GST Registration - Eligibility, Process and Expert Help
GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim input tax credit of GST paid or could be penalised. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.
As per the GST Council, entities in special category states with an annual turnover of Rs.10 lakhs and above would be required to register under GST. All other entities in rest of India would be required to register for GST if annual turnover exceeds Rs.20 lakhs. There are also various other criteria's, that could make an entity liable for obtaining GST registration - irrespective of annual sales turnover. Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST.
IndiaFilings is the leading business services platform in India, offering a variety of services like income tax filing, GST return filing, private limited company registration, trademark filing and more. IndiaFilings can help you obtain GST registration in India and maintain GST compliance through a proprietary GST accounting software. The average time taken to obtain GST Certificate is about 5 - 10 working days, subject to government processing time and client document submission. Get a free consultation on GST and GST return filing by scheduling an appointment with an IndiaFilings Advisor.
TAXATION PLANNING AND COMPLIANCE
Every business is subject to a wide range of taxes. These can vary depending on your business structure, i.e. if you’re a sole trader, partnership, limited company etc. The most common taxes include:
Capital gains tax
Capital acquisitions tax
Value added tax
Relevant contracts tax
Pay related social insurance (PRSI)
Health and income levies
As tax legislation is constantly changing, it’s important to plan your business activities so that you minimise your tax liability and take advantage of any available incentives. We can help in this regard.
In summary, we can:
Advise you on the best form of business entity you should set up, i.e. sole trader, partnership, limited company etc.
Prepare your tax returns (under all tax headings) to ensure compliance
Plan your capital gains tax
Structure your tax for property acquisitions and disposals
Plan for Inheritance gift tax
Advise on retirement and pensions
Prepare for stamp duty
Plan for VAT and compliance
Plan for PAYE/PRSI and compliance (as an employer and employee)
Provide support for a Revenue audit
> Income Tax Filing
Its is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds the exemption limit. Partnership firms are required income tax return - irrespective of amount of income or loss. All companies are mandatorily required to file income tax return. Finally, it is mandatory for most types of trust to file income tax every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.
Income tax return form can be e-filed or manually filed. Income tax returns do not have the ability to accept any attachment while efiling or manually filing. Hence, all relevant documents pertaining to the income tax filing like proof of investment, TDS certificates, pay slip, rent receipt, etc.) must be retained by the taxpayer and should be readily available if requested by tax authorities during assessment, inquiry, etc.
IndiaFilings is the largest business services platform in India, offering a variety of services like company registration, trademark registration, GST registration, income tax filing and more. IndiaFilings can help you file income tax returns. Get a free consultation for income tax filing through IndiaFilings by scheduling an appointment with an IndiaFilings Advisor.
Top Income Tax Return Types
ITR 1 (SAHAJ)
Income Tax Form ITR-1 (SAHAJ) is for individuals having income from salaries, one house property and other sources like interest, etc., This is the most used income tax return type.
Income Tax Form ITR 4 is for individuals and Hindu Undivided Families having income from a proprietary business or profession. This form is used by proprietorship firms.
Income Tax Form ITR 5 is used by most partnership firms as it is intended for persons other than individuals, Hindu Undivided Families, companies and person filing Form ITR-7.
Income Tax Form ITR 6 is used by companies like one person company, private limited company, public limited company and other for-profit companies.
Income Tax Form ITR 7 is used by persons, political parties, news agencies, universities and entities in receipt of income from property held under trust for
> GST Return Filing
GST has been implemented in India from 1st July, 2017. Under the new GST regime, nearly 1 crore busineses in India have obtained GST registration. All entities having GST registration are required to file GST returns, as per the GST return due date schedule mentioned below. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
GST registration holder are required to file GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 25th of each month. Dealers registered under the GST composition scheme are required to file GSTR-4 every quarter, on 18th of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December. The due dates for the GST return due in July, August and September are different from the normal schedule to help the taxpayers and GSTN network ensure a smooth GST rollout.
