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File Income Tax Returns

Filing returns is a sign you are responsible. The government mandates that individuals who earn a specified amount of annual income must file a tax return within a pre-determined due date. The tax as calculated must be paid by the individual. Failure to pay tax will invite penalties from the Income Tax Department.

An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing the actuals, the total amount that should go to the government as income tax is calculated. If you’ve paid more tax than needed for the financial year, you’ll be refunded by the income tax department. Sometimes, you may also see that you have underpaid taxes for the year. In such cases, you must pay the remainder of the tax, and file your income tax returns.
Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some income tax return forms are longer than the others, and they may need additional disclosures such balance sheet and a profit and loss statement information.

Documents Required for IT Returns

Salary Income Returns

  • Form – 16
  • Scanned copy of PAN Card.
  • Savings Information (If any)

House Property Returns

  • Scanned copy of PAN Card
  • Income particulars
  • Property tax Receipt
  • Housing Loan Interest & Repayment Certificate (If any)
  • Saving Information (If any)
  • Advance Tax (If any)

Capital Gains Returns

  • Scanned copy of PAN Card.
  • Sale deed
  • Purchase deed
  • Saving Information
  • Advance Tax (challan) (If any)

Business (or) Profession Returns

  • Scanned copy of PAN Card
  • Business Income proof
  • Bank statement
  • Form 16 – A
  • Saving documents (If any)
  • Advance Tax (If any)

Other Income Returns

  • Scanned copy of PAN Card
  • Interest Income proof or Certificate
  • Other income information
  • Form 16 – A
  • Advance Tax Challan (If Any)

All the businesses who are traders or manufacturers having turnover of Rs. 5 lakhs and above (Rs. 10 lakhs in some states) have to get themselves registered with VAT department. VAT is a state matter and the VAT Act, rules and rates for every state is different. VAT is an indirect form of Tax. Although  collection of VAT and deposit with Government  is done by the registered business, it is borne by the end user. VAT is a multi point tax. VAT is charged every time goods are sold. So when manufacturer sells goods to wholesaler he charges VAT and pays to Government. When wholesaler sells goods to shop owner he collects charges VAT and pays it to Government by deducting the amount already charged by manufacturer. The shop owner charges VAT to the customer and pays it to Government by deducting the amount already charged by wholesaler, and so on.  The ultimate liability of VAT actually falls on person who consumes the goods.

In India being a state matter, VAT is governed by State Governments. Every state has different Acts, rules and rates of VAT. On registration with VAT department the business is allotted an eleven digit number called VAT-TIN. For interstate sales CST is charged by the businesses. At present MyEfilings provides VAT /CST return filing services in Maharashtra, Gujarat, Rajasthan, Karnataka, Andhra Pradesh and Telangana. We will soon start providing VAT registration services in all the States across India.

As per the government’s TDS Scheme, tax has to be deducted at the time of making payment. Person who makes the payment – deducts & deposits TDS with the government.

TDS deducted is usually deposited to the government by submitting an ‘income tax challan’ along with the payment.

Besides depositing tax, as a Deductor, you must also file a TDS Return.

A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you. TDS Returns include details of PAN of the deductor and deductees, particulars of tax paid to the government, TDS challan information and other details as required in the forms.

TDS Return Forms

There are different forms applicable based on the Nature of Income (or type of deductee) on which TDS has been deducted. Here are some examples –

TDS on Salary Form 24Q
TDS where deductee is a non-resident, foreign company Form 27Q
TDS on payment for transfer of certain immovable property Form 26QB
TDS in any other case Form 26Q

Section 70(1) of the Finance Act, 1994 (‘Act’ for short) provides that every person liable to pay service tax shall himself assess the tax due on the services provided by him.  Besides, this section requires the assessee to furnish return to the Superintendent of Central Excise in the prescribed form and at such frequency.  If the return is not filed within the due date, the return may be filed by paying late fee which may not exceed Rs.20,000/-  Section 70(2) of the Act provides that the persons notified by the Central Government under Section 69(2) are also to file returns in such form and in such manner at such frequencies as may be prescribed.

Rule 7(1) of Service Tax Rules, 1994 provides that every assessee shall submit a half-yearly return in Form `ST-3′ or `ST-3A’, as the case may be, along with a copy of the Form TR-6, in triplicate for the months covered in the half-yearly return.  ST -3 is meant for regular form for the assessees to be filed.  ST – 3A is to be filed in case the assessee paid service tax provisionally, in addition to ST-3.  In the earlier days the service tax returns were filed manually in triplicate.   Separate return was to be filed for each service provided.  The form was also simple.  The service tax returns should be filed on half yearly basis.  Rule 7(2) provides that every assessee shall submit the half year return by the 25th of the following particular half year.   The return for the first half year (April to September) is to be filed on or before 25th October and the return for the second half year (October to March) is to be filed on or before 25th April.

