form RFD-01, it has to be authorized by a chartered accountant, within two years from the relevant date of GST. The relevant date differs in different cases, so it cannot have a fixed definition. Therefore, one must be careful about noting down the relevant date for filing for the GST refund. In case one fails to file within the timeframe, it might lead to blocking credit.

Form RFD-02 (Acknowledgement Form)

After the assessee has filed an application for a GST refund, Form RFD-02 will be auto-generated. This bears the details and acknowledgement of the application filed. The assessee can receive Form RFD-02 via email or SMS.

Form RFD-03 (Deficiency Memo Form)

In case there is a mistake in Form RFD-01 at the time of filing the application for a GST refund, the applicant shall receive Form RFD-03 to make the corrections. This form should be sent back making after all the required corrections.

Form RFD-04 (Provisional Order)

In case of a zero-rated supply, the applicant can file for a GST refund in Form RFD-04. If the assessing officer is satisfied with the application he may, within seven days, sanction on a provisional basis 90% of the total refund amount.

Form RFD-05 (Payment Order)

On the amount being sanctioned, it will be notified on Form RFD-05. Be assured that the amount will be credited to your bank account.

Form RFD-06 (Refund Order)

If the assessing officer is under the impression that there is no more requirement for any enquiry, the refund order shall be issued through Form RFD-06.

Form RFD-07 (Adjustment Form)

If there is any outstanding demand which is to be adjusted with the GST refund, then Form RFD-07 is to be filed.

Form RFD-08 (Rejection Notice Form)

Where the assessing officer rejects a refund application or a part of the GST refund claim, then a notice is issued using Form RFD-08, asking the applicant to justify their claim.

Form RFD-09 (Justification Form)

Where the notice is received by the applicant through Form RFD-08, the answer justifying the claim is to be filed using the Form RFD-09

Form RFD-10

Where the applicant is a United Nation’s body, Consulate, or foreign embassy, They have to file a Form RFD-10 requesting a GST refund within 90 days from the end of the quarter.

Documents For GST refund Application

When filing the GST refund form, certain documents are required to be attached based on the amount of the GST refund claim.

If the GST refund claim is less than Rs. 5 lakhs, a declaration should be made by the assessee that the refund amount has not been transferred to someone else nor been used for any purpose.

In case the amount is more than Rs. 5 lakhs, along with the above-mentioned declaration, the applicant has to provide a document proving that the amount being claimed has actually been paid by the applicant.

Time Taken For Process

The processing of the refund application takes around 30 days from the date of filing.

The Subramanian Committee suggested that the application for GST refund must be processed within 90 days from the date of filing. In case the delay is on the authority’s side, 6% interest should be paid along with the GST refund amount.

The Finance Minister Nirmala Sitaraman declared that the refund procedure shall be done within 7 days and, in case there is a delay by 14 days from the day of filing, then the interest shall be paid too.


TDS (Tax Deducted at Source) is an indirect system of deduction of tax according to the Income Tax Act, 1961 at the point of generation of income. Tax is deducted by the payer and is remitted to the government by him on behalf of the payee.


Accounting is the systematic process of recording, analysing, and interpreting the financial transactions. It is the responsibility of every business – whether large or small to furnish their accounting records to the Income Tax Department. Generally, startups neglect these issues and, after a few years, they are forced to deal with them, plus interest. It’s always a good idea to keep track of your finances and provide information to government organisations to avoid difficulties like raids and fines. Companies are required to update the annual returns regularly.


The balance sheet is one of the three fundamental financial statements and is key to both financial modeling and accounting. The balance sheet displays the company’s total assets and how the assets are financed, either through either debt or equity. It can also be referred to as a statement of net worth or a statement of financial position. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity.


The Credit Monitoring Arrangement (CMA) report has been in operation since October 1988. Between 1965 and 1988, the Credit Authorisation Scheme (CAS) was the key instrument of credit control. CAS is being used by RBI to regulate bank credits exceeding the prescribed credit limits directly.


Micro Small Medium Enterprise loans or MSME loans are granted to startups and small businesses. The overall MSME business loan repayment tenure might vary depending on the lender and the interest rate on which the loan was offered at. The interest rate is based on the actual loan amount, business, or the applicant’s profile and the business history.


We undertake and provide Home Loans in PUNJAB at lowest rate with a Doorstep Service. Also, we provide Housing Loans, Purchase of Old Property, Top-up Loans and Plot Purchase Loans as we are genuine Home Loan providers in Punjab.


Have a business vision?

Now gear up to achieve it on your own and take your business to new heights with Unsecured Business Loan. Our Unsecured Business Loan empowers you to expand your operations, install new machinery, stock up inventory or even meet your short-term working capital requirement. Our Unsecured Business Loan is a quick source of funds that you can avail without any collaterals. This means that you can fulfil your business goals without mortgaging, dissolving or breaking your other investments and savings.

At SPSI, we have designed our business loan offering to suit your needs so you can enjoy the benefits of competitive interest rates, flexible tenure, minimal documentation process and attractive benefits like zero foreclosure charges and more.

Why choose SPSI Business Loan?