IndiaFilings is the leading business services platform in India, offering end to end GST services from registration to return filing. IndiaFilings can help you file GST returns in India. The average time taken to file a GST return is about 1 - 3 working days, subject to government processing time and client document submission. Get a free consultation on GST return filing by scheduling an appointment with an IndiaFilings Advisor.
> TDS Return Filing and TDS Due Date
TAN or Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. Tax deducted at source (TDS) ensures that the Government's collection of tax is proponed and the responsibility for paying tax is diversified. The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government - quoting the TAN number. Individuals who are salaried are not required to obtain TAN or deduct tax at source. However, a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent exceeding Rs.1,80,000 per year, etc. IndiaFilings can help obtain TAN Registration.
Those entities have TAN Registration must then file TDS returns. TDS returns are due quarterly. IndiaFilings can help you file e file your TDS returns online. Our TDS experts can help you compute your TDS payments and e file the TDS return and keep you in compliance with TDS regulations. Use ReminDue to know more about your due dates for TDS return filing due date and TDS payment due date.
Reasons to TDS Return Filing
TAN - Tax deduction Account Number
PAN is a 10 character alpha-numeric code issued by the Income Tax Department for persons responsible for deducting or collecting tax at source. All most all for-profit entities and not-for-profit entities are required to obtain TAN.
Tax Deducted at Source must be paid into authorized bank, quoting the TAN and using Challan 281. TDS during the preceding month must be paid before the 7th day of the following month.
Proprietorship Require TAN
Salaried individuals are not required to deduct tax at source. However, individuals running a proprietorship are required to obtain TAN and deduct tax at source when required.
TAN Facilitation Center
IndiaFilings is a authorized TAN facilitation center. Therefore, IndiaFilings can help you obtain TAN hassle-free and quickly. Just send the TAN application along with the supporting documents and we will help you get your TAN quickly.
Once a TAN is issued, it is valid for lifetime. However, TDS Filings must be made quarterly on the 15th day of July, October, January and May. Non-filing of TDS filings within the due date will attract a penalty.
> Income Tax Notice
Income tax notices are sent by the Income Tax Department for various reasons like not filing income tax return, defect in filing of tax return or other instances where the tax department requires additional information or documents. On receiving an income tax notice, there is no reason to be alarmed or frightened. However, the taxpayer must take steps to understand understand the nature of notice, the request or order in the notice and take steps to comply.
IndiaFilings offers a comprehensive suite of services for families and businesses to help them maintain their tax compliance. In case you receive an income tax notice, get in touch with a Tax Expert at IndiaFilings to better understand the income tax notice and determine a course of action. You can send a copy of the tax notice and question to [email protected] Our Tax Experts can then advice you on the type of notice received and provide support in helping you comply with the tax notice or order.
Types of Income Tax Notice
Notice u/s 143(1) - Intimation
This is one of the most commonly received income tax notice. The income tax department sends this notice seeking a response to the errors/ incorrect claims/ inconsistencies in an income tax return that was filed. If you want to revise the return after receiving this notice, it must be done within 15 days. Else, the tax return will be processed after making necessary adjustments mentioned in the 143(1) tax notice.
Notice u/s 142(1) - Inquiry
This notice is addressed to the assessee when the return is already filed and further details and documents are required from the assessee to complete the process. This notice can also be sent to necessitate a taxpayer to provide additional documents and information.
Notice u/s 139(1) - Defective Return
An income tax notice under Section 139(1) would be issued if the income tax return filed does not contain all necessary information or incorrect information. If tax notice under Section 139(1) is issued, you should rectify the defect in the return within 15 days.
Notice u/s 143(2) - Scrutiny
An income tax notice under Section 143(2) is issued if the tax officer was not satisfied with the documents and information that was submitted by the taxpayer. Taxpayers who receive notice under Section 142(2) have been selected for a detailed scrutiny by the Income Tax department and will have to submit additional information.
