Tax Filling
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GST Registration
Overview
GST (Goods and Services Tax) is an indirect tax that has replaced many indirect taxes in India. It is levied on the supply of goods and services.
Benefits
- Simplifies the tax structure by consolidating multiple taxes.
- Provides input tax credit, reducing the tax burden.
- Enhances the ease of doing business.
- Eliminates the cascading effect of taxes.
Eligibility Criteria
- Businesses with a turnover exceeding ₹40 lakhs (₹10 lakhs for NE and hill states).
- Individuals involved in inter-state supply of goods and services.
- Casual taxable persons and non-resident taxable persons.
- E-commerce operators and agents supplying goods on behalf of another supplier.
Documents Required
- PAN card of the business.
- Proof of business registration or incorporation certificate.
- Identity and address proof of promoters/directors with photographs.
- Bank account details.
- Address proof of business.
Registration Process
1. Visit the GST portal.
2. Submit the GST REG-01 application form.
3. Verification of submitted documents by authorities.
4. Receive GSTIN upon successful verification.
Registration Fees
- Government fees: None.
- Professional fees: Varies based on the service provider.
Registration Timeline
Typically, 3-7 working days.
GST Return Filing
Overview
GST Return Filing is the process of submitting tax forms with details of the income earned and tax paid to the government.
Benefits
- Compliance with legal requirements.
- Seamless flow of input tax credit.
- Reduces the likelihood of tax evasion.
Eligibility Criteria
All GST-registered businesses are required to file returns, including sales, purchases, and tax collected and paid.
Documents Required
- Invoices issued to customers (sales invoices).
- Invoices received from suppliers (purchase invoices).
- Debit and credit notes, if any.
- Payment challans if tax is paid in cash.
Filing Process
1. Log in to the GST portal.
2. Select the relevant GST return form (GSTR-1, GSTR-3B, etc.).
3. Upload the required details and documents.
4. Preview and submit the form.
5. Pay any tax liability, if applicable.
Filing Fees
- Government fees: None.
- Professional fees: Varies based on the service provider.
Filing Timeline
Monthly, quarterly, or annual filing based on the turnover and type of return.
TDS Return Filing
Overview
Tax Deducted at Source (TDS) Return Filing involves submitting a quarterly statement that shows the tax deducted and paid to the government.
Benefits
- Ensures timely payment of taxes.
- Avoids penalties for non-compliance.
- Helps track and maintain records of income and taxes paid.
Eligibility Criteria
Businesses or individuals required to deduct tax at source on specified payments like salaries, interest, rent, etc.
Documents Required
- TAN (Tax Deduction and Collection Account Number).
- Details of tax deducted and deposited.
- PAN of deductees.
- Challans for tax deposited.
Filing Process
1. Log in to the TRACES portal.
2. Select the relevant TDS return form.
3. Fill in details of tax deducted and deposited.
4. Validate and submit the return.
5. Generate a Form 16A/16 for deductees.
Filing Fees
- Government fees: None.
- Professional fees: Varies based on the service provider.
Filing Timeline
Quarterly: 31st July, 31st October, 31st January, and 31st May.
Professional Tax Registration
Overview
Professional Tax is a state-level tax levied on professionals, trades, and employment, which is mandatory in certain states in India.
Benefits
- Ensures compliance with state laws.
- Employers can deduct the tax from salaries.
- Applicable for certain professionals such as lawyers, doctors, chartered accountants, etc.
Eligibility Criteria
- Individuals employed in private firms.
- Professionals like doctors, lawyers, and chartered accountants.
- Traders and businesses.
Documents Required
- PAN card of the business and owner.
- Proof of business registration.
- Salary details of employees.
- Certificate of Incorporation/LLP Agreement.
- Address proof of the establishment.
Registration Process
1. Visit the respective state government portal.
2. Submit the application form with required documents.
3. Verification of documents by authorities.
4. Receive the Professional Tax Registration Certificate.
Registration Fees
- Varies from state to state.
- Professional fees: Varies based on the service provider.
Registration Timeline
Typically, 5-10 working days.
Income Tax Return Filing
Overview
Income Tax Return (ITR) Filing is the process of declaring the income earned by an individual or business in a financial year and paying taxes accordingly.
Benefits
- Compliance with the Income Tax Act.
- Allows claiming of deductions and refunds.
- Helps maintain a financial record.
- Avoids penalties for non-filing or late filing.
Eligibility Criteria
- Individuals, HUFs, businesses, and other entities earning income above the basic exemption limit.
- Individuals claiming income tax refunds.
- Residents having assets outside India.
Documents Required
- PAN card.
- Bank statements and passbook.
- Form 16/16A for salaried individuals.
- Investment proofs.
- Details of deductions claimed.
- TDS certificates.
Filing Process
1. Log in to the Income Tax e-filing portal.
2. Select the relevant ITR form based on the income category.
3. Fill in the details and upload the required documents.
4. Verify the return using Aadhaar OTP, EVC, or sending a signed copy to CPC Bangalore.
5. Submit the return and retain the acknowledgment for records.
Filing Fees
- Government fees: None.
- Professional fees: Varies based on the service provider.
Filing Timeline
Annually: 31st July of the assessment year.