TAX RETURN

You need to submit Income Tax Return forms time-to-time to let the government know about your income and the taxes that you have paid as a responsible citizen of the country..

What is Tax Return

Income Tax Return (ITR) is a form that a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year.

A GST return is a document containing details of all income/sales and/or expenses/purchases that a taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.

WHAT ARE THE 4 TYPES OF GST?

The 4 types of GST in India are:

SGST (State Goods and Services Tax)
CGST (Central Goods and Services Tax)
IGST (Integrated Goods and Services Tax)
UGST (Union Territory Goods and Services Tax)

F.A.Q

HOW MANY TAXES ARE INCLUDED IN GST?

Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state government as per the previous tax system.
WHAT ARE THE BASICS OF GST?

At the intra-state level, two types of GST shall be levied CGST (Central Goods and Services TAX) and SGST (State Goods and Services Tax). At the inter-state level IGST (Or Integrated Goods and Services Tax) shall be levied. Imports shall be considered as inter-state supply. Exports shall be zero-rated.
ON WHICH PRODUCTS GST IS NOT APPLICABLE?

Items that are exempted from GST are live fish, fresh fish, bird’s eggs in the shell, fresh mint, fresh ginger, garlic, grapes, melon, unroasted coffee beans, unprocessed green tea leaves, etc. Corn, rice, wheat, maize, soybean, hulled cereal grains, etc. INCOME CAN BE OF VARIOUS FORMS SUCH AS : • Income from salary • Profits and gains from business and profession • Income from house property • Income from capital gains • Income from other sources such as dividends, interest on deposits, royalty income, winning the lottery, etc.
WHY YOU SHOULD FILE AN INCOME TAX RETURN?

• It is proof of the financial status of an applicant. • It helps in applying for loans. • It helps in carrying forward capital losses • ITR receipt is a useful document and used for visa processing • ITR receipt can also be served as an address proof • In case you need to file a government lender. It is essential to show ITR receipt for previous years • You can avail of various deductions under Section 80C to 80U and can claim a refund from the income tax department too.