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Online GST Registration, GST Return, GST Annual Return, P Tax, Income Tax, I Tax Return
Documents required for ITR filing: 10 documents you need to file income tax return
1. PAN & AADHAR
2. FORM 16 of your employer
3. FORM 16A from bank and other TDS Certificates
4. Interest Certificates
5. Annual Information Statement. (AIS)
6. FORM 26AS
7. Capital Gains
8. Tax Saving Investments and expenditure proof
9. Foreign Income and unlisted shares
10. Bank Account
11. Mobile Number
12. Email address
What is ITR?
Income Tax Return or ITR is a form that shows the gross taxable income for a specific financial year. Taxpayers use this form to officially report their income, deductions, exemptions, and taxes paid. Therefore, it reduces your net income tax liability for the financial year.
According to the Income Tax Act, 1961, a person below the age of 60 years must file a tax return if any part of his income is taxable. If your taxable income exceeds Rs. 5 lakh in a financial year or you have paid advance tax, ITR must also be filed. When you file your tax return, you also have to pay the taxes due as per the current Income Tax Schedules.
There are many types of ITR Form. The details are as follows:
ITR 1 - ITR 1 or Sahaj is the form for those individuals whose income is up to Rs. 50 lakhs from pension, salary, income from other sources and one home value.
ITR 2 - Resident Individuals or Hindu Undivided Families (HUF) who cannot fill ITR 1 or Sahaj form can use this form.
ITR 3 - This form is for individuals or HUFs who have income from their business or profession. In short, undivided families or individuals who do not qualify for ITR 1, ITR 2 and ITR 4 can file ITR 3.
ITR 4 - ITR 4 or Sugam is for all types of professions, companies, HUFs and companies. You can file ITR-4 if your total income includes income from business or profession
ITR 5 - For LLP
ITR 6 - For Company
ITR 7 - For Political Party or Charitable Organization
What are the 4 types of GST?
The Four Different Types of GST Tax in India are:
1. CGST (Central): Shared tax on intra-state goods, levied by both Central & State governments.
2. SGST (State): Additional tax on intra-state goods, specific to each state.
3. IGST (Integrated): All-inclusive tax for inter-state and import/export transactions.
4. UTGST (Union Territory): Similar to SGST, but for transactions within Union Territories
Who is eligible for a GST refund? GST refund is a process where only the registered assesses can claim an excess amount in case they have paid more tax than their GST liability. A registered taxpayer could claim the GST refund after furnishing a refund application along with all the necessary details in the GST portal. Who is eligible for ITC? For claiming ITC under GST, a business needs to fulfil the following criteria: Registered Member– You need to be a bona fide member of the GST club, with a valid registration number. Business Supplies -: Only goods and services used for your business adventures, not personal errands, are eligible for ITC claims. Paper Perfect – Hold onto that all-important tax invoice or debit note – it’s your entry ticket to the ITC claim. Two-Way Street – The supplier must not only charge the GST but also diligently file their return and deposit the tax with the government. Most Important– Don’t forget to file your own GST return – it’s like showing your membership card at the ITC treasure chamber. Remember, missing any of these keys could leave your ITC claim locked away. So, make sure you tick all the boxes and claim your rightful tax benefits!
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