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CONFUSED ABOUT FILING ITR(Income Tax Return) ?

What is Income Tax? - Income Tax Basics According to India  

Income tax is a type of tax levied by central government  on  income generated by individuals and companies during a financial year. Taxes are a source of income for the Government. The Government uses this income to expand infrastructure, provide health care, education and subsidies. There are two main types of taxes, direct taxes and indirect taxes. Taxes levied directly on earned income are called  direct taxes; for example, income tax is  direct tax.The tax calculation is based on the income slab rates applicable during that financial year.

Direct Taxes are broadly classified as :

Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed

Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporates has been prescribed by the income tax laws of India.

Who has to pay income tax? Types of Taxpayers of Income Tax 

 The Income Tax Act has divided the types of taxpayers into categories  to apply different tax rates to different types of taxpayers.

 Taxpayers are classified as follows:

•  Individuals
•  Hindu-Undivided Family (HUF)
•  Associations of Persons (AOP)
•  Associations of Persons (BOI)
• Corporations

 In addition, individuals are broadly divided into residents and non-residents. taxable in India, d. H. income earned in India and abroad. While those who qualify as non-residents are only required to pay taxes  on income earned or accumulated in India. The residence status must be determined separately for each tax  year due to the individual length of stay in India. Resident persons are further classified into the categories below  for tax purposes

•  Persons under 60 years of age
• Person Over 60 but under 80 years of age
• Seniors over 80 years of age

1. ITR Filing due date extension:

• ITR filing by taxpayers not covered under audit is extended from 30th Sep 21 to 31st Dec 21
• ITR filing for Tax audit cases is extended to 15th Feb 22
• ITR filing for transfer Pricing is extended to 28th feb 22
• ITR filing of Belated or Revised Return for Fy 20-21 is extended from 31st Dec 21 to 31st March 22.

2. Furnishing Audit Report:

• • Due date to furnish the audit report is extended to 15th Jan 22
  • Due date to furnish the audit report for transfer pricing cases is extended to 31st Jan 22.

Balance sheets can help you see the bigger picture - your company's assets, how much money you have, and where it's kept. They are also essential to find investors, get a loan, or sell your business.

 So you absolutely have to meet someone. This is where this guide comes in. We take you step by step through the balance sheets.

In addition to the income statement and the cash flow statement, the balance sheet is one of the three main financial statements.

 A balance sheet provides a snapshot of your finances at a specific point in time and includes every journal entry since you started your business. It shows what your company owns (assets), what it owes (liabilities), and how much money is left  for the owners (equity).

 Because it summarizes a company's finances, the balance sheet is  sometimes referred to as the balance sheet. Companies typically report at the end of a reporting period, such as a month, quarter, or year.

 The Purpose of a Balance Sheet

 Because the balance sheet reflects every transaction since the beginning of your business, it shows the overall financial health of your company. At a glance, you know exactly how much money you have invested or how much debt  you have accumulated. Or compare short-term assets to short-term liabilities to ensure you can meet future payments.

 Information about your company's balance sheet can help you calculate key financial metrics, such as the debt-to-equity ratio, which shows a company's ability  to use equity to settle its debts (if necessary!).The current ratio: current assets / short-term liabilities is even more directly applicable. This tells you whether you will be able to pay off all of your debts over the next 12 months.

 You can also compare your last balance with previous ones to see how your finances have changed over time. You can see  how far you've come since day one.

What goes on a balance sheet ?

All balance sheets are organized into three categories: assets, liabilities, and owner’s equity.

Assets

Let’s start with assets—the things your business owns that have a dollar value.

List your assets in order of liquidity, or how easily they can be turned into cash, sold or consumed. Anything you expect to convert into cash within a year are called current assets.

Current assets include:

1.Money in a checking account

2.Money in transit (money being transferred from another account)

3.Accounts receivable (money owed to you by customers)

4.Short-term investments

5.Inventory

6.Prepaid expenses

7.Cash equivalents (currency, stocks, and bonds)

8.Long-term assets, on the other hand, are things you don’t plan to convert to cash within a year.

Long-term assets include:

1.Buildings and land

2.Machinery and equipment (less accumulated depreciation)

 3.Intangible assets like patents, trademarks, and goodwill (you would list the market value of what fair price a buyer might purchase these for)

4. Long-term investments

ASSETS            

List your liabilities by their due date. Just like assets, you’ll classify them as current (due within a year) and long-term (the due date is more than a year away).

