Income Tax Return

For taxpayers who do not require a tax audit the due date for filing income tax return is the 31st of July, every year. In case of a company or an assessee requiring tax audit under Income Tax, the due date for filing an income tax return is 30th of September. For the assessees who have entered into the international transaction or specified domestic transaction, the due date for filing an income tax return is the 30th November of every assessment year.

In case a taxpayer fails to file an income tax return before the due date, a penalty of upto Rs.5,000 can be levied by the assessing officer. Further, the assessee would be liable to pay interest, if the tax amount due is not deposited on time. Finally, certain income tax deductions normally eligible for taxpayers would be made unavailable for late filers. Hence, to save on income tax, its important to plan and file income tax return well in advance along with payment of taxes.

Every person who is in receipt of income for which he is taxable must file an income tax return if it exceeds the maximum amount not chargeable to tax. Hence, Trusts and not-for-profit organisations would also have to file an income tax return each year. The requirement to file an income tax return will be applicable even if the income earned by the trust is availing of an exemption under Section 11 of the Act.

G K Sureka & Co. is a Chartered Accountancy firm registered with the institute of Chartered Accountants of India in the year 1994. The full-fledged operation of the firm started the same year with the mission to provide a comprehensive range of financial services to its clients. We offer our expertise in the areas of Auditing, Taxation, BPO and Company Law related matters.

GST Registration FAQs

Yes, any person who on the day prior to 1st July 2017 had a service tax or VAT or central excise registration is legally responsible for completing GST migration formalities and being registered under GST.

A taxpayer can apply and obtain GST registration within 30 days as required by law to obtain GST registration.

Yes, any person, though not legally responsible as per the GST Act can get registered for GST voluntarily. After obtaining a GST registration, even those voluntarily registered under the Act must file GST returns or pay a penalty of Rs.200 per day of default. Hence, prior to obtaining GST registration, ensure that you have valid reasons for obtaining GST registration.

Yes. PAN is mandatory for obtaining GST registration. In the case of Proprietorship, the individual may use the PAN of the Proprietor. In case of LLP or Company or Trust or other types of legal entity, PAN must first be obtained for the entity making the GST registration application.

However, PAN is not mandatory for GST registration for foreigners and foreign companies. For non-resident taxable persons, GSTIN with a fixed expiry date will be provided based on the other documents provided to prove existence.

After the GST registration is approved, the applicants can download a copy of the GST Registration Certificate from the GST common portal.

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