Our Office Address: Narayanpur,
(Near Nayanpore Bazar)
P.O.- R.Gopalpur.
Kolkata - 700136,
Contact No. 9051506932
Email : jamirgazi@rediffmail.com
Get reliable tax consulting services in Rajarhat New Town at TAXPRO PLUS. Our experienced professionals provide personalized advice, ensuring you make informed decisions and save on taxes.
GST
Under the GST regime, the number of GST returns you need to file depends on your business turnover and the type of registration you have. Let’s break it down:
Regular Businesses with Annual Turnover > ₹5 Crore:
These businesses are required to file two monthly returns (GSTR-1 and GSTR-3B) and one annual return. In total, this amounts to 25 returns each year.
Businesses with Annual annual turnover of ≤ ₹5 Crore:
If your turnover is up to ₹5 crore, you have the option to file returns under the QRMP (Quarterly Return Monthly Payment) scheme.
QRMP filers need to file nine returns each year, including four GSTR-1 and GSTR-3B returns and an annual return..
Despite filing returns quarterly, QRMP filers must pay taxes on a monthly basis.
For composition dealers, who have opted for the composition scheme, the number of returns is five each year:
Four statement-cum-challans in CMP-08 (quarterly).
One annual return (GSTR-4).
Types of GST Returns:
There are 13 types of GST returns, but not all apply to every taxpayer. Some common ones include:
GSTR-1: Details of outward supplies (sales).
GSTR-3B: Summary of tax liability and input tax credit.
GSTR-4: For composition dealers.
GSTR-9: Annual return.
GSTR-10: Final return.
CMP-08: Statement-cum-challan for composition dealers.
ITC-04: Details of job work transactions.
Eligible taxpayers with a turnover exceeding ₹5 crore must also file a self-certified reconciliation statement (Form GSTR-9C).
Remember that these returns are filed online through the GST portal. If you need assistance, consider using Clear GST software, which allows data import from various ERP systems like Tally and custom Excel.
INCOME TAX
What are the benefits of filing ITR?
Filing your Income Tax Return (ITR) offers several important benefits:
Legal Compliance: Filing ITR is a legal requirement for individuals whose income exceeds the specified threshold. By doing so, you comply with tax laws and avoid penalties.
Claiming Refunds: If you have paid more tax than necessary through TDS (Tax Deducted at Source) or advance tax, filing ITR allows you to claim a refund.
Loan Approval: Many financial institutions require ITR as proof of income when you apply for loans (such as home loans, car loans, or personal loans).
Visa Processing: When applying for a visa (especially for foreign travel), ITR serves as evidence of your financial stability and income.
Carry Forward Losses: If you have incurred losses (such as capital losses), filing ITR enables you to carry forward these losses to offset against future gains.
Building Financial History: Consistently filing ITR helps build a financial history, which can be useful for various purposes, including credit score assessment.
Avoiding Scrutiny: Non-filing of ITR may attract scrutiny from tax authorities. Filing ITR regularly reduces the chances of being flagged for investigation.
Remember that timely filing of ITR is essential for financial well-being and compliance with tax regulations. Always consult a tax professional for personalized advice.
