INCOME TAX RETURN

Income tax return is a tax form submitted to the Income Tax Department by an assesse. It contains detailed income an assesse that he had earned throughout the year (starting from 1st April ending 31st March) and also the tax liability that is born by the taxpayer.

Income tax return must be filled in India by any Assesse whose gross total income (before deductions) exceeds 250000 annually. This income may be gained through mainly five heads of income. I.e.

  • Income from salary
  • Income from Business or Profession
  • Income from Capital gains
  • Income from House property
  • Income from Other sources

Date for filling income tax return in India F.Y 2016-2017 (A.Y 2017-18) is 5 August 2017 for Individuals and 30th September for Businesses.

 

GST Registration and Return

GST refers to Goods and Service tax .Act for GST in India was passed in the Lok Sabha on 29th March 2017, and came into effect from 1st July 2017. GST act in India had replaced many indirect taxes in India. It is aimed to reduce the multi point taxation on goods and services.

REGISTRATION- Every business carrying taxable supply of goods or services is entitled to register under GST ACT.

This is the official link for GST Registration:-

https://reg.gst.gov.in/registration/

Returns- All the registered businesses have to file return monthly , quarterly or annually for GST in India ,depending upon the type of business.

GST return must contain all the following

  • Purchases
  • Sales
  • GST inputs (On Purchase paid)
  • GST outputs (On Sales)