Service Tax Credit Rules, 2002 requires the assessee to file return for credit taken and utilized by service provider along with ST – 3 returns.  Later the return is streamlined and includes containing the details of all services rendered and the CENVAT credit taken and utilized after the introduction of CENVAT Credit Rules, 2004.

What is Professional Tax?

Professional tax is a tax that is levied by a state government on all individuals who earn a living through any medium. This should not be confused with the definition of professionals that indicates people such as doctors. This is a tax that is to be paid by every single earning individual. The calculation and amount collected may differ from one state to another but it has a limit of Rs. 2500 per year.

Employee’s State Insurance(ESI) is a self-financing social security and health insurance scheme for Indian workers. ESI Registration is mandatory for employers having 10 or more employee. For all employees earning Rs.15,000 or less per month as wages, the employer must contribute 4.75% and employee must contribute 1.75% towards ESI. The ESI fund is managed by the ESI Corporation (ESI) according to rules and regulations stipulated therein the ESI Act 1948, which oversees the provision of medical and cash benefits to the employees and their family through its large network of branch offices, dispensaries and hospitals throughout India. ESI is an autonomous corporation under Ministry of Labour and Employment, Government of India. IndiaFilings can help you obtain ESI registration for your business.

All employers having 10 ore more employees are required to be registered with Employee State Insurance (ESI) Corporation. Those entities having ESI Registration must then file ESI returns. ESI returns are due half-yearly. IndiaFilings can help file ESI returns for your business. Our ESI experts can also help you computer ESI payments and maintain ESI regulation compliance for your businesss. Use ReminDue to know more about your due dates for ESI return and ESI payment due date.

A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).

What Are the Returns Applicable Under GST?

In the table below, we have provided details of all the returns which are required to be filed under the GST Law.

Return Form What to file? By Whom? By When?
GSTR-1 Details of outward supplies of taxable goods and/or services effected Registered Taxable Supplier 10th of the next month
GSTR-2 Details of inward supplies of taxable goods and/or services effected claiming input tax credit. Registered Taxable Recipient 15th of the next month
GSTR-3 Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. Registered Taxable Person 20th of the next month
GSTR-4 Quarterly return for compounding taxable person. Composition Supplier 18th of the month succeeding quarter
GSTR-5 Return for Non-Resident foreign taxable person Non-Resident Taxable Person 20th of the next month
GSTR-6 Return for Input Service Distributor Input Service Distributor 15th of the next month
GSTR-7 Return for authorities deducting tax at source. Tax Deductor 10th of the next month
GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected E-commerce Operator/Tax Collector 10th of the next month
GSTR-9 Annual Return Registered Taxable Person 31st December of next financial year
GSTR-10 Final Return Taxable person whose registration has been surrendered or cancelled. Within three months of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11 Details of inward supplies to be furnished by a person having UIN Person having UIN and claiming refund 28th of the month following the month for which statement is filed


What are the documents required to file GST return? 

The documents required for each business are different. Hence, a complete list of the documents required for different business is given below: 

  1. Documents required for Private Limited Company(Pvt Ltd)/Public Company(limited company)/One Person(OPC):

-Company Documents 

1) Pan card of the company

2) Registration certificate of the company

3) Memorandum of Association (MOA)/ Articles of Association (AOA)

4) Copy of Cancelled Cheque of the Company

5) Declaration to comply with the provisions

6) Copy of Board resolution

Director related documents 

Pan and ID proof of directors

Registered Office documents 

  • Copy of electricity bill/landline bill, water bill
  • No objection certificate of the owner
  • Rent agreement, in case the premises are rented
  1. Documents required for Limited Liability Partnerships (LLP): 

1) Pan card of the LLP

2) Registration Certificate of the LLP

3) LLP Partnership agreement

4) Copy of Cancelled cheque of the LLP

5) Declaration to comply with the provisions

6) Copy of Board resolution

-Designated Partner related documents 

Pan and ID proof of designated partners

-Registered Office documents 

1) Copy of electricity/landline bill, water bill

2) No objection certificate of the owner

3) Rent agreement (in case the premises are rented)

3. Documents required for Normal Partnerships 

1) Pan card of the Partnership

2) Partnership Deed

3) Copy of Cancelled cheque of the LLP

4) Declaration to comply with the provisions of

Partner related documents

Pan Card and ID proof of designated partners

Registered Office Documents 

1) Copy of electricity bill/landline bill, water bill

2) No objection certificate of the owner

3) Rent agreement, in case of rented premises

  1. Documents required for Sole Proprietorship/Individual

-Individual documents 

1) Pan Card and ID proof of the individual

2) Copy of canceled cheque or bank statement

3) Declaration to comply with the provisions

-Registered Office documents 

  • Copy of electricity bill/landline bill, water bill
  • No objection certificate of the owner
  • Rent agreement, in case of rented agreement