Income-tax return (ITR) is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in prescribed form every year.
Income Tax return filling is legal requirement in India as per Income tax Act 1961 The following taxpayers are required to file a mandatory income tax return are listed below:
* Any private, public, foreign, domestic company.
* Legal Requirement by Income Tax Act 1961 - for individual & HUF -If gross total income Exceeding 2,50,000/-then shall have to file return
* For firm & companies- even if no income return filing mandatory
* Claiming refund
* Carry-forward of losses
* Credit Card Processing
* For a hassle-free visa application procedure
Disadvantages * Losses cannot be carried forward.
* Deductions under Chapter - VI A cannot be claim
* Interest under Section 234
* Loss on refund of Taxes (Financial loss)
PROCESS OF INCOME TAX RETURNS
Computation of Income
Calculation of Tax Payable
Payment of Tax
Permission of Returns
Submission of Returns
What is 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.
Why TDS/TCS Return Required To File?
TDS/TCS return filling is legal requirement in India as per Income tax Act 1961.
Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.
Advantages of Filing TDS return
TDS/TCS return filling is legal requirement in India as per Income tax Act 1961 for such class of taxpayer, prescribed limit & nature of payment as per law.
If you filing TDS return on time, hence no need to pay interest, penalty & disallowance of income.
Disadvantages of a Non Filling TDS return
* Fees for late-filing of TDS under section 234E
* Penalty for late-filing or non-filing TDS under section 271H:
* Interest shall be levied on late deduction & late payment of TDS
PROCESS OF TDS RETURNS
Preparation of TDS Return
Verification of Data
Submission of Return
Request for TDS Challans
Downloading TDS Certificates
What is GST Return?
GST returns is a document that will contain all the details of your sales, purchases, debit note, credit note, tax collected on sales (output tax), and tax paid on purchases (input tax). GST return required to be file every month. Once you file GST returns, you will need to pay the resulting tax liability to the government.
Why File GST Return?
Once you get GST registration then return filling is mandatory every month due to legal requirement in India as per Goods & service Act 2017.
Advantages of Filling GST return
* Unified Platform
* Subsuming of Taxes
* Lower Taxes
* Ease of Doing Business
* Larger Tax Base
* Simple and easy online procedure
Disadvantages of Non Filling/Delay filling GST return
* Heavy penalty for non-filling or delay filling of returns
* Increased operational Cost of dealer due to hiring of staff /professional for all GST compliance up to date.