GST compliance, income tax planning, tax audits, or accounting services, clients can rely on Goutam Kumar Jha and Sharda Kumari for comprehensive solutions tailored to their specific needs.
Businesses in India can opt for GST registration at any time, regardless of turnover. However, certain criteria mandate registration: annual turnover exceeding Rs. 40 lakhs for goods and Rs. 20 lakhs for services, involvement in interstate supply, and e-commerce transactions. These regulations ensure tax compliance and facilitate smooth operations within the GST framework.
GST law requires filing various returns for compliance. Notable ones include GSTR-1 for outward supplies, GSTR-3B summarizing both inward and outward supplies, and GSTR-4 for Composition Scheme taxpayers quarterly. Regular taxpayers submit GSTR-9 annually, with GSTR-9C for specific taxpayers, providing reconciliation and audit. These ensure tax accuracy and compliance.
GST tax authorities may initiate assessments based on several factors, including identifying discrepancies or inconsistencies in GST returns filed by taxpayers, random selection for audit or scrutiny, and information obtained from third-party sources or through intelligence gathering mechanisms.
ITR-1 and ITR-2 is for individuals and HUFs without business income. ITR-3 is for business income. ITR-4 is for presumptive income. ITR-5 is for firms and LLPs. ITR-6 is for companies. ITR-7 is for specific entities under certain sections. Tax audits are required if business turnover exceeds ₹ 1 crore or professional receipts exceed ₹ 50 lakh.
Tax Audit in the case where you run both a business and a profession, tax audit is not based on the total turnover from both. Instead, an audit is required for the business accounts if the turnover exceeds Rs. 1 crore, and for the professional accounts if the gross receipts exceed Rs. 50 lakh.
Income tax authorities may initiate assessments based on several factors, including identifying discrepancies or inconsistencies in Income tax returns filed by taxpayers, random selection for audit or scrutiny, and information obtained from third-party sources or through intelligence gathering mechanisms.
