ITR-3 is the income tax return for individuals and HUFs who earn income from a business or profession that is not covered under the presumptive scheme. It also applies when you have capital gains, more than one house property, or income as a partner in a firm. ITR-3 is the Income Tax Return form for
The GSTR-4 annual return for Composition Scheme taxpayers is divided into nine structured tables that capture the taxpayer’s basic information, outward and inward supply details, tax computation, and payment records for the financial year. Understanding the format and contents of each table is essential for accurate filing and avoiding discrepancies that could trigger notices from
GSTR-4 is the annual return filed by small businesses registered under the GST Composition Scheme. Since FY 2019-20, GSTR-4 has been filed annually instead of quarterly, simplifying compliance for small taxpayers. The return captures all outward supplies, inward supplies attracting reverse charge, Input Tax Credit on reverse charge supplies, and the tax paid at the
GSTR-6 is the monthly GST return filed by every entity registered as an Input Service Distributor (ISD) under the GST framework. The return captures details of Input Tax Credit (ITC) received from suppliers and the distribution of this credit to recipient branches. Filing is mandatory by the 13th of the month following the tax period,
A receipt voucher under GST is a document issued by a supplier to a recipient when an advance payment is received before the supply of goods or services takes place. Under Section 31(3)(d) of the CGST Act, issuing a receipt voucher is mandatory when advance consideration is collected for a supply that has not yet
In Telangana, an e-way bill is required to move goods worth more than Rs 50,000, whether within the state or across state borders. Telangana was an early adopter of intra-state e-way bills, and the bill is generated on the NIC e-way bill portal. E-way bills are mandatory electronic documents required for transporting goods valued at
Goods and Services Tax (GST) is India’s unified indirect tax system that replaced multiple central and state taxes, including excise duty, VAT, service tax, and entry tax. Implemented on July 1, 2017, through the 101st Constitutional Amendment, GST is a comprehensive, multi-stage, destination-based tax levied on every instance of value addition in the supply chain.
The Food Safety and Standards Authority of India (FSSAI) launched the Food Safety Mitra (FSM) scheme to create a nationwide network of trained, certified professionals who assist Food Business Operators (FBOs) with compliance under the Food Safety and Standards (FSS) Act. The scheme offers three distinct roles: Digital Mitra for licensing and registration support, Trainer
Form TRAN-1 enables businesses that transitioned from pre-GST tax regimes (VAT, Central Excise, Service Tax) to carry forward their existing Input Tax Credit (ITC) into the GST system. The form requires a declaration of closing stock as of June 30, 2017, and the tax credits held under previous laws. Following a Supreme Court order, the
When an individual sells assets such as shares, mutual funds, property, or virtual digital assets, the resulting profit is classified as capital gains. It must be reported in the Income Tax Return. For most individuals with capital gains income, ITR-2 is required. This guide covers the eligibility criteria, required documents, step-by-step portal filing process, and
GSTR-5 is the monthly GST return specifically designed for non-resident foreign taxpayers who conduct business transactions within India. Non-resident taxable persons must obtain temporary GST registration before commencing business activities in India and file GSTR-5 for each month of their registration period. The return records all outward supplies (sales), inward supplies (purchases), and the tax
GSTR-1 is the return filed by every registered taxpayer to report all outward supplies of goods and services during a tax period. The return captures B2B invoices, B2C sales, export invoices, credit and debit notes, advances received, and HSN-wise summary data. GSTR-1 must be filed monthly by the 11th of the following month, or quarterly
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