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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.
classified as follows:
- Hindu-Undivided Family
- Associations of
- Associations of
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
- Persons under 60 years
- Person Over 60 but
under 80 years of age
- Seniors over 80 years
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.
on a balance sheet ?
All balance sheets are organized into three categories:
assets, liabilities, and owner’s equity.
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.
1.Money in a checking account
2.Money in transit (money being transferred from another
3.Accounts receivable (money owed to you by customers)
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.
1.Buildings and land
2.Machinery and equipment (less accumulated
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
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).
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
3.Loans that you have to pay back within a year
And here are some (non-current) long-term liabilities:
1.Loans that you don’t have to pay back within a
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 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’ equity includes:
Capital (money invested into the business by the owners)
Private or public stock
Retained earnings (all your revenue minus all your expenses
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 .