Ebizfiling India Pvt Ltd

Introduction Dealers who have registered for GST are required to submit monthly and quarterly returns. These returns are essential to collect data from authorized dealers and forward it to the ITC. Taxpayers file several types of GST returns annually, but this blog will focus on GSTR-1 and GSTR-3B. This article will explore the differences between the two.   What is a GST return?   A company's sales, purchases, output tax, and input tax paid on purchases are all reported in its GST return. Once a GST return is filed, any resulting tax liability (the amount owed to the government) must be paid.   Why GST return filing is important?   Here are some points on why GST return filing is important: As per the GST Act, all businesses registered under GST are required to file GST returns. Failure to comply with this legal obligation can result in penalties and legal repercussions. GST return filing is important to claim Input Tax Credit (ITC). ITC is the tax paid on purchases that can be se

  Introduction The term "Annual Return" refers to the returns on an investment that are computed as a percentage of the initial investment over the period of a year. A gain on the initial investment occurs when the return is positive. It would also be regarded as a loss on the investment if it were negative. The rate of return is determined by the amount of risk associated with the investment. The annual return is annual compliance for a Private Limited Company   and a document that includes a number of different components, including the share capital, debts, directors, shareholders, etc. of the company. A company has to file form MGT-7 in order to file a yearly annual return. According to the Companies Act, 2013, businesses must file an annual return and other Private Limited Company compliance   to the Registrar of Companies (RoC). The companies would face penalties for failing to file annual returns. Components of an annual return The following components of an annual ret

  Tax Deduction at Source (TDS) is a crucial compliance requirement for Income Tax Assessees. The Income Tax Law contains several sections that specify varying TDS rates, payment types, and threshold limits for TDS. The Budget 2023 has introduced some significant changes concerning TDS. These changes include a higher limit of 3 crore for TDS on cash withdrawal provided to co-operative societies, removing the minimum threshold of INR 10,000 for TDS related to online gaming, and reducing the TDS rate from 30% to 20% on the taxable portion of EPF withdrawal in non-PAN cases.   This article presents a tabular representation of the various TDS rates applicable for the Financial Year (FY) 2023-2024 or Assessment Year (AY) 2024-2025, which spans from 01.04.2023 to 31.03.2024. Additionally, it also explains the changes proposed in Budget 2023 with respect to TDS. Updates concerning TDS in Union Budget 2023-24 The TDS Rate Chart for FY 2023-2024 / AY 2024-2025 includes several updates and chang