INCOME TAX RETURN

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INCOME TAX RETURN

DIFFERENT PACKAGES FOR INCOME TAX RETURN FILING

ADVANTAGE OF RETURN FILLING-

VARIOUS FORMS OF INCOME TAX RETURN FORMS

It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.

?As per Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2015-16 (i.e., financial year 2014-15) are as follows.

ITR FORMS

FORM NO.	PARTICULAR
ITR-1	Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other source(not being lottery winnings and income from race horses)
ITR-2A	It is applicable to an individual or a Hindu Undivided Family having income from any source other than "Profits and gains of business or profession".
ITR-3	It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and where income chargeable to tax under the head "Profits or gains from business or profession " does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
ITR-4S	Also known as SUGAM is applicable to individuals and Hindu Undivided Family who have opted for the presumptive taxation scheme of section 44AD/44AE.
ITR - 4	It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
ITR - 5	This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges, etc.)
ITR-6	It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).
ITR - 7	It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges, etc
ITR-V	It is the acknowledgement of filing the return of income.

Service Tax Registration

SERVICE TAX

Service tax is imposed by the government of India on all services rendered in India except in the state of Jammu and Kashmir in India Service is charged on all types of services except those that are specifically exempted or mentioned in in the Negative list.

Every Service Provider has to mandatorily apply for Service Tax Registration if the Value of Services expected to be rendered by him in a financial year is more than Rs. 9 Lakhs. However, if the Value of Services rendered in a financial year is less than Rs. 9 Lakh p.a. the Service Tax Registration is optional.

DOCUMENTS REQUIRED FOR SERVICE TAX REGISTRATION:-

• Self-Attested copy of PAN
• Copy of MOA/AOA in case of Companies
• Copy of Board Resolution in case of Companies
• Copy of Lease deed/Rental agreement of the premises
• A brief technical write up on the services provided
• Registration certificate of Partnership firm / Partnership Deed
• Copy of a valid Power of Attorney

Import Export Code Registration

IMPORT EXPORT CODE

IMPORT EXPORT CODE (IEC) is a ten digit number granted by Directorate General of Foreign Trade under Ministry of Commerce and Industry, to any bona fide person/ company for carrying out import/export. In India If any business entities wants to start import/export business then IEC code is mandatory. IE Codes when issued can be used by the entity throughout its existence and doesn't require any renewal or filing.

IEC IS NOT REQUIRED UNDER THE FOLLOWING CIRCUMSTANCES:

1. Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture.
2. Import/export by government ministries and departments, and certain notified charitable organizations.

LIST OF DOCUMENTS REQUIRED FOR OBTAINING IEC CODE:-

• A Copy of PAN Card (Copy of PAN of all partner/director in case of partnership firm or company)
• A Copy of Proof of Business Place.
• A copy of Constitution of Business. (Partnership deed/Incorporation certificate etc.)
• Bank certificate on the letter head of bank.
• Scanned copy of photograph of Proprietor/authorized person.
• Details of Bank Account.


Additional document in case of company and partnership firm-
• MOA and AOA of company
• Partnership deed of partnership firm
• Address proof of all director or partner
• Board resolution copy in case of company and authority letter in case of partnership firm

Excise Registration

EXCISE

Central Excise duty is an indirect tax levied on those goods which are manufactured in India and are meant for home consumption. The taxable event is 'manufacture' and the liability of central excise duty arises as soon as the goods are manufactured. It is a tax on manufacturing, which is paid by a manufacturer, who passes its incidence on to the customers.

Persons liable to register In accordance with Rule 9 of Central Excise Rules, 2002 are as follows-

• Every manufacturer of dutiable goods.
• First and second stage dealers desiring to issue Cenvatable invoices.
• Persons holding warehouses for storing non?duty paid goods.

DOCUMENTS REQUIRED FOR EXCISE REGISTRATION(WITH SELF-ATTESTATION):

• Scanned copy of PAN card
• PAN card copy of proprietor or all director or partner
• Ground plan of factory (which should also provide description of boundaries of premises to be registered)
• List of directors/partners
• Memorandum and Articles of Association/Partnership deed
• General power of attorney (in case application is signed by authorized agent)
• Address proofs of the factory premises like: Copy of purchase agreement along with utility bill etc., if factory is owned otherwise rent agreement, utility bill, NOC and last paid rent receipt
• Registration certificate under other laws, if any

As you send the request for Excise Registration our expert will contact you and prepare documents for filing of Registration application.

Sales Tax Registration

VAT MECHANISM

In DVAT mechanism manufacture, whole seller or retail dealer charges taxes on sales. Dealer are allowed to book credit for tax already paid on purchase of material inputs and is required to pay only the net amount of tax to the government. Net tax payable by dealer is calculated by reducing amount of VAT paid at the time of purchase from the amount collect on sale. Net amount if payable, need to pay before 21st of next month i.e. due date for depositing amount of VAT.

DVAT REGISTRATION:

In Delhi state registration becomes mandatory under following circumstances-

1. Turnover exceeds Rs. 20 lakhs
2. Dealer makes interstate sale or purchase

The dealer needs to apply for registration of VAT within 30 days once turnover exceeds the limits. However, dealer may get registration voluntarily before reaching the limit.

DOCUMENT REQUIRED FOR DVAT REGISTRATION:

• Scanned copy of PAN card no. (self-attested)
• Scanned copy of Aadhar card (self-attested)
• Bank account detail or scanned copy of cheque
• 2 passport size photos
• Mail id and Mobile no.
• Proof of address- 
  a) If rented- Rent agreement & utility bill likeelectricity bills, telephone bill etc. or NOC from
  landlord.
  b) If owned- House tax receipt
• List of main item of business
• List of top 5 items to be deal

• Detail and proof of no. of number of additional places of business within or outside the state
• Rubber stamp
• Expected turnover
• Additional document in case of partnership firm - 
  a) PAN card of firm and all the partner
  b) Partnership deed
• Additional document required in case of company- 
  a) MOA and AOA
  b) Certificate of incorporation

DELHI VAT TAX RATE

SCHEDULE           RATE                              EXAMPLE OF GOODS

SCH-I                  Exempt                         Meat, books, vegetable, Charcoal

SCH-I                  1%                                      Precious stone/metal, gold, silver, bullion

SCH-II                      5%                                      Computer, coffee seeds, utensils, bricks, 

SCH-IV                 20%                                       Liquor, lottery tickets, aerated drinks

General category 12.5%                              Electronics goods