Return Filling

ITR Filing of Individual

Individuals in India are required to file their Income Tax Return (ITR) with the Income Tax Department if their income exceeds the taxable limit, which is ₹2.5 lakhs for individuals below 60 years and ₹3 lakhs for senior citizens (60-80 years) and ₹5 lakhs for super senior citizens (above 80 years). The tax rates vary based on the individual’s income slab, ranging from 0% to 30% (for income above ₹15 lakhs). Additionally, a 4% health and education cess is applicable on the total tax liability. Individuals can file their ITR online through the Income Tax Department’s e-filing portal, providing details of their income, deductions, and taxes paid. The due date for filing ITR is typically July 31st of the assessment year. Filing ITR helps individuals claim refunds, carry forward losses, and comply with tax laws. Penalties may be levied for late or non-filing of ITR. Individuals can seek the help of tax professionals or use online resources to ensure accurate and timely filing of their ITR.

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ITR Filing of Firm / LLP/Company

Firms and Limited Liability Partnerships (LLPs) in India are required to file their Income Tax Return (ITR) with the Income Tax Department. Firms are taxed at a flat rate of 30%, while LLPs are taxed at 25% (if turnover is up to ₹400 crores) or 30% (if turnover exceeds ₹400 crores), plus a 4% health and education cess on the total tax liability. The due date for filing ITR for firms and LLPs is typically September 30th of the assessment year for non-audit cases and October 31st for audit cases. The ITR form for firms (ITR-5) and LLPs requires details of business income, deductions, and taxes paid. Filing ITR is mandatory for firms and LLPs, and penalties may be levied for late or non-filing. Accurate and timely filing of ITR helps firms and LLPs comply with tax laws, claim deductions, and avoid penalties.

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Corporate Compliance
Non-profit Corporations
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GST Return Filing

GST return filing is a crucial compliance requirement for businesses registered under the Goods and Services Tax (GST) regime in India. Registered taxpayers are required to file their GST returns on a monthly or quarterly basis, depending on their turnover and composition scheme status. The GST returns, such as GSTR-1, GSTR-3B, and GSTR-9, require details of outward supplies, inward supplies, tax liability, input tax credit, and payments made. The due dates for filing GST returns vary depending on the type of return and the taxpayer’s turnover. Timely and accurate filing of GST returns helps businesses comply with GST laws, claim input tax credit, and avoid penalties and interest on late payments. GST return filing can be done online through the GST portal or through GST software and practitioners.

Respond to Tax Notices

Responding to tax notices involves addressing communications from tax authorities, such as the Income Tax Department or GST department, regarding tax compliance issues, discrepancies, or audits. Taxpayers receive notices for various reasons, including income tax scrutiny, GST audits, or rectification of errors. To respond effectively, taxpayers need to review the notice carefully, gather relevant documents and information, and submit a detailed response within the specified timeframe. The response should address the concerns raised, provide clarifications, and furnish supporting evidence. Timely and accurate responses help taxpayers resolve tax issues, avoid penalties, and minimize litigation. Tax professionals or consultants can assist in preparing and submitting responses to tax notices, ensuring compliance with tax laws and regulations.

Assessment

The removal of a partner from a Limited Liability Partnership (LLP) involves specific procedures outlined in the LLP agreement or as per the LLP Act. The process typically requires mutual agreement among the partners or adherence to the terms specified in the LLP agreement. Upon removal, the LLP must file Form 4 with the Registrar of Companies (ROC) within 30 days, intimating the change in partners. The LLP agreement may also need to be amended, requiring filing of Form 3 if there are changes to the agreement’s terms. Ensuring compliance with these requirements helps maintain accurate records and avoids potential penalties.

ITR Filing of Individual

ITR Filing of Firm / LLP/Company

GST Return Filing

Respond to Tax Notices

Assessment

Return Filling Services

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