Notice u/s 156 - Demand Notice
This type of income tax notice is issued by the Income Tax Department when any tax, interest, fine or any other sum is owed by the taxpayer. All demand tax notice will stipulate the sum which is outstanding and due from the taxpayer.
Incorporation: Formation and registration of Companies and LLPs
Secretarial Records and Compliance: Counsel on and ensuring compliance with the provisions of the Companies Act, 1956 and Companies Act 2013 and assist in maintenance and filings of minutes and other secretarial records
Annual Filings and Reporting: Assist in submission of annual returns, balance sheet and other filings with the Ministry of Corporate Affairs
Winding Up and Liquidation: Assisting in winding up and liquidation of companies and LLPs
Merger and Acquisition: Assist in obtaining regulatory approvals from the Company Law Board for Mergers, Demergers, Amalgamations and other matters
Representative office registration – Registration of Liasion office, Branch Office and/or Project Office with RBI and MCA
Carrying out Searches and Collateral Inspection of Fixed Assets, Book Debts and Stock for Banks, Financial Institutions etc. and legal compliance with regard to the registration of charges
Foreign Exchange Management Act (FEMA) and related regulations
Advising clients on and ensuring compliance with the provisions of the Foreign Exchange Management Act, 1999 (FEMA).
Advice on Indian Government’s policies on foreign investment in India
Assist in preparation of documentation and obtaining approvals from the Reserve Bank of India for the allotment/transfer of shares to foreign citizens and foreign companies
Assist in establishment/winding-up/extension of and various other matters pertaining to the operation of Liaison/Branch/Project Offices of Foreign companies operating in India
Obtaining approvals from the Reserve Bank of India with regard to various transactions involving foreign exchange like stock option plans, technology transfer agreements, EPC contracts, legal service agreements, acquisition of foreign companies, foreign currency loans, suppliers credit etc.
Advice on Investment Structuring decisions
Advice on Shareholder Agreements
Advice on Overseas Acquisitions
Assist in drafting applications and obtaining approvals of foreign investment proposals in various sectors of economy from the Foreign Investment Promotion Board (FIPB)/Ministry of Finance, amendment and extension of FIPB approvals, etc.
Assist in incorporation of Offshore Trusts & Companies as subsidiaries / joint ventures abroad
Assist in setting up overseas bank accounts and ensuring compliance for effecting remittances abroad
Assist in maintaining and compliance of offshore Trusts
Other Corporate Laws
Securities and Exchange Board of India (SEBI) Regulations and Compliance
Representation before the Board for seeking clarifications and representing clients in legal matters
Advise on BIFR and Company Law Board
Assistance in coordinating with Lawyers
Assist in compliance with applicable PF / ESI laws
Any other need based matter.
Appearance by authorised representative
288. (1) Any assessee who is entitled to or required to attend before any Income-tax authority or the Appellate Tribunal in connection with any proceeding under this Act otherwise than when required under section 131 to attend personally for examination on oath or affirmation, may subject to the other provisions of this section, attend by an authorised representative.
(2) For the purpose of this section, "authorised representative" means a person authorised by the assessee in writing to appear on his behalf, being—
(i) a person related to the assessee in any manner, or a person regularly employed by the assessee ; or
(ii) any officer of a Scheduled Bank with which the assessee maintains a current account or has other regular dealings ; or
(iii) any legal practitioner who is entitled to practise in any civil court in India ; or
(iv) an accountant ; or
(v) any person who has passed any accountancy examination recognised in this behalf by the Board ; or
(vi) any person who has acquired such educational qualifications as the Board may prescribe for this purpose ; or
1[(via) any person who, before the coming into force of this Act in the Union territory of Dadra and Nagar Haveli, Goa, Daman and Diu, or Pondicherry, attended before an Income-tax authority in the said territory on behalf of any assessee otherwise than in the capacity of an employee or relative of that assessee ;] or
(vii) any other person who, immediately before the commencement of this Act, was an Income-tax practitioner within the meaning of clause (iv) of sub-section (2) of section 61 of the Indian Income-tax Act, 1922 (11 of 1922), and was actually practising as such.
