GST RET 1 Normal Returns Explained
GST RET 1 Normal Returns Explained The form GST RET 1 is designed to be applicable for suppliers having outward supplies not covered in SAHAJ & SUGAM forms. This it covers supplies such as B2B, B2C, Export, Deemed Exports, and even supplies through e-commerce vendors. Who can opt for RET-1 ? Assesses having a turnover of over five Crores and any type of supplies including B2B, B2C, Exports, Deemed Exports and Selling through e-commerce vendors can opt for this [...]
SAHAJ GST RET 2 Explained
SAHAJ GST RET 2 Explained As the name SAHAJ implies ease of filing, the SAHAJ form is a single page return format which is applicable to small taxpayers having a turnover in the preceding financial year up to five Crores. GST RET-2 SAHAJ has to be filed quarterly and is applicable only to suppliers having B2C supplies and Domestic Inwards supplies covered under reverse charge mechanism. Even though the return filing period is quarterly the tax payment has to [...]
SUGAM GST RET 3 Form Explained
SUGAM GST RET 3 Form Explained SUGAM is a simplified return format made available to small tax payers who deal in both B2B and B2C clients and having turnover in the preceding financial year up to five Crores. To keep the filing process less tedious the return filing period for GST RET-3 SUGAM has been kept quarterly. Even though the return filing period is quarterly the tax payment has to be made monthly. Who can opt for SAHAJ GST [...]
8 Ways To Save Income Tax In 2019
8 Ways To Save Income Tax In 2019 The Income-tax Act 1961 has many provisions under which an assessed can plan or save income tax accordingly. This blog post aims to give you an overview of such common provisions which can help reduce your tax liability at the end of your financial year. 1. Section 80C Series (80C, 80CCC, 80CCD) Maximum Deduction Limit: 1,50,000 INR Eligibility Criteria: Amount spent during the financial year Section 80C is a wide section [...]
Income Tax Returns Explained
Income Tax Forms Explained Income Tax Department has notified six Income Tax Return Forms applicable for various kinds of assesses. In this article we have tried to explain each form, who should file using the mentioned form, who should not be using this form, and the details to be provided in the various ITRs. ITR 1 SAHAJ The ITR 1 SAHAJ as its name implies was introduced to simplify the procedure of tax filing for common people through an [...]
ITR 5 Income Tax Form Explained
ITR 5 Income tax Form Explained ITR 5 Income Tax Return Form mentions that it is applicable for persons other than Individuals, HUFs, Companies and Persons filing ITR 7. Which means ITR 5 is applicable for Firms, Limited Liability Partnerships, Body Of Individuals (BOI) and Association Of Persons (AOP) etc. Who should file ITR 5 ? This Income Tax Return can only be filed by the following: Partnership Firms, Limited Liability Partnership, Association Of Persons (AOP), Body of individuals [...]
