Most Common
FAQs
INCOME TAX FREQUENTLY ASKED QUESTIONS (FAQs)
Filing Income Tax Return is a must for any responsible citizen earning Income. It is mandatory for those who earn a certain amount of annual income from their jobs, business, services, etc.
Income Tax Returns can be filed electronically and manually. Although filing returns electronically is recommended for hassle free submission, verification and processing of a tax return.
For every financial year, tax returns must be filed on or before July 31st (for non-audit case) and September 30th (for audit firms/individuals).
ITR forms, whether filed manually or filed electronically, do not require any documents like proof of investment, TDS certificates, etc. However, these documents should be retained by the taxpayer and produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
After several extensions of linking your PAN with Aadhar Number, Department has now made it mandatory to follow the process before filing/uploading the Tax return from Assessment Year 2019-2020. Any discrepancy in the data of Pan or Aadhar must be rectified at the earliest, in order to avoid last minute rush and further penalties for late filing of tax return.
The excess tax can be claimed as refund by filing your income tax return (ITR). After your return is processed and provided the tax department accepts your refund claim, the amount claimed as refund would l be credited back to your bank account through Electronic Clearance Service (ECS) transfer. You would also get an email intimation for the same. The I-T Department has been making efforts to settle refund claims at the earliest.
Any Business Entity or Individual who crosses the Threshold limit (as specified by the Finance Act) has to get their accounts audited by the Competent Person (Chartered Accountant) and submit the return afterwards.
If a taxpayer, who is required to get the Tax Audit done but fails to do so, then the least of the following may be levied as a penalty:
(a) 0.5% of the total sales or turnover or gross receipts.
(b) Rs. 1,50,000/-
G.S.T. FREQUENTLY ASKED QUESTIONS (FAQs)
It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
As per Section 22 of the CGST/SGST Act 2017, every supplier (including his agent) who makes a taxable supply i.e. supply of goods and / or services which are leviable to tax under GST law, and his aggregate turn over in a financial year exceeds the threshold limit shall be liable to register himself in the State or the Union territory of Delhi or Puducherry from where he makes the taxable supply.
GST Registration can be obtained by filing an application online and generally, after uploading relevant documents and information, registration number is allotted to the applicant within 4-5 working days.
After obtaining GST Registration, the dealer has to maintain books as per CGST Act 2017 and has to file GST Returns as per the turnover of the firm in previous year. There are separate GST Returns for different type of dealers , for example, GSTR- 1/3B for Regular dealers, CMP-08 for Composite Dealers, etc.
No. Every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation and is liable to pay GST in terms of Sub-section (1) of Section 22 of the CGST/SGST Act.
Yes. In terms of sub-section 10 of section 25 of the CGST/SGST Act, the proper officer can reject an application for registration after due verification.
Yes, the registration Certificate once granted is permanent unless surrendered, cancelled, suspended or revoked.
For more questions/clarifications on Income Tax, follow: https://www.incometaxindia.gov.in/Pages/faqs.aspx
For more questions/clarifications on GST, please follow: http://gstcouncil.gov.in/faq
