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ITR

Every taxpayer need to file income tax return every year

GSTR

Business registered under GST need to file GSTR as applicable

ITRs

Different types of ITR & Services

ITR 1

ITR-1- To be filed by individuals having income from salary/pension and having income from one House Property.

ITR 2

Individuals and HUFs who have DIN (Director Identification Number) or income earned from a Business entity..

ITR 3

Individuals and HUFs having income from carrying on Proprietorship Business or Profession.

ITR 4

ITR-4: For filing IT return by Individuals / HUFs having business turnover of less than Rs.2.00 Crores and Professionals with gross receipts exceeding Rs. 50 Lacs and opting for Presumptive Income Scheme.

ITR 5

ITR-5: This Form can be used for filing income tax return of Partnership Firms, Limited Liability Partnerships (LLPs) and Association of Persons (AOPs).
It may require tax audit based on turnover of the business.

ITR 6

ITR-6: This Form is used for filing income tax return of private limited company, limited company and one person company registered in India.

ITR 7

ITR-7 : Used for filing income tax return of charitable trusts, political parties, colleges, universities and scientific research institutions registered in India.

TAN Registration

TAN number or TAN registration is very important for businesses deducting tax at source and is required to be quoted in TDS or TCS return.

TDS Return

TAN number or TAN registration is very important for businesses deducting tax at source and is required to be quoted in TDS or TCS return.

GST Services

Different GST Services

Introduction

Letter of Undertaking is commonly known as LUT. The Letter of Undertaking (LUT) is prescribed to be furnished in form GST RFD 11 under rule 96A, whereby the exporter declares that he/she would fulfill all the requirements prescribed under GST while exporting without making IGST payment.

Steps

Filing form directly on the GST portal.

Introduction

Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input Tax Credit for the taxes on his inward supplies.

Documents Required

PAN Card of the Business and Applicant
Proof of Principal Place of Business (electricity bill/ lease agreement/ Rent agreement) not older than 2 months
Proof of Additional Place of Business (if any)
Valid Bank account number
Proof of appointment of authorized signatory (a copy of Board resolution)
Authorized signatory photo (soft copy)
Certificate of Incorporation
DSC of the Applicant

FURTHER INFORMATION REQUIRED

Valid Mobile number and mail id
List of Good and Services

Steps Involved

Collection and reviewing of all the documents
Filing of necessary forms and documents with GST Authority.

FAQs

Q1. Who needs to get GST registration?
Eligibility: Any person or entity supplying good or services in India above the aggregate turnover limit is mandatorily required to obtain GST registration.
Turnover limit: Rs. 20 Lakhs for service providers and Rs. 40 Lakhs for goods supplier, except in special category states.*In special category states, the GST turnover limit for service providers has been fixed at Rs.10 lakhs.
Q2. Can any person get voluntary GST registration?
Any person or entity irrespective of business turnover can obtain GST registration at any-time.Main reasons for obtaining voluntary GST registration are:
- To improve the business credibility
- To satisfy the requirements of B2B customers
- To claim input tax credit benefits
Q3. Is it compulsory to opening a bank account for GST registration?
Yes, applicant must have a bank account before applying for GST registration.
Q4. Do I need to get separate registrations for my different business units?
Yes, if the business units are in different states then separate registrations are required. Whereas, if the units are in same state no such separate registration is required.
Q5. Can a person have 2 GST numbers?
Yes, a person can have multiple GST Registration Number from single PAN card. This is allowed in case of multiple business divisions. In case a person is having two businesses, one a departmental store and another is a restaurant. He can have two separate GSTIN for different business units.

Introduction

Prior to filing the return, it is important to know that the Input Tax Credit(ITC) shown in the return is equal to the Books and if any discrepancy is found, reconciliation is done.

Documents Required

Copy of return of GSTR-1 and GSTR 3B
Invoices of Sale and Purchase

Steps Involved

Collection and reviewing of all the necessary documents.
Post verification, filing of GST return with Goods and Service Tax Department, Government of India.

Introduction

All entities having GST registration are mandatorily required to file GST returns every month irrespective of business activity or sales or profitability during the filing period. Even a dormant business that obtained GST registration must file GST return. Once the taxpayer crosses the limit of exemption, he/she will start filing for GST returns. Even in cases where no taxable supplies are received or made during a particular period, the taxpayer will have to file the NIL return. So, there is no way that you can avoid GST filing. If you miss out filing the return of one period, then you will not be able to file the next period’s return. Business owners and dealers who are registered under GST must file two monthly GST returns and one annual GST returns. The nature of the business also dictates the GST that is to be filed. This helps Tax authorities determine the Tax liability of the business entity.

In case of small business taxpayers in India who have opted for a composition scheme, they just have to file GST returns on a quarterly basis. Return filing process can be done online.

Documents Required

Copy of Invoices of sales and purchase issued during the period under review

Steps Involved

Collection and reviewing of all the necessary documents.
Post verification, filing of GST return with Goods and Service Tax Department, Government of India.

Introduction

Surrender of GST registration simply means that the taxpayer will not be a GST registered person any more. He will not have to pay or collect GST.

Documents Required

Contact address, which includes the mobile number and e-mail address.
Grounds of cancellation.
The desired date of cancellation.
Particulars of the value and the tax payable on the stock of inputs, the inputs available in semi-finished goods, inputs available in finished goods, the stock of capital goods/plant and machinery
Particulars of registration of the entity wherein the existing unit have been merged, amalgamated, or transferred.
Particulars of the latest return filed by the taxpayer along with the ARN of the particular return.

Steps Involved

Contact address, which includes the mobile number and e-mail address.
Grounds of cancellation.
The desired date of cancellation.
Particulars of the value and the tax payable on the stock of inputs, the inputs available in semi-finished goods, inputs available in finished goods, the stock of capital goods/plant and machinery
Particulars of registration of the entity wherein the existing unit have been merged, amalgamated, or transferred.
Particulars of the latest return filed by the taxpayer along with the ARN of the particular return.

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ITR

GSTR

Different types of ITR & Services

ITR 1

ITR 2

ITR 3

ITR 4

ITR 5

ITR 6

ITR 7

TAN Registration

TDS Return

Different GST Services

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