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You can create any type of product documentation with Fincto
You can create any type of product documentation with Fincto
Tax Deducted at Source (TDS) is a crucial mechanism in India for collecting taxes during transactions. It ensures deductions occur either when the payee’s account is credited or at the time of payment. TDS streamlines direct payment of a portion of the tax to the Income Tax Department, typically at a 10% rate or within a predetermined range.
Online TDS return filing offers convenience, accuracy, and time savings for tax obligations. Fincto’s user-friendly platform simplifies the process, reducing penalties and authority scrutiny. Online TDS return filing through Fincto streamlined tax compliance and ensures security by using advanced measures and providing a comprehensive record for future reference and adherence to regulations.
Online TDS return filing is available for entities with a valid TAN (Tax Collection and Deduction Account Number). Individuals and businesses must deduct tax at source and deposit within specified timeframes. E-TDS returns can be submitted if deducted amounts match income. Eligible entities include companies, individuals audited under section 44AB, and government positions.
IT Act of 1961 mandates filing TDS returns, offering benefits and monitoring refund status. Some of the advantages are:
TDS ensures consistent government income and seamless tax collection for societal welfare
TDS eliminates lump sum tax burden with quarterly payments. x
A TDS Certificate, also known as Form 16 or Form 16A, is a crucial document for employees or payees, providing a comprehensive overview of tax deducted at source (TDS) from their income. It is distributed at the end of the financial year and is essential for claiming tax credits.
A TDS return form is essential for reporting tax deductions from income, filed with the Income Tax Department of India. It includes taxpayer PAN, deductor TAN, tax deduction period, total tax amount deducted, and details on deductions at source. Filing electronically or manually is crucial to avoid penalties or fines.
Track TDS payment due dates for fiscal year 2023-2024 to avoid penalties and ensure compliance.
Stay informed about TDS deadlines to avoid penalties.
GSTR1 is the form used for tax returns on outward supplies, encompassing both interstate and intrastate B2B and B2C sales. It also includes details of purchases under reverse charge and inter-state stock transfers made during the tax period. Late filing of GSTR1 can result in a late fee, which is collected in the subsequent open return, Form GSTR-3B. Since January 1, 2022, taxpayers cannot file Form GSTR-1 if they haven't filed Form GSTR-3B in the preceding month.
This amendment form corrects any discrepancies between the GSTR-1 of a taxpayer and the GSTR-2 of their customers. The filing window for GSTR1A is between the 15th and 17th of the following month.
Monthly GST returns for inward supplies are filed using this form. It contains taxpayer information, return period, and detailed invoice-level purchase information related to goods and services separately.
This auto-generated tax return compiles purchases and inward supplies made by a taxpayer based on the information from their suppliers GSTR-1.
An auto-generated document that acts as an Input Tax Credit (ITC) statement for taxpayers, facilitating faster return filing, minimizing errors, easing reconciliation, and simplifying compliance.
This form is used to file consolidated monthly tax returns. It contains the taxpayers basic information, turnover details, final aggregate-level inward and outward supply details, tax liability under CGST, SGST, IGST, additional tax (+1% tax), ITC, cash, liability ledgers, and details of other payments like interests, penalties, and fees.
This is a tax notice issued by the tax authority to a defaulter who has failed to file monthly GST returns on time.
It is a temporary consolidated summary GST return for inward and outward supplies, introduced as a relaxation for recently registered businesses.
This quarterly GST return is filed by compounding vendors. It includes the total value of supplies made during the covered period and details of tax paid at the compounding rate (not exceeding 1% of aggregate turnover) along with invoice details for inward supplies.
The Quarterly purchase-related tax return filed by composition dealers, automatically generated by the GSTN portal based on information from the suppliers GSTR-1, GSTR-5, and GSTR-7.
Variable return for Non-resident foreign taxpayers, containing details of the taxpayer, return period, and invoice details of all goods and services sold and purchased. It also includes imports on Indian soil for the registered period/month.
This monthly GST return is for ISDs (Input Service Distributors), containing details of invoice-level supply from the GSTR-1 of counterparties, credit for ITC services received, debit for ITC reversed or distributed, and closing balance.
It is a monthly return for TDS (Tax Deducted at Source) transactions, containing the taxpayers basic information, return period, supplier's GSTIN, and invoices against which the tax has been deducted, categorized under SGST, CGST, and IGST. It also includes details of other payments like interests and penalties.
This is the monthly return for e-commerce operators. It contains the taxpayers basic information, return period, details of supplies made to customers through the e-commerce portal, tax collected at source, tax payable, and tax paid.
The annual consolidated tax return, comprising detailed income and expenditure, regrouped according to the monthly GST returns filed by the taxpayer.
The annual composition return form to be filed by every taxpayer enrolled in the composition scheme.
This Audit form is filed by taxpayers liable to get their annual reports audited when their aggregate turnover exceeds ₹2 crores in a financial year.
Filed before cancelling GST registration, this final GST return contains the details of all supplies, liabilities, tax collected, and tax payable.
Variable tax return for taxpayers with UIN (Unique Identification Number), containing details of purchases made by foreign embassies and diplomatic missions for self-consumption during a particular month.
Late filing charges apply under Section 234E, imposing a ₹200 fine daily and requiring revised returns for errors. Section 271H imposes ₹10,000 penalty for non-submission of tax, with government receiving deducted tax, credited late fees.
