Accounting & Taxation - Auditing Bazaar https://auditingbazaar.in The best quality and cost effective legal and compliance services Sun, 25 Feb 2024 16:30:30 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://auditingbazaar.in/wp-content/uploads/2023/07/cropped-Siteicon-32x32.png Accounting & Taxation - Auditing Bazaar https://auditingbazaar.in 32 32 230638473 Income Tax https://auditingbazaar.in/product/income-tax/ https://auditingbazaar.in/product/income-tax/#respond Thu, 20 Jul 2023 06:50:11 +0000 https://auditingbazaar.in/?post_type=product&p=100

The Constitution of India → Schedule VII → Union List → Entry 82 has given the power to the Central Government to levy a tax on any income other than agricultural income, which is defined in Section 10(1) of the Income Tax Act, 1961.

The Income Tax Law consists of Income Tax Act 1961, Income Tax Rules 1962, Notifications and Circulars issued by Central Board of Direct Taxes (CBDT), Annual Finance Acts and judicial pronouncements by the Supreme Court and High Courts.

 

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Income Tax is a Tax on an Individual or a Hindu Undivided Family or any taxpayer other than companies who are required to pay tax on the income received. The law prescribes the rate at which such income should be taxed.

The Income Tax Law consists of Income Tax Act 1961, Income Tax Rules 1962, Notifications and Circulars issued by Central Board of Direct Taxes (CBDT), Annual Finance Acts and judicial pronouncements by the Supreme Court and High Courts.

Levy of tax on a person depends upon his residential status. The CBDT administers the Income Tax Department, which is a part of the Department of Revenue under the Ministry of Finance, Government of India.

It is mandatory to file return of income for a company and a firm. However, individuals, HUF, AOP, BOI are mandatorily required to file return of income if the income exceeds the basic exemption limit .The Basic Exemption Limit is different for senior citizens and super senior citizens.

TYPES OF ITR RETURNS

ITR-1 SAHAJ For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh
ITR-2 For Individuals and HUFs not having income from profits and gains of business or profession
ITR-3 For individuals and HUFs having income from profits and gains of business or profession
ITR-4 SUGAM For Presumptive Income from Business & Profession
ITR-5 For persons other than,-(i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR-6 For Companies other than companies claiming exemption under section 11
ITR-7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

 

Benefits of Income tax e-filing through Auditing Bazaar

1. Very low price and quality service
2. Get IT refunds early
3. Help you to reduce tax liability
4. Avoid Interest and Penalties
5. Online dashboard for submitting Tax filing documents
6. Helps to project Yearly tax plan
7. Free online consultation
8. Easy Access
9. Support through regional language.

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]]> https://auditingbazaar.in/product/income-tax/feed/ 0 100 GST Registration https://auditingbazaar.in/product/gst-registration/ https://auditingbazaar.in/product/gst-registration/#respond Thu, 20 Jul 2023 06:45:05 +0000 https://auditingbazaar.in/?post_type=product&p=98

The GST was launched at midnight on 1 July 2017 by the President of India, Pranab Mukherjee, and the Government of India. GST Registration in India is now a compulsory requirement for all liable people and economic entities engaged in various economic fields in places all across the country. People and entities not registered under GST, cannot collect taxes from customers nor claim any input tax credits

 

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Launched on July 1 2017, the Goods and Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are absorbed in one tax – GST.

GST is to be charged at every step of the supply chain, with full set-off benefits available. The procedure for GST is entirely online and requires no manual intervention.

GST has subsumed many indirect taxes which were imposed by Centre and State such as Sales tax, Service tax, Excise duty, VAT. GST is levied on supply of all goods or services or both except supply of alcoholic liquor for human consumption.

GST REGISTRATION

All businesses that successfully register under GST are assigned a unique Goods and Services Tax Identification Number (GSTIN).

GST registration is provided under different categories of liable taxpayers, which are based on the criteria of the types of business transactions, the annual turnover, and the location of the business/service.

  • GST Registration is mandatory for cases of Export of goods and services.
  • Supply of goods and services through e-commerce platforms.
  • Input Service Distributor needs mandatory GST Registration in India.
  • Non Resident Taxable Person needs mandatory GST Registration in India.
  • Casual Taxable Person needs mandatory GST Registration in India.
  • Reverse Charge Mechanism.

BENEFITS:

GST Registration & e-filing Benefits from Auditing Bazaar:
1. Free consultation
2. Helps to Keep updating records of sales and purchase to Government as per the GST act
3. Helps to Avoid any Interest and Penalties
4. Helps to Avoid the cancellation of GST registration
5. Speed up growth by regularly filing GST returns
6. Reach your monthly and yearly target
7. Get Sales and purchase statement faster
8. Increase your company’s credibility in the market
9. Low & Transparent pricing
10. Monthly review with customer

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