Explanation.—In this section, "accountant" means a chartered accountant within the meaning of the Chartered Accountants Act, 1949 and includes, in relation to any State, any person who by virtue of the provisions of sub-section (2) of section 226 of the Companies Act, 1956 (1 of 1956), is entitled to be appointed to act as an auditor of companies registered in that State.
(3) Notwithstanding anything contained in this section, if the authorised representative is a person formerly employed as an Income-tax authority, not below the rank of Income-tax Officer, and has retired or resigned from such employment after having served for not less than three years in any capacity under this Act or under the Indian Income-tax Act, 1922, from the date of his first employment as such, he shall not be entitled to represent any assessee for a period of two years from the date of his retirement or resignation, as the case may be.
(4) No person—
(a) who has been dismissed or removed from Government service after the 1st day of April, 1938 ; or
(b) who has been convicted of an offence connected with any income-tax proceeding or on whom a penalty has been imposed under this Act other than a penalty imposed on him under clauses (i) and (ii) of sub-section (1) of section 271 ; or
(c) who has become an insolvent,
shall be qualified to represent an assessee under sub-section (1), for all times in the case of a person referred to in sub-clause (a), for such time as the Commissioner may by order determine in the case of a person referred to in sub-clause (b), and for the period during which the insolvency continues in the case of a person referred to in sub-clause (c)
(5) If any person—
(a) who is a legal practitioner or an accountant is found guilty of misconduct in his professional capacity by any authority entitled to institute disciplinary proceedings against him, an order passed by that authority shall have effect in relation to his right to attend before an income-tax authority as it has in relation to his right to practise as a legal practitioner or accountant, as the case may be;
(b) who is not a legal practitioner or an accountant, is found guilty of misconduct in connection with any income-tax proceedings by the prescribed authority, the prescribed authority may direct that he shall thenceforth be disqualified to represent an assessee under sub-section (1).
(6) Any order or direction under clause (b) of sub-section (4) or clause (b) of sub-section (5) shall be subject to following conditions, namely :—
(a) no such order or direction shall be made in respect of any person unless he has been given a reasonable opportunity of being heard;
(b) any person against whom any such order or direction is made may, within one month of the making of the order or direction appeal to the Board to have the order or direction cancelled ; and
(c) no such order or direction shall take effect until the expiration of one month from the making therefore, or, where an appeal has been preferred, until the disposal of the appeal.
(7) A person disqualified to represent an assessee by virtue of the provisions of sub-section (3) of section 61 of the Indian Income-tax Act, 1922, shall be disqualified to represent an assessee under sub-section
The Firm provides Transfer pricing services for Advising, Bench marking, Audit, Documentation and Assessment for International as well as Domestic Transfer pricing matters,
This Division comprises of personnel with several years of experience in the field with dedicated personnel working exclusively on Transfer pricing.
This Division comprises several experienced Partners, Director, Senior Managers, Associates and other Qualified and Experienced personnel, with long and varied experience and services provided to large Domestic and International Corporates
Transfer Pricing Services includes:
Benchmarking Analysis & Study Report:
Conducting Benchmarking Analysis & Study Report for preparation of Transfer Pricing policy for Corporates leading to effective, documentation.
Transfer Pricing Audit:
Regular Transfer Pricing Audit & Certification is conducted under The Income Tax Act, 1961 for Corporates with cross border as well as domestic transactions with their associated entities.
Transfer Pricing Documentation:
At the request of Corporates, periodic Transfer pricing Study Reports are prepared to facilitate evaluation and assessments under the income tax Act.1961.
Transfer Pricing Assessments and Appeals:
Drafting, Representing for regular Assessment’s, and before Appellate Authorities on Transfer pricing
Transfer Pricing Advisory:
Advising large Companies/ Corporations on their cross border transaction and specified domestic transaction which can help them in effective tax planning.