Income Tax Return Filings

Its is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds the exemption limit. Partnership firms are required income tax return – irrespective of amount of income or loss. All companies are mandatorily required to file income tax return. Finally, it is mandatory for most types of trust to file income tax every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.

GST Registration & Advisory

Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. In simple words, GST is an indirect tax levied on the supply of goods and services. GST Law has replaced many indirect tax laws that previously existed in India. GST or the Goods and Services Tax aims to remove the cascading effect of various taxes. The scary part that is most visible now is the shooting up of services tax – from 14-15% depending upon the sector to flat 18%, but the negative effect is only short term. Due to the elimination of cascading of taxes, the potential benefits of GST to Indian economy are many and would lead to a number of goods being available at a much cheaper rate.

Components of GST
1) CGST: Collected by the Central Government on an intra-state sale (Eg: Within Gujarat)
2) SGST: Collected by the State Government on an intra-state sale (Eg: Within Gujarat)
3) IGST: Collected by the Central Government for inter-state sale (Eg: Gujarat to Maharastra)

GST Filings

A GST Return is a document that is required to be filed as per the law with the tax authorities. Under the GST law, a taxpayer has to submit three returns on a monthly basis and one such return annually. All returns have to be filed online. Please note that there is no provision for revising the returns. All invoices of the previous tax period that went unreported must be included in the current month.

GSTR-1
Contains details of the outward supplies; has to be filed by 10th of every month.

GSTR-2
Contains details of inward supplies; due by the 15th of each month;

GSTR-3
This is the monthly return and is due by the 20th of every month.

In addition to the monthly and quarterly returns, there is an annual return that needs to be filed by December 31. A requisite GST reconciliation statement has to be duly filed by the appointed chartered accountant.

Annual Filings & Book Keeping

We offer a full range of accounting and bookkeeping services. Sole proprietorship, Partnership Firms, companies, small businesses, mid & Large size businesses all have different accounting and bookkeeping needs. To cater to this varied requirement, we offer tailor-made accounting systems. Whether it is a full service accounting and book-keeping plan or quarterly updates and financial statement preparation, we provide accurate and timely service.

Pan Card (Individual, HUF & Company)

Permanent Account Number or PAN, as it is commonly called, is a means of identifying various taxpayers in the country. PAN is a unique identification number assigned to Indians, mostly to those who pay tax. The PAN system of identification is a computer-based system that assigns unique identification number to every Indian tax paying entity. Through this method, all tax related information for a person is recorded against a single PAN number which acts as the primary key for storage of information. This is shared across the country and hence no two people on tax paying entities can have the same PAN.