The basic meaning of “GST Return Filing” is “maintaining financial accounts” per year. A GST return is a statement of financial activity by a taxable person for a prescribed period. This allows a taxable person to self-assess the tax they owe for a specific period. Bookkeeping and GST Return Filing can be divided into several fields including financial GST Return Filing, managing general GST Return Filing, professional GST Return Filing, chartered accountant, auditing, tax GST Return Filing and cost GST Return Filing. A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. In the GST regime, any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year.
What is e Filing of income tax return (ITR)?
The electronic filing of income tax return (ITR), commonly known as e-filing, is a mandatory process for individuals, excluding senior citizens. This method involves submitting the ITR form online to the Income Tax Department. The form encompasses details of an individual's income and taxes paid during the fiscal year, spanning from April 1st to March 31st.
The Income Tax Department has prescribed seven ITR forms, tailored to varying income levels, sources, and taxpayer categories. Clear, a government-authorized portal, facilitates seamless and secure e-filing of income tax returns. Utilizing Clear's e-filing utility ensures a smooth and straightforward process, maintaining 100% authenticity and security throughout.
Process of ITR filing?
The Income Tax Department provides the facility for e-filing of an income tax return. Before discussing the steps involved in the e-filing for Itr, it is essential for a taxpayer to keep the following documents for e-filing their ITR.- PAN- From 26AS, AIS- Bank Statements- Form 16
