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GST & INCOME TAX Categories
GST & INCOME TAX
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Bharat Inc., GST, GST & INCOME TAX
Cancellation of GST Registration
Cancelation of GST
We can cancel your GST registration if the GST rules don’t apply to you or you are shutting down your business or profession, or the tax officer calls for cancellation. This article will guide you through the different types of cancellations, and the overall process.
Meaning of cancellation of GST registration
Cancellation of GST registration simply means that the taxpayer will not be a GST registered person anymore. He will not have to pay or collect GST or claim the input tax credit and accordingly, need not file GST returns.
SKU: EBS4DTP3 -
Bharat Inc., GST & INCOME TAX, INCOME TAX (ITR)
Form 16 Filings
What is Form 16?
Form 16 contains the information needed to prepare and file your income tax return. It shows the breakup of salary income and the TDS amount deducted by the employer. It has two components – Part A and Part B (discussed in detail below).
Employers must issue it every year on or before 15th June of the following year, immediately after the financial year in which the tax is deducted. If you lose your Form 16, you can request a duplicate from your employer.
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Bharat Inc., GST
GST Registration
GST Registration
Any business offering sale of goods with annual turn over of 40 lacs or service with annual turn over of 20 lacs would require the registration for GST and have a valid GST Number.
Most Business Owners under GST Regime are required to Obtain GST Registration. For certain business it is mandatory, while for others whose turnover (for Sale of Goods) exceeds Rs 40 Lakhs (For NE and hill states the limit is Rs 20 lakhs). In other cases, GST Registration is also voluntary by respective business owners.
Make interstate transactions without restrictionsAvail input tax credit under GSTRegister on e-commerce websites and grow businessUnorganized sector is regulated under GSTSKU: EBCC42IE -
Bharat Inc., GST, GST & INCOME TAX
GST Return Filings
GST Return Filing
The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. Every taxpayer registered under GST has to file GST returns. These returns are used to calculate the tax liability by the government. GST is an evolving system of taxation and the government keeps updating the rules and regulations around it. So, it is important to stay up-to-date to be able to file your returns correctly.
Our GST return filing service helps taxpayers like you to get it done easily. Our professionals will take care of the filings so you don’t have to worry about staying up-to-date with laws or watching due dates.
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Bharat Inc., GST & INCOME TAX, INCOME TAX (ITR)
Income Tax Notice
NOTICE FROM INCOME TAX
You may be surprised to receive an intimation/notice from the income tax department even if you have filed your income tax returns within the due date. You would not be sure about what it is and how to respond to it. Don’t worry, we will break it down for you to help you understand your notices in detail.
First and foremost, it is important that you understand the difference between an intimation and a notice. There is a very thin line of difference between the two. Intimation is to highlight the outcome of the processing of your return or conclusion of assessment, and you may not be required to act upon it (although there are a few exceptions to it).
However, when you receive a notice, it requires you to act on it. Recently, the Central Board of Direct Taxes (CBDT) has notified a new scheme known as Centralized Communication Scheme (CCS). The scheme states that, gradually, all communications will happen in an electronic mode.
Every communication by the Income Tax Department (ITD) on or after 1st October shall bear a unique Document Identification Number (DIN).
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Bharat Inc., GST & INCOME TAX, INCOME TAX (ITR)
ITR Form 7
ITR Form – VII
It is a moral duty of every organization and taxpayer to file an income tax return and pay the taxes. The budget 2020 income tax amendments have stated that the ITR is important to be filed in case the electricity bill is more than 1 lakh and more than 2 lakh for foreign travel expense.
The income tax return form 7 is to be filed by all the Charitable /Religious trust u/s 139 (4A), Political party u/s 139 (4B), Scientific research institutions u/s 139 (4C), University or Colleges or Institutions or Khadi and Village industries u/s 139 (4D). These organizations have to file the form for claiming the exemptions
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Bharat Inc., GST & INCOME TAX, INCOME TAX (ITR)
ITR Form III
ITR Form -III
ITR 3 Form is applicable for the individuals and Hindu Undivided Families that earn profit and gains from business or profession.
ITR 3 For is to be filed by the individuals and the HUFs who earn income from carrying a profession or from a proprietary business. ITR 3 Form can be used when the income of the assessee falls in the categories that are mentioned below:
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Bharat Inc., GST & INCOME TAX, INCOME TAX (ITR)
ITR Form IV
ITR Form IV
ITR-4 Form is the Income Tax Return form for the taxpayers who opt for a presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3.
Who is required to file ITR-4?
ITR 4 is to be filed by the individuals/HUF/ Partnership firm whose total income of AY 2020-21 includes as below:
- Business income under section 44AD or 44AE
- Income from profession calculated under section 44ADA
- Salary/pension having income up to Rs 50 lakh
- Income from One House Property having income up to Rs 50 lakh (excluding the brought forward loss or loss to be carried forward cases under this head)
- Income from Other Sources having income up to Rs 50 lakh (Excluding winning from lottery and income from horse races).
SKU: EB9Q6NQ3 -
Bharat Inc., GST & INCOME TAX, INCOME TAX (ITR)
ITR Form V
ITR Form V
The taxpayers are supposed to file the Income Tax returns based on the income that is earned by them in the financial year and the kind of entity that it falls under. ITR 5 Form filing is to be done by the Association of Persons, Limited Liability Partnerships, Body of Individuals, Estates of the deceased, Artificial judicial person, business trust, estates of the insolvent, business trust, and investment fund.
This article is a comprehensive guide you can refer to while filing the Income Tax returns in Form 5.
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Bharat Inc., GST & INCOME TAX, TAX FILINGS & COMPLIANCE
ITR FORM-1
ITR FORM -1
It is mandatory to file Income Tax Returns for individuals with an income over Rs. 2.5 lakh for those below 60 years of age, Rs. 3 lakh in case of people over 60 years old but less than 80 years old and Rs. 5 lakh for those over 80 years of age. These exemption limits keep changing from time to time, depending on the government policies and notifications.
Also, the process for filing the returns is quite simple. One just needs to be aware of the different kinds of ITR forms, their applicability and some commonly used terms. The article discusses key details relating to ITR-1 Sahaj Form, its eligibility and applicability, documentation requirement, structure and more.
SKU: EB3T6779 -
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Bharat Inc., GST & INCOME TAX, INCOME TAX (ITR)
Professional Tax Registration
Professional Tax Registration
Professional tax is a state level tax which is imposed on income earned by way of profession, trade, calling or employment. The tax is based on slabs depending upon income of individual who may be self employed or working as employee of an entity. At present the maximum tax that can be imposed is restricted to is Rs. 2500/-.
Professional tax is just like Income Tax except for the fact that Income Tax is collected by the Central Government and Professional Tax is collected by the State Government. When this tax was first introduced in India, the maximum limit on the tax to be collected was Rs. 250.
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