Return filing refers to the process of submitting tax returns to the appropriate tax authority, the Income Tax Department in India. Tax returns are typically filed annually and report the income, expenses, and other financial information of an individual or business.
The purpose of filing tax returns is to provide the tax authority with a clear and accurate picture of an individual or business's financial situation, which is used to calculate the amount of taxes owed or refunds due. By filing tax returns, taxpayers can also ensure that they are in compliance with relevant tax laws and regulations, and avoid penalties and fines for non-compliance.
Income tax is tax levied on the income of a person by the government as per the provisions in the Income Tax Act, 1961. It is levied on the income earned during the year starting from the financial year, 1st April ending on 31st march.
An Income tax Return is a statement of Income earned to calculate tax liability and payment or refund of taxes to the government. Thus the purpose of filing the return is to report our income and taxes paid to the government.
Registered taxpayers must file returns for Goods and Services Tax (GST) every month, a ‘return’ is stated as the paperwork that a taxpayer is required to file in accordance with the tax authorities. It is a record of all the taxes collected from the customers.
Every individual registered under the new regime of GST would need to file timely returns. Even if a legal entity has no ongoing activity, it must file returns as ‘GST nil returns’ to avoid GST compliance issues.
Many salaried employees might be very well aware of the term ‘professional tax’ as it would have been mentioned in the pay slips/Form 16 issued to them. But all of them may or may not understand what it is and why is it appearing in their pays slips/Form 16 as a deduction from their salary income. Hence, this article is an attempt to provide a better picture of what is ‘Professional tax’ and why is it deducted and is it only salaried class who are bearing it.
Registered taxpayers must file returns for Goods and Services Tax (GST) every month, a ‘return’ is stated as the paperwork that a taxpayer is required to file in accordance with the tax authorities. It is a record of all the taxes collected from the customers.
Every individual registered under the new regime of GST would need to file timely returns. Even if a legal entity has no ongoing activity, it must file returns as ‘GST nil returns’ to avoid GST compliance issues.
As per The Companies Act, there are sure compliances that are to be documented by the Private Limited Company or any Company besides. These ROC compliances significantly incorporate Annual filing. Notwithstanding, annual return draft, revelation by Directors and refreshing the Statutory Register are additionally incorporated into these ROC compliances. ROC compliances are essential. Any slack can prompt punishments and other lawful issues relating to the Company. There are sure forms that are to be recorded alongside indicated documents and returns. Service Of Corporate Affairs enables you to record these forms online moreover.
