Business Tax Filling & Compliance

About GST:-

GST – Good and Service Tax

The GST is a Value added Tax proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level to be levied from the year 2017 onwards. It will replace all indirect taxes levied on goods and services by the Indian Central and state governments. It is aimed at being comprehensive for most goods and services.
As per the proposed GST regime, GST registration would be required for all enterprises involved in the buying or selling or delivery of services exceeding Rs.10 lakhs a year in north-eastern and hill states and Rs.20 lakhs for the rest of India. All entities having GST registration would be required to file GST returns. GST return filing would be mandatory for all GST registered entities.
GST registration holder who do not opt for the composite scheme would have to file 3 returns per month and one compounded annual return, as per the below table.

GST Compliance Table: Non Composite Tax Payers

Form Requirement Frequency Due Date of Filing
Annual GST Return Annual Return Annualy 31st of December
GSTR-1 Details of Outward Supplies / Services Monthly 10th of Every Succeeding Month
GSTR-2 Details of Inward Supplies / Services Monthly 15th of Every Succeeding Month
GSTR-3 Monthly Return Monthly 20th of Every Succeeding Month

GST Compliance Table: Composite Tax Payers

Compounding taxpayers would be required to file GSTR-4 every quarter, on 18th of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December.

Advantages of GST Return Filing
  • One Nation One Tax
  • Single registration – GSTIN
  • Subsuming of Taxes 60+ indirect taxes
  • Easy of Doing Business due better compliance
  • Lower Taxes

Knowledge Centre on GST :-

What is GST Identification Number (GSTIN) :-

Here’s a complete break-up of the proposed GST Identification Number. Each taxpayer will be allotted a state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN).
  • The first two digits of this number will represent the state code as per Indian Census 2011
  • The next ten digits will be the PAN number of the taxpayer
  • The thirteenth digit will be assigned based on the number of registration within a state
  • The fourteenth digit will be Z by default
  • The last digit will be for check code

A format of proposed GSTIN has been shown in the image below.

Using this guide, you can easily simulate the GSTIN that is going to be issued under the new GST regime. For further queries on the registration process for GST, you may also refer the FAQ on migration issued by GSTN.

Simple & Transparent Pricing

Basic Rs.499/- all inclusive fees Standard Rs.999/- all inclusive fees Premiun Rs.1399/- all inclusive fees
Filing of one NIL GST return. Inclusive of service tax. One GST return filing will less than 50 transactions One GST return filing will less than 100 transactions

About TDS:-

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.
Tax deducted or collected at source shall be deposited to the credit of the Central Government by following modes:

  1. Electronic mode: E-Payment is mandatory
    • All corporate assesses
    • All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act, 1961 are applicable.
  2. Physical Mode: By furnishing the Challan 281 in the authorized bank branch

  3. E- Payment Link Download Challan


Basic Rs.1199/- all inclusive fees Standard Rs.2199/- all inclusive fees Premiun Rs.4199/- all inclusive fees
Filing of TDS Return for One Quarter with PAN Validation upto 50 PAN's . Filing of TDS Return for Two Quarters with PAN Validation upto 150 PAN's Filing of TDS Return for Four Quarters with PAN Validation upto 350 PAN's

About ITR:-

It is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals are required to file income tax return, if their income (before availing Chapter VI benefits) exceeds the minimum exemption limit.
Income tax return form must be e-filed. The documents on the basis of which Income tax returns are prepared are not required to be uploaded with the return. Hence, all relevant documents pertaining to the income tax filing like proof of investment, TDS certificates, pay slip, rent receipt, etc. must be kept by the taxpayer and should be presented if requested by tax authorities during assessment, inquiry, etc.

The following forms are required to be filed by various assessees:

  • ITR 1 : For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh
  • ITR 2 : For Individuals and HUFs not carrying out business or profession under any proprietorship
  • ITR 3 : For individuals and HUFs having income from a proprietary business or profession
  • ITR 4 (SUGAM) : For presumptive income from Business & Profession
  • ITR 5 : For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
  • ITR 6 : For Companies other than companies claiming exemption under section 11
  • ITR 7 : For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)


Basic Rs.499/- all inclusive fees Standard Rs.2099/- all inclusive fees Premiun Rs.5199/- all inclusive fees
Individuals with Turnover upto Rs. 10 Lakhs Individuals with Turnover exceeding Rs. 10 Lakhs and
less than Rs. 25 Lakhs
Individuals with turnover exceeding Rs. 25 Lakhs, Firms,
Limited Liability Partnerships, Trust, AOP/BOI, Private Companies