FILING



Return Filing is an significant part of business operations and govt. compliance. Every business must periodically file the returns pertaining to income & other tax essentials. Read on to learn more about our assistance in the topic.

INCOME TAX FILING



THE INFO

As per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).

  • ITR 1 (SAHAJ) Individuals with income from salary and interest
  • ITR 2-Individuals and Hindu Undivided Families (HUF) not having income from business or profession
  • ITR 3-Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
  • ITR 4-Individuals and HUFs having income from a proprietary business or profession
  • ITR 4S (SUGAM)-Individuals/HUF having income from presumptive business
  • ITR 5-Firms, AOPs,BOIs and LLP
  • ITR 6-Companies other than companies claiming exemption under section 11
  • ITR 7-Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)


THE FAQs

  • Can I file ITR online without an account on the Income Tax e-filing portal?
  • No. You have to create an account on the portal to file your ITR online. It is an easy process – you have to register yourself by providing details such as user type (individual, HUF, companies, chartered accountants, agencies or tax deductors), your PAN, first and middle names and surname, date of birth, and fill in the registration form. If you already have an account but have forgotten password, you can generate it through the ‘Forgot Password’ option.
  • How many days do I have to verify the Income Tax Return I filed online?
  • You have to either send the ITR-V to CPC, Bangalore, or verify it online through electronic verification code or Aadhaar-linked one-time password, within 120 days of e-filing the return.
  • Can I e-verify my ITR instead of sending a hardcopy to CPC, Bangalore?
  • Yes. The Income Tax Department now allows you to e-verify ITR through an electronic verification code (EVC) or through a one-time password by linking your PAN and Aadhaar.
  • Can I e-file my return before all my tax payments are done?
  • You can only file your Income Tax Return – online or through an agency – after all your tax payments for the year are done. The deadline for filing ITR is July 31 of the year after the end of a given assessment year – that is, you get 4 months to file ITR. This helps you put your accounts in order and make sure all tax-related payments are sorted.
  • Is it mandatory for me to do the e-filing or can I depute it to someone?
  • You can seek the help of chartered accountants and agencies dedicated to ITR filing. It is wiser not to allow anyone to have your PAN and password in order to prevent any kind of fraud.



1 less thing to worry about, is getting 1 step ahead.

TDS RETURN



THE INFO

As per the government’s TDS Scheme, tax has to be deducted at the time of making payment. Person who makes the payment – deducts & deposits TDS with the government.

  • TDS deducted is usually deposited to the government by submitting an ‘income tax challan’ along with the payment
  • Besides depositing tax, as a Deductor, you must also file a TDS Return
  • A TDS Return is a quarterly statement which has to be submitted to the income tax department
  • Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you
  • TDS Returns include details of PAN of the deductor and deductees, particulars of tax paid to the government, TDS challan information and other details as required in the forms

THE FAQs

  • What is e-TDS Return/Statement?
  • TDS Return/statement is a summary of all the transaction made during Quarter filed in the form of 26Q, 24Q, 27Q by computer readable media on CD ROM/PIN Drive as format described under Income Tax Act.
  • Who Are Liable To Submit E-TDS Return/Statement?
  • The person who deducts TDS is liable to furnish eTDS Return. It is mandatory to file TDS Return within time as given below; otherwise they are liable to pay penalty for non-submitting of e-TDS Return. The following are required to file e-TDS return quarterly.
  • a) Company
  • b) Persons whose accounts Audited (See limit for Audit of Accounts)
  • c) Govt. Officers


THE TABLE

QUARTER DUE DATE OF SUBMISSION
1st Quarter Ending on 30th June 31st July
2nd Quarter Ending on 30th September 31st October
3rd Quarter Ending on 31st December 31st January
4th Quarter Ending on 31st March 31st May

THE FORMS

TDS TYPE FORM
TDS on Salary Form 24Q
TDS where deductee is a non-resident, foreign company Form 27Q
TDS on payment for transfer of certain immovable property Form 26QB
TDS in any other case Form 26Q





GST RETURN



THE INFO

GST - GOODS & SERVICES TAX is the new format of taxation introduced in India. "Every change begins with a Chaos" - is an old proverb, however change is for good. Our team of experts assist you in smooth sailing through GST Norms, Implementation Procedures, Billing, Operations, Legal, Operational & GST Return Filing parameters & process.

Please click HERE to learn more about the topic.

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