Fincto streamlines TDS return submission for deductors, ensuring compliance and account management. Our comprehensive services encompass:
Filing TDS returns on time requires proper documentation, aligning with prescribed timeframes, and depositing deducted amounts with the relevant government department. Failure to do so can result in penalties. Filing online TDS returns necessitates inclusion of details such as TAN, PAN, last TDS filing details if applicable, the period for TDS filing, date of business incorporation, and the entity’s type (Proprietorship/Partnership/Company/LLP).
Log into your account on the Income Tax Department website using your PAN and password.
Choose the financial year and form that corresponds to your TDS category.
Verify the information and submit the return.
Click on the 'e-File' tab, select 'Prepare and Submit TDS Return'.
Enter the required details such as TDS amount, PAN of the deductee, and the tax deducted at source.
Upon submission, receive an acknowledgment receipt for future reference.
Revised filing is necessary for errors in online TDS returns due to incorrect challan details, PAN information, or lack of PAN details. It involves a consolidated file detailing deductions and a justification report highlighting errors.
Eligibility for a TDS refund depends on whether the income tax return was filed before or after the due date. Filing on time ensures a refund within 3-6 months, with penalties for late filing fees and non-filing penalties.
LUT eligibility for registered GST taxpayers is open, except for those prosecuted for evasion. Validity is one year, and fresh filings are required. Bonds require manual submission.
Rule 96A of CGST mandates exporting goods or services within specified timelines, requiring Form GSTR-1 confirmation of export.
LUT and bonds are filed in Form RFD-11, requiring registered name, address, GSTIN, date of furnishing, signature, and witness details for LUT and bond details.
Understanding LUT and bonds is crucial for seamless GST exports. Adhering to guidelines ensures compliance and timely refunds, ensuring confidence in the complex GST landscape.
Fincto simplifies TDS return filing, ensuring accuracy and compliance.
Staying compliant with GST due dates is vital to avoid late payment charges and interests. Fincto provides updated information on due dates for the financial years 2021-2022 and 2022-2023. Keeping clients informed of these updates can help taxpayers stay on top of their compliance requirements and ensure timely filing of GST returns.
Fincto is a trusted partner for handling Letter of Undertaking (LUT) and bonds for GST exports, offering precision and expertise in filing these complex documents.
Fincto's professionals understand GST regulations, including LUT and bonds, ensuring accurate filings and compliance.
Fincto simplifies filing LUT and bonds with user-friendly, step-by-step guidance, ensuring accurate and efficient documentation completion.
Fincto provides tailored solutions for businesses, catering to small exporters and large enterprises, ensuring LUT and bonds filing aligns with operations.
Fincto ensures accurate LUT and bonds filing, reducing compliance issues and delays by minimizing rejection risks and ensuring timely processing.
Fincto's digital platform streamlines LUT and bond filing, saving time, resources, and ensuring compliance.
Fincto is your GST compliance partner, providing customer support to address queries, clarify processes, and ensure a seamless experience.
Fincto simplifies compliance processes, allowing you to focus on core business activities while handling LUT and bonds filing needs.
Fincto prioritizes transparency and security, handling sensitive information securely and providing real-time updates on filing status.
GST registration is mandatory for the following entities:
A GST Certificate is an important document issued by the Indian government which proves that a business is registered under GST. The certificate contains crucial information like the GST identification number, name, and address of the business. With a GST Certificate on hand, businesses can easily charge and collect GST, apply for loans, and participate in tenders.
GST tax rates can range from 0% to 28% depending on the type of goods or services. essential items being taxed at 0%, while luxury items and certain services fall under the 28% bracket, gold is taxed at 3%, and crude oil and natural gas at 6%.Rates may vary, so it Is essential to check the current rates before transactions.
GSTIN (Goods and Services Tax Identification Number) is a unique identification number given to each GST taxpayer. It is used to verify GST registration on the GST portal.
According to Section 122 of the CGST Act, there is a direct penalty for taxable persons failing to register for GST online.
Companies with turnover below ₹20 lakhs can voluntarily register for GST, enjoying advantages like input credit, inter-state selling with no restrictions, registering on e-commerce platforms, and gaining a competitive edge.
GST return filing is the process of submitting details of sales, purchases, and taxes to the government. All registered taxpayers under GST must must file returns regularly, regardless of transactions during the period.
Fincto simplifies LUT and bonds filing with its expertise, user-friendly platform, personalized support, and commitment to accuracy. Choose Fincto for a stress-free GST compliance journey.
At Fincto, we offer a hassle-free GST return filing experience with a team of dedicated experts to assist you. simplify the process by providing various features such as due date reminders, document organization, return filing, input tax credit optimization, and error-free filings. Such services can undoubtedly ease the burden of GST compliance for taxpayers
A modification to the existing provisions of a corporation's articles of incorporation
Issued by certifying authorities for electronic document signing.
The elected governing body responsible for a corporation's operation. Certificate of Incorporation: The document filed to create a corporation
A unique identification number for directors. Dissolution: The process that legally ends a corporation's existence
The act of forming a corporation under specific jurisdiction laws
An entity with limited personal liability and pass-through taxation
Protection from the debts and claims against a company
The process to secure exclusive use of a corporate name for a specific period
The statutory address of a corporation
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2023-01-05 14:00 (INTERNATIONAL TIME)
