Tax

Income tax return is an annual statement of the income and tax paid thereon based on self-assessment by the taxpayer detailing the gross receipts, expenses & taxes paid. The return of income tax has to be filed within its due date which falls in the next financial year for the income earned during a financial year. The year in which the return is to be filed is known as assessment year and the period for which the tax return is filed is known as the previous year. For example, If the income is earned within 2018-19, then the period shall be known as the previous year and the assessment year shall be 2019-20.The return of Income Tax also known as ITR is a statement of taxable income, a computation as to how the taxable income is calculated and details of the taxes paid by the taxpayer during a specific financial year. The ITR is filed in the assessment year which is the subsequent tax period to the period in which income is earned. For the last date (Due Date) of submitting the ITR for individuals is 31st July while for companies it is 30th of September.

Under the new tax regime of Goods and Services Tax, all persons involved in the supply of goods or services are required to obtain registration of GST. Those who are not registered under GST shall not be allowed to collect GST from customers or claim input tax credit (ITC) on inward supply. GST Council has prescribed 20 Lakhs of turnover to be the threshold limit for registration under GST. However, for northeastern states, it is 10 Lakhs. The registration must be applied within 30 days of reaching the threshold limit. For GST, the term Aggregate Turnover means all supplies made by the taxable person whether on his own or behalf of a principal. However, in case of registered job worker, the turnover of supplies under job work won't be included in his turnover. Registration is though online but is very tricky and should be done by professionals only.

There are many returns under GST which a taxpayer has to file with the GSTIN, our team of GST Practitioners, chartered accountants and tax advocates are available to assist you with the filing of the GST return accurately and always on time. GST was implemented in India with effect from 1st July 2017. More than 1.2 crore taxpayers have registered with the GSTIN and all of them are liable to file various GST Returns on its due dates. Even inactive business that has obtained GST registration need to file the required return of the GST. .

In case the turnover of the taxpayer (irrespective of its category) is equal to or more than Rs.1 Crore from the business or Rs. 50 Lac from the income from profession then as per The Income Tax Act, 1961 an audit known as Tax Audit by a practicing chartered accountant (CA) is required to be done under section 44AB. The tax audit report must be filed online at the income tax portal before 30th September of the assessment year.Tax Audit is an independent audit by a chartered accountant in full-time practice concerning the matters related to Taxation only and a report confirming that there is no concealment of income by the taxpayer and that there is no non-payment of tax liability and the same has is paid on due dates. The tax audit is a statutory obligation on the part of the taxpayer and is applicable on all cases where the turnover or the gross receipts during the previous year is more than the limit prescribed under section 44AB for the respective assessment year. The due date for filing the tax audit report is 30th September of the assessment year. In case the audit report is not submitted within its due date then the taxpayer is required to pay a penalty of an amount equal to 1.5% of the gross receipts/turnover, however, subject to a maximum fine of Rs. 1.5 lac. .

Accounting is the backbone of any business, our accountants are experienced and well qualified to take care of your requirements. Accounting is an art of recording transactions of financial nature on day to day basis on a chronological basis; every business must prepare and maintain an up to date books of accounts, which is a requirement of law as well as modern-day necessity to comply with tax laws. The size of the business does not matter, and the legal compliances are applicable in the same manner to all. The payment of advance taxes, TDS and GST is based on the proper accounting of the business. .