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Income Tax Filing Online Toggle navigation ITR Filing ITR filing deadline missed? Don't Worry you still have a chance! File a Belated ITR for AY 2023-24 File ITR Now *Late fee applicable Trusted by 1 MillionTrusted by 1 Million+ Secure & SafeSecure & Safe 4.8 Star User Rating4.8 Star User Rating HomeIncome TaxE-Filing of ITRDocuments Required for Income Tax Return (ITR) Filing in India FY 2022-23 (AY 2023-24) Documents Required For Income Tax Return (ITR) Filing In India FY 2022-23 (AY 2023-24) Updated on: 03 Aug, 2023 01:04 PM To file Income Tax Returns in India, there is a list of preparations you need to make so that you can make your ITR filing process hassle-free. Considering this, the Government of India gives taxpayers sufficient time to compile their documents, like the bank statements, salary/income details, previous year's tax statements, etc. Every individual liable to file taxes is required to possess these documents for hassle free filing. The process of fi

The AAR, Andhra Pradesh, in the matter of  Vedmutha Electricals India Pvt. Ltd. [Advance Ruling no. 05/AP/GST/2023 dated May 26,2023]  ruled that assessee is eligible to take full credit of GST charged in invoice issued by the supplier even though later commercial/financial credit note has been issued. Facts: M/s. Vedmutha Electricals India Private Limited  (“the Applicant”)  are engaged in the business of supply various electronic items. The Applicant purchased various electronic items from M/s. Gold Medal Electricals Private Limited  (“the Supplier”).  The supplier issued tax invoice as per Rule 46 of the Central Goods and Services Tax Rules, 2017  (“the CGST Rules”),  and charge GST on taxable as per Section 15 of the Central Goods and Services Tax Act, 2017  (“the CGST Act” ). The supplier provided number of incentives in the form of “discounts,” including Turnover Discounts, Quantity Discounts, Cash Discounts, Additional Scheme Discounts, 3 Months Regular Scheme Discounts, etc., y

Higher penalty for cartels and greater leniency provisions introduced in competition law last month will go hand in hand in tackling cartels which are by nature difficult to prove, the corporate affairs ministry said in a monthly update, indicating what would be the competition watchdog CCI’s approach in market correction after it got a new chair this month. The amended competition law that received Presidential ascent last month allows a higher penalty of 10% of global turnover of an erring company, up from 10% of domestic sales earlier. The amendments also provide for a ‘leniency plus’ scheme that aims at encouraging entities facing cartel investigations to disclose existence of other cartels. Under this scheme, the entity that discloses a second cartel stands to get reduced penalty in both the cases. The ministry said in its monthly update that deterrence is key for an effective anti-cartel enforcement regime and that stringent penal measures not only provide an incentive for cartel

ITR-1 (Sahaj) ITR-1 is applicable for resident individuals whose total income is less than or equal to ₹50 lakh. The applicable sources of income include salary or pension, a single house property (without any brought forward losses) and other sources. If agricultural income is up to ₹5,000, the assessee can use ITR-1. Documents required: Form 16. TDS (tax deducted at source) certificate. Bank statements. ITR-2 ITR-2 is applicable for resident individuals or a Hindu Undivided Family (HUF) whose total income exceeds ₹50 lakh. It is also applicable for resident individuals who have capital gains, or income from multiple house properties; have foreign assets or income; or hold a directorship in a company or have unlisted equity shares in their name. Additionally, individuals for whom tax has been deducted on cash withdrawals (under section 194N) in excess of ₹1 crore also have to file their returns using ITR-2. Documents required: Form 16, Form 16A. Details of capital gains, i

WHAT IS A PRIVATE LIMITED COMPANY A Private Limited Company is a business entity held by small group of people. It is registered for pre-defined objects and owned by a group of members called shareholders. Minimum Requirement for Private Limited Company: A minimum number of two Directorswho are adults. One of the Directors of a private limited company has to be an Indian Citizenand Indian Resident. The other director(s) can be a Foreign National. It is also required to have two shareholdersof a company. The shareholders can be natural persons or an artificial legal entity.   Advantages of Private Limited Company: Here are some advantages to a Private Limited Company. There is a Limited riskto personal assets in Private Limited Company. Ltd. Co. is a Separate Legal Entity. In the Private Limited Company there would Limited Liabilityfor members. Shares of a company limited by shares are transferableby a shareholder to any other person. The transfer is easy as compared to the transfer of

What is MSME MSME stands for Micro, Small, and Medium Enterprises. In accordance with the Micro, Small, and Medium Enterprises Development (MSMED) Act in 2006, The enterprises are classified into two divisions. 1. Manufacturing enterprises –engaged in the manufacturing or production of goods in any industry 2. Service enterprises – engaged in providing or rendering services -Classification as Micro, Small and Medium Enterprises An enterprise can be classified as Micro, Small and Medium, based on their investment and turnover 1. MICRO ENTERPRISE Investment upto 1 crore Turnover upto 5 crore 2. SMALL ENTERPRISE Investment upto 10 crore Turnover upto 50 crore 3. MEDIUM ENTERPRISE Investment upto 20 crore Turnover upto 100 crore -Benefits of Getting registered under MSME 1. Collateral- free Bank Loans/credit facilities are available 2. 50% Subsidy on patent registeration 3. Overdraft Interest rate exemption of 1%, which may differ from bank to bank. 4. Eligibility for subsidy for Industria

WHAT IS GST Goods and Services Tax (“GST”) is the indirect tax levied in India and subsumes different taxes such as service tax, excise duty, VAT, entry tax and customs duty, into a single tax system. GST was introduced to reduce complexities and compliances of doing business for millions of small businesses in India. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input Tax Credit for the taxes on his inward supplies WHEN GST WILL BE APPLICABLE Compulsory Registeration irrespective of turnover Casual taxable persons Non-residents Persons supplying products through e-commerce operators Turnover limit for GST Registeration For Service Providers : If turnover exceeds Rs.20 lakhs For Good Suppliers : If turnover exceeds Rs.40 lakhs BENEFITS OF VOLUNTARY REGISTERATION UNDER GST 1. Provide input tax credit to customers. 2. Take input