TAX RETURN FILING
INCOME TAX RETURNS & COMPLIANCES
- All of us believe that we are paying a lot of tax. Well, the time has come to record it as well By filing your income tax return, you declare how much income you earned during the year, the deductions you claimed and the tax you paid.
- The equation is fairly simple, yet many taxpayers mess up their ITR—either out of greed, ignorance of tax rules, or just lack of time Take for instance the interest that nearly every taxpayer earns from bank FDs, recurring deposits and NSCs.
- This interest is fully taxable, but is rarely mentioned in the tax returns.
- Some of these mistakes are not very serious offences and the taxpayer will get away with a mere additional tax demand.
- But some other errors, such as not mentioning cash deposits after demonetisation or foreign assets and income, can land the taxpayer in serious trouble.
- To avoid these mistakes taxpayers are welcomed to approach CV Group team.
GST RETURNS AND SOLUTIONS
- One of the key aspects of the GST era is that most of the indirect taxes - for which returns had to be filed separately for various businesses - have been subsumed.
- Today, irrespective of whether one is a trader, manufacturer, reseller or service provider, one needs to file GST returns online, in the prescribed formats.
- Under GST, there are 19 GST return forms, which tax payers can use to file GST returns online.
- All these forms are required to be e-filed as per the GST return filing process laid down in the GST return rules section of the GST Act Considering that this is a new change for both the government as well as the industry, there have been teething problems in terms of complying with the law and filing returns electronically.
- While various procedural relaxations (such as postponing of returns and vendor reconciliations) have provided short-term relief, the compliance challenges are here to stay since provisions have only been deferred and not abolished.
FEMA RETURNS & COMPLIANCES
- In order to obtain the information regarding FDI and ODI, RBI has introduced the requirement of filing Annual Return on or before 15th July every year Annual Return will be filed on Foreign Liabilities and Assets (‘FLA Return’). On the basis of audited financial statements of an Indian entity, FLA Return is filed.
- If there is a case that accounts of the Indian company are not audited before 15th July then FLA return shall be filed on the basis of the unaudited accounts or we can say provisional accounts.
- After the accounts get audited of the Indian company and there are any revisions in comparison to provisional information submitted by the Indian Company, then it is required to file the revised FLA return by the Indian Company on the basis of the audited accounts by the end of September.
PROFESSIONAL TAX RETURNS (PTRC AND PTEC)
- Maharashtra professional tax return must be filed by those having professional tax registration.
- Those entities having professional tax liability of more than Rs. 50,000 are required to file monthly professional tax return before the last date of each month.
- Those entities having a tax liability of less than Rs. 50,000 in the previous year are required to file tax return annually – on or before the 31st of March.
- Revised professional tax return can be filed in Maharashtra if any omission or incorrect statement has been furnished.
- Return can be revised at any time before a notice for assessment is served or before the expiry of a period of six months from the end of the year for which the return was due.
MCA - ROC RETURNS AND COMPLIANCE
- Company is a corporate entity and is operated by legal rules and procedures given under the Companies Act 2013 ROC is also known as Registrar of Companies under the Ministry of Corporate Affairs looks after the compliances of Companies under its jurisdiction.
- Every Private Limited company irrespective of its size has to file returns and documents to comply with the legal requirements given in the Act and is known as ROC compliances.
- There are various compliances which are required to be fulfilled once your company is incorporated. It is essential to comply to the same so you can run your business legally.
- Annual Return – It is mandatory to every private limited company to file the annual return within 60 days of holding of the annual general meeting. To do the same, you need to fill form MGT-7.
- Financial Statements – Every private limited company is also required to file their financial statement each year like company’s balance sheet, profit & loss within 30 days of holding of the annual general meeting.
- You need to file your financial statements under Form AOC-4. AOC-4 must be certified by a practicing CA or Company Secretary.