Your current liabilities might include:

1. Accounts payable (what you owe suppliers for items you bought on credit)

2. Wages you owe to employees for hours they’ve already worked

3.Loans that you have to pay back within a year

 4.Taxes owed

And here are some (non-current) long-term liabilities:

1.Loans that you don’t have to pay back within a year

2.Bonds your company has issued

3.Returning to our catering example, let’s say you haven’t yet paid the latest invoice from your tofu supplier. You also have a business loan, which isn’t due for another 18 months.

Equity

Equity is money currently held by your company. (This category is usually called “owner’s equity” for sole proprietorships and “stockholders’ equity” for corporations.) It shows what belongs to the business owners.

Owners’ equity includes:

Capital (money invested into the business by the owners)

Private or public stock

Retained earnings (all your revenue minus all your expenses since launch)

Equity can also drop when an owner draws money out of the company to pay themself, or when a corporation issues dividends to shareholders.

What is Shop Registration ?

Anyone who want to start a small shop anywhere in India they have required to register their shop name with the government of India. So they have 2 option to register their shop name –

a) Shop Registration under the MSME Act 2006

​b) Shop Registration under Shop & Establishment Act from state respective municipal party.

ALLIANT TAXWORLD Will Help You to Get Your Shop Registration Done With Government Of  India.

In the GST Regime, corporations whose turnover exceeds Rs. forty lakhs* (Rs 10 lakhs for NE and hill states) is needed to sign up as a everyday taxable person. This technique of registration is referred to as GST registration.

For certain companies, registration under  GST is mandatory. If the company includes on commercial enterprise with out registering within  GST, it will likely be an offence within  GST and heavy penalties will apply.

GST registration normally takes among 2-6 operating days. We’ll assist you to GST Registration Done in no time.

*CBIC has notified the boom in threshold turnover from Rs 20 lakhs to Rs forty lakhs. The notification will come into impact from 1st April 2019.

Who Should Register for GST?

• Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
• Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)
• Casual taxable person / Non-Resident taxable person
• Agents of a supplier & Input service distributor
• Those paying tax under the reverse charge mechanism
• Person who supplies via e-commerce aggregator
• Every e-commerce aggregator
• Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person

COMPANY REGISTRATION ?

Company Registration – How to Register a Private Limited company in India ?

Registering a company in India is now a simple 4-step process-

Step 1: Digital Signature Certificate (DSC)

As the registration process of the company is completely online, Digital signatures are required to file the forms on the MCA portal. DSC is mandatory for all the proposed directors and the subscribers of the memorandum and articles of association.

Step 2: Director Identification Number (DIN)

The Director Identification Number (DIN) is an identification number for a director and it has to be obtained by anyone who wants to be a director in a company. The DIN of the proposed director along with the name and the address proof is to be provided in the company registration form.

Step 3: Registration on the MCA Portal 

To apply for company registration, the SPICe+ form is to be filled and submitted on the MCA portal. To fill the SPICe+ form and submit documents, the Director of the company has to register on the MCA portal. After registration, the director can log in and will obtain access to the MCA portal services which include filing e-forms and viewing public documents.

Step 4: Certificate of Incorporation

Once, the registration application is filled and submitted along with the required documents, the Registrar of Companies will examine the application. Upon verification of the application, he will issue the Certificate of Incorporation of the Company.

With this, we have covered the basics of how to register a company.

Documents required for Company Registration

The general documents that are to be submitted for registration of LLP, One Person Company, Private Limited and Public Limited Company are as follows:

Proof of identification (Pan Card/Aadhar card/Driving license/passport can be submitted as proof of identity) of all the company’s directors and shareholders

Proof of address (Latest Telephone Bill /Electricity Bill/ Bank Account Statement) of all the company’s directors and shareholders

Tenancy/rental agreement and letter or NOC from the landlord of his/her permission to use the office as the company’s registered office. 

Sale deed of the company premises.

DIN (DPIN in case of LLP) and DSC of all the directors (partners in case of LLP).

*WE CAN HELP YOU .... FOR MORE ASSISTANCE CONTACT ALLIANT TAXWORLD .