Taxes
Goods and Services Tax (GST) is an indirect tax which was introduced in India on July 1, 2017 and is applicable throughout India, paving the way for a common national market. GST has replaced as many as 17 cascading taxes levied by the central and state governments.
GST return is a document containing details of all sales/turnover and/or purchase/expense which a taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.
Under GST, a registered dealer has to file GST returns that broadly include details regarding:
All taxpayers having GST registration should file GST returns each month.
Even if there was no business activity or transaction during a month, the taxpayer must still log in to the GST portal and file NIL GST return to avoid penalty.
*** Filing of Annual Return GSTR-9 is not included in these packages.
Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act, 1961, mandates that the central government collect this tax. The government can change the income slabs and tax rates every year in its Union Budget.
Income does not only mean money earned in the form of salary. It also includes income from house property, profits from business, gains from profession, capital gains income, and income from other sources. The government also often provides certain leeway such that various deductions are made from an individual's income before the tax to be levied is calculated.
Tax deduction at source (TDS) in another means of collecting tax on income, dividends or asset sales, by requiring the payer to deduct tax due before paying the balance to the payee.
With MRBC's Income Tax Experts, stay stress-free as we shall plan your taxes in such a way that you remain completely tax compliant however, do not leave a tip for the government.
