Tax Services

GST i.e. Goods and Service Tax is an Indirect Tax levied in India on Supply of Goods and Services. An indirect tax is collected by one entity in the supply chain (usually a producer or retailer) and paid to the government, but it is passed on to the consumer as part of the purchase price of a good or service. The consumer is ultimately paying the tax by paying more for the product the tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of the central government and all the states.

REGISTRATION OF GST

Rate: New Registration Rs. 700
Monthly Return Filing – Starting from Rs. 1000
Annual Return – Starting 2000
GST Cancellation – Starting Rs. 1000

Registration of any business entity under the GST Law means obtaining a unique number called GSTIN from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies. Without registration, a person can neither collect tax from his customers nor claim any input tax credit of tax paid by him.

If you are operating from more than one state, then you will have to take separate registration for each state you are operating from.

WHO IS LIABLE TO REGISTER UNDER GST

Business entities falling into any of the following criteria are required to be registered under GST:

• Every business entity engaged in providing service having aggregate turnover over Rs. 20 Lakh and entity engaged in exclusive supply of goods having aggregate turnover over Rs. 40 Lakh is required to register as a normal taxable person. However, this threshold limit is Rs. 10 lakh if you have a business in north-eastern states, J&K, Himachal Pradesh and Uttarakhand.
• Any Person who is engaged in Inter-state supply of services and goods.
• Any Person who is engaged in supply of goods through e-commerce portal.
• Casual Taxable Person.
• Input Service Distributor (ISD).
• Non-resident taxable person.
• Persons liable to pay tax under the reverse charge mechanism.
• TDS/TCS deductor.
• Online data access or retrieval service provider.

REGISTRATION PROCESS

WM CONSULTANCY SERVICES Provides the best in class service for GST registration. Our Experts and CA help you file your GST number in same day. Thus you can get your acknowledgment for GST registration same day. After we have applied for Department takes approx 3 days to process GST application and you can start your journey in business world.

Documents required for GST Application

• Aadhar Card
• PAN Card
• Rent deed/Electricity Bill/Consent letter /Title deed
• Passport size photo    
• CANCELED CHQUE/PASSBOOK

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All About Form ITR-1 for AY 2020-21

Any person falling under the purview of the Income Tax Act, 1961 has to pay tax on the income earned in a particular financial year. The person (commonly referred to as “assessee”) could be an individual, partnership, Hindu Undivided Family or any other business entity.

The categorization in taxpayers has been done to ease the compliances. Each category of taxpayer has to compute the taxable income in the manner as laid down in the Income Tax Act, 1961. Post computation, Income Tax Return is filed in the Form applicable to that category of taxpayer.

ITR-2 Form Filing – Income Tax Return

The ITR-2 Form is an important Income Tax Return form used by Indian citizens, as well as Non Resident Indians to file their Tax Returns with the Income Tax Department of India. Individuals who are not eligible to use ITR-1 can use the ITR-2 Form.

Individuals and Hindu Undivided Families who have their Income for the Financial Year through Salary or Pension, more than House Property, Income from Capital Gains, Income from foreign assets/Income, Income from business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling are eligible to file their IT Return using ITR-2. Individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs, also need to file using ITR-2.

ITR-3 Form Filing – Income Tax Return

The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business. If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such case, he is required to file ITR 2.

ITR-4 Form Filing – Income Tax Return

For filing returns, the Income Tax Department has set out different forms. These forms are filed by the taxpayers as per the category that they fall under and the source of their income. There are multiple criteria that decide eligibility of a taxpayer to file a particular ITR form. Form ITR-4 is used for filing Income Tax Return by those taxpayers who have opted for the presumptive income scheme under Sections 44AD, 44ADA and 44AE of the Income Tax Act, 1961. This is, however, subject to the business turnover limit of INR 2 crores, exceeding which the taxpayer would be required to file ITR-3. Presumptive Taxation scheme is a scheme that exempts the small taxpayers from maintenance of books of accounts.

Filing Form ITR-5

The taxpayers have to file returns on the basis of the income earned in a financial year and the kind of entity they fall under.. The various provisions and sections mentioned in this article are of the Income Tax Act, 1961.

Income Tax Return – Filing Form ITR-6

Every Indian Resident with any source of income is required to pay tax to the government in the form of Income Tax. The government imposes tax on every entity such as individuals, HUFs, Companies, LLPs, Association of Person, Body of Individuals, and any artificial judicial person. Income Tax Return is the form filed to furnish the information to the government about Income incurred along with tax liability. The form filed would vary depending upon the type of entity filing the return.

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Section 197 of the Income Tax Act, 1961 allows the taxpayer the facility of NIL or Lower tax rate deduction of TDS (or TDS exemption). In order to apply for this you need to submit Form 13 to the assessing officer. Also, this section strikes a delicate balance between the requirement of cash flow to the taxpayer and realizing the government dues at the earliest. (2) Income Covered Under Section
197 Section 197 application can be made by the recipient of income in case of the following category of receipts where TDS is required to be made under the following Sections:

• Section 192 – Salary income
• Section 193 – Interest on securities
• Section 194 – Dividends
• Section 194A – Interest other than interest on securities
• Section 194C – Contractors income
• Section 194D – Insurance commission
• Section 194G – Commission/remuneration/prize on lottery tickets
• Section 194H – Commission or brokerage Section 194-I – Rent
• Section 194J – Fee for Professional or technical services
• Section 194LA – Compensation on acquisition of immovable property
• Section 194LBB – Income in respect of units of investment fund
• Section 194LBC – Income in respect of investment in securitization trust
• Section 194M – Contractors income, Commission, Fee for Professional or technical services
• Section 195 – Income of non-residents.

Documents required: Aadhar, PAN, ST Certificate, latest salary slip, Work orders etc. Form: Name, Contact, email, address, source of income, Purpose of Exemption

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