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Accounting Documents

Our Services - Taxation

From obtaining a PAN or TAN to filing ITRs, GSTRs, GST Registrations these services ensure compliance with tax laws and regulations. Our team of experts can assist you with all your needs, making the process seamless and hassle-free.

Income Tax Return Filings

There are various types of Income Tax Returns (ITRs) that individuals and entities may need to file based on their income sources, residency status, and other factors. As of my last update, here are the common types of ITR forms used:

  1. ITR-1 (SAHAJ): For individuals having income from salaries, one house property, other sources (excluding winning from lottery and racehorses), and whose total income does not exceed ₹50 lakh.

  2. ITR-2: For individuals and HUFs (Hindu Undivided Families) not having income from profits and gains of business or profession.

  3. ITR-3: For individuals and HUFs having income from profits and gains of business or profession.

  4. ITR-4 (SUGAM): For individuals, HUFs, and firms (other than LLPs) having presumptive income from business and profession.

  5. ITR-5: For persons other than individuals, HUFs, companies, and persons filing Form ITR-7.

  6. ITR-6: For companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes).

  7. ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).

The choice of which form to use depends on the nature of income, the residency status of the taxpayer, and other specific criteria laid out by the Income Tax Department of India each financial year. It's important to select the correct form applicable to your situation to avoid penalties and ensure compliance with tax regulations.

GST Return Filings

Types of GST Returns:

  • GSTR-1: Monthly or quarterly return for outward supplies (sales).

  • GSTR-3B: Monthly summary return for details of outward and inward supplies along with tax payment.

  • GSTR-9: Annual return summarizing the details furnished in monthly or quarterly returns.

  • GSTR-9C: Reconciliation statement filed along with GSTR-9 by taxpayers above a specified turnover threshold.

GST Registration

GST Registration:

  • Mandatory for businesses with turnover above specified thresholds.

  • Voluntary registration available for businesses below thresholds.

  • Done online via GST portal; requires PAN, business proofs, and bank details.

TDS/ TCS Return Filing

TDS Return Filings:

  • Applicable for entities deducting tax on payments like salary, interest, etc.

  • Types: Form 24Q (salary), Form 26Q (non-salary), Form 27Q (payments to non-residents), Form 27EQ (government collections).

  • Quarterly filings via TRACES portal with details of TDS deducted and PANs of deductees.

TCS Return Filings:

  • Applicable for businesses collecting tax on specified transactions like sale of goods.

  • Type: Form 27EQ.

  • Quarterly filings via NSDL portal with details of TCS collected and PANs of collectors.

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