Goods and Services Tax:
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services. It has replaced multiple indirect taxes such as excise duty, service tax, VAT, and others. GST compliance involves several processes and obligations, including GST advisory, GST filing, GST transition filing, and GST registration. Here’s an overview of each:
During the GST registration process, businesses need to provide relevant information such as PAN (Permanent Account Number), Aadhaar, proof of address, bank account details, and other required documents. Once registered, businesses receive a GSTIN and a unique GST certificate.
These various aspects of GST compliance, including GST advisory, GST filing, GST transition filing, and GST registration, aim to ensure that businesses meet their tax obligations, maintain accurate records, and adhere to the provisions of the Goods and Services Tax law in India.
TDS Return Filing:
TDS (Tax Deducted at Source) is a system of collecting taxes at the source from where income is generated. TDS is deducted by individuals or entities making certain payments such as salaries, rent, interest, professional fees, etc. The deducted TDS needs to be deposited with the government and TDS returns must be filed to report these transactions. TDS return filing involves providing details of the deductor, deductee, nature of payment, TDS amount, and other required information. TDS returns are filed periodically, usually on a quarterly basis, using the appropriate forms provided by the Income Tax Department.
ITR Filing:
ITR (Income Tax Return) filing is the process of submitting a tax return to report the income earned and taxes paid by individuals or entities during a financial year. ITR filing is mandatory for individuals, companies, and other entities meeting the prescribed income criteria. The Income Tax Act provides various types of ITR forms depending on the nature and source of income, such as ITR-1 (SAHAJ) for individuals with income from salary, house property, or other sources, ITR-2 for individuals and HUFs (Hindu Undivided Families) having income from more than one house property or capital gains, ITR-3 for individuals and HUFs with income from business or profession, and so on.