  • Unsecured Business Loan without any security or collateral
  • Higher Loan Amounts up to ₹ 30 Lakhs for business
  • Attractive and competitive business loan interest rates
  • Flexible repayment tenure up to 36 months
  • Transparent business loans with no hidden charges
  • Hassle-free application process
  • Simple and minimal documentation


Grab every opportunity to boost your professional practice without any delay with our Unsecured Professional Loans. This loan offering is designed to custom-fit the unique financial objectives of working professionals like Chartered Accountants, Company Secretaries and Doctors. So, whether your professional plans are to expand office, scale up operations, meet working capital requirements or achieve a set goal, our Professional Loans help you not just grow but also flourish your practice with a cost-effective financial solution. SPSI partners you in your growth with quick and easy access to funds at the right time without the worries of providing any collateral or security. So now with your financial needs sorted, you can focus on your practice.


Fulfilling your every aspiration is just a step away with our customized Personal Loan offering. It is an unsecured loan that lets you avail funds without any security/collateral. Be it for planning a dream wedding, financing the ideal vacation plan, renovating your home, taking care of medical emergencies or any other urgent financial need, our tailor-made Personal Loans makes it all possible at an attractive interest rate and flexible repayment tenure. For all your financial needs, apply for the loan online and enjoy easy approval with minimum documentation, all at your convenience.

Machinery Finance

Whether it is agriculture, construction, manufacturing, transport or medicine machineries play a very important role in business.If your business yield is depending on speed and efficiency of machines than make sure that you are selecting the latest Equipments. All the industries require huge funds for purchase of machineries. We offer assistance in machinery loan with low interest and process time. A machinery loan provide necessary funds to purchase or lease machinery. Right machinery gives you a better sale and productivity. If your working capital is not sufficient to fund your machinery purchase or lease, you can choose for a convenient business loan customized for machinery. This loan is available at nominal interest rate and doesn’t require any collateral.


SPSI offers Education Loan to help students pay their tuition fees and living cost when they are looking to take the next steps in their education, both in India and abroad. With quick approval rates, minimal documentation & competitive interest rates, we are levelling the playing field so that students can fulfil their potential. The highest quality of education should be available for all regardless of someone’s financial background. That’s precisely the reason why we have made the availability of Student Loans as accessible as possible. Whether you are a student or a parent seeking to provide your children with the very best, we are here to support you.


CC limit holders offers stock and debtors as primary security to the bank. A CC limit or cash credit limit allows you to withdraw money or issue cheque up to the approved CC limit, even if there is no balance in the account.


Micro Units Development and Refinance Agency Ltd. [MUDRA] is an NBFC supporting development of micro enterprise sector in the country. MUDRA provides refinance support to Banks / MFIs / NBFCs for lending to micro units having loan requirement upto 10 lakh. MUDRA provides refinance support to micro business under the Scheme of Pradhan Mantri MUDRA Yojana. The other products are for development support to the sector. The bouquet of offerings of MUDRA is depicted below. The offerings are being targeted across the spectrum of beneficiary segments.


Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the individual (insured). In this, the insurance company promises to make good the losses of the insured on happening of the insured contingency. The contingency is the event which causes a loss. It can be the death of the policyholder or damage/destruction of the property. It’s called a contingency because there’s an uncertainty regarding happening of the event. The insured pays a premium in return for the promise made by the insurer.

Types of insurance available in India

Life insurance
As the name suggests, life insurance is insurance on your life. You buy life insurance to make sure your dependents are financially secured in the event of your untimely demise. Life insurance is particularly important if you are the sole breadwinner for your family or if your family is heavily reliant on your income. Under life insurance, the policyholder’s family is financially compensated in case the policyholder expires during the term of the policy.

Health Insurance
Health insurance is bought to cover medical costs for expensive treatments. Different types of health insurance policies cover an array of diseases and ailments. You can buy a generic health insurance policy as well as policies for specific diseases. The premium paid towards a health insurance policy usually covers treatment, hospitalization and medication costs.

Car/Two Wheeler Insurance
In today’s world, a car insurance is an important policy for every car owner. This insurance protects you against any untoward incident like accidents. Some policies also compensate for damages to your car during natural calamities like floods or earthquakes. It also covers third-party liability where you have to pay damages to other vehicle owners.

Education Insurance
The child education insurance is akin to a life insurance policy which has been specially designed as a saving tool. An education insurance can be a great way to provide a lump sum amount of money when your child reaches the age for higher education and gains entry into college (18 years and above). This fund can then be used to pay for your child’s higher education expenses. Under this insurance, the child is the life assured or the recipient of the funds, while the parent/legal guardian is the owner of the policy. You can estimate the amount of money that will go into funding your children’s higher education using Education Planning Calculator.

Home Insurance
We all dreaming of owning our own homes. Home insurance can help with covering loss or damage caused to your home due to accidents like fire and other natural calamities or perils. Home insurance covers other instances like lightning, earthquakes etc.

Tax benefits on insurance?

Apart from the safety and security benefits of buying insurance, there are also the income tax benefits that you can avail.
Life insurance premium of up to ₹1.5 lakh can be claimed as a tax-saving deduction under Section 80C

Medical insurance premium of up to ₹25,000 for yourself and your family and ₹25,000 for your parents can be claimed as a tax-saving deduction under Section 80D

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