GST Fyling - Simplifying Taxes, Empowering Businesses.
Consulting services can provide valuable insights, strategic guidance, pecialized
Opposite Nandan Palace, Oberia Road, Hatia, Ranchi - 834003
Consulting services can provide valuable insights, strategic guidance, pecialized
Opposite Nandan Palace, Oberia Road, Hatia, Ranchi - 834003
Welcome to GST Fyling - Simplifying Taxes, Empowering Businesses.
An income tax return, or ITR, as it is commonly called, is a document filed by a taxpayer with the Income Tax Department of India. ITR reflects your contribution directly to public services and infrastructure. This contains all the information you need about your income sources, deductions & exemptions, tax liabilities, and filing information.
e-filing of income tax returns is mandatory for registered companies, individuals, HUFs, or other professionals. Based on the type of taxpayer, there are multiple income tax return forms filed. Every taxpayer should complete their ITR filing within the deadline to avoid penalties.
Easy to Claim Tax RefundsIf a taxpayer earns less than ₹5 lakh in a year, they can claim tax refunds that are deducted from their income. It is crucial to file IT returns online by 31 July of every year. |
Avoid Legal ConsequencesNot filing your income tax returns online in India may result in penalties and legal consequences. The income tax authority may send a notice that carries hefty fines and penalties. It is essential to prevent it by submitting ITR returns on schedule. |
Effective for Easy Loan ProcessingWhile applying for a loan or a visa, you should provide your last three years of ITR filing. Submitting the tax returns increases credibility and can help lenders assess your financial status. |
ITR Returns Can Act as a Verified Income StatementFreelancers or other self-employed individuals who don't have an official income statement can use their ITR returns to verify their income. |
Filing your income tax returns online is a complex process. Errors during income tax return filing may result in multiple issues. Vakilsearch provides a one-stop solution for filing out your income tax returns online. We have a team of tax experts who can complete your ITR filing in India in just three easy steps:
1. Consult our tax Experts
Get in touch with our tax experts to resolve all your queries. Our in-house CA will provide you with tailor-made advice to save on taxes
2. Provide all the Required Documentation
As per the requirement to submit all the income statements and documentation of investment proves to our team.
3. Get your ITR Filed
Based on the scenario, our team will choose the apt ITR forms and file them on your behalf on time.
Along with other forms, the following documents should be provided to file your income tax returns online:
Individuals or companies that fall under the following criteria should file IT returns in India:
Here is a detailed checklist for filing ITR returns
As per the income tax laws, every citizen who is earning income should file an income tax return if their total income exceeds the basic threshold. Online ITR return filing helps you carry forward the losses in the present year to the next financial year.
Filing ITR returns online creates a valid proof of income. It is mandatory for applying for any loans in the future; filing ITR returns is required for applying for credit cards in the future. It is valid proof when it comes to visa applications.
Mandatory E-filing for Individuals
Filing income tax return in India is mandatory for individuals under the following circumstances:
Individuals below 60 years whose gross total income exceeds ₹2.5 lakh
Individuals above 60 years but below 80 years whose gross total income exceeds ₹3 lakh
Individuals above 80 years whose gross total income exceeds ₹5 lakh
Apart from this if the income falls within these sources one must file and it are return online
Individuals having deposits over ₹1 crore in the current bank account
Deposits over ₹50 lakhs and savings bank account. Individuals who spent over ₹2 lakh on foreign travel
Electricity expenses more than ₹1 lakh
TCS or TDS over ₹25,000
Business turnover above ₹60 Lakhs
Professional income over ₹10 lakh
Last Date for e-filing Income Tax Return
Generally one can file ITR returns after the financial year ends. The online income tax return filing deadline is July 31, of the applicable assessment year.
Penalty for Late Filing of ITR
If the income tax returns are not filed on time it may incur late filing fees and interest. Here is a complete outline of the same:
In India, there are seven distinct ITR forms that each have their own requirements and eligibility criteria. Your income, the sources of your income, and whether you live in India or not will determine which ITR form you must file. Here are the different ITR forms and their eligibility criteria:
Form 16 is crucial for salary employees to file their ITR returns online. However, you can also file your idea returns without Form 16 by using any one of the following methods:
Use Pay Slips
Form 16 contains all the information with respect to the taxable income. The same information can be collected using a pay slip received from the employer.
You Can Also use Form 26as
Form 26as contains all the information regarding the tax deducted at source during a particular financial year. This contains all the salary details.
Apart from this, you can also calculate your deductions under Section 80c or your income from other sources before filing your Idea returns.
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are two tax collection methods in India. The deductor collects TDS from the payee at the time of payment for certain specified payments. The collector collects TCS from the seller of certain specified goods or services at the time of sale.
All persons responsible for deducting or collecting tax at source must submit e-TDS/TCS statements. This includes:
No, there is no upload fee for correcting e-TDS/TCS returns. However, there may be late fees if the corrections are not filed within the due date.
The Indian Income Tax Department mandates individuals responsible for deducting or collecting tax at source (TDS/TCS) to electronically file their returns using the Tax Information Network (TIN) website.
There are 2 types of TDS/TCS returns:
The following are the TDS/TCS return forms:
The due dates for payment of TDS/TCS are as follows:
The Late payment of TDS/TCS gets a penalty of 1% of the outstanding amount per month.
The deadlines for payment of TDS/TCS are as follows:
Unable to pay TDS/TCS on the deadline results in a penalty of 2% of the outstanding amount every month.
Here are the steps on how to file TDS/TCS returns online:
Once the return has been submitted, you can generate a challan to pay TDS/TCS. The challan can be paid online or through a bank.
Failing to meet TDS/TCS payment deadlines can result in significant penalties and legal repercussions. These consequences may include:
The process of TDS/TCS return filing and compliance can be simplified by following these measures:
Before filing TDS/TCS returns, it is crucial to consider the following aspects:
Filing TDS/TCS returns in a timely manner is critical for compliance with tax laws and regulations. Avoiding penalties requires attention to deadlines, proper filing methods, and accurate information. By following the guidelines provided, you can ensure smooth and hassle-free return filing, minimizing the risk of penalties and legal complications.
The Employee Provident Fund (EPF) is an important financial security scheme managed by the Employees' Provident Fund Organisation (EPFO) under the Ministry of Labour, Government of India. PF registration is mandatory for businesses with a specified number of employees and involves submitting key documents such as a PAN card, address proof, and bank details (including a cancelled cheque). Companies must also provide their registration and establishment details, whether operating as a Liability Partnership or a Private Limited Company.
Once registered, businesses are assigned a Universal Account Number (UAN), which helps employees manage their EPF across various jobs. Both employers and employees contribute to the EPF based on the employee's basic salary and dearness allowance. Contributions must be made by the due date to avoid penalties and interest on overdue payments.
At Vakilsearch, we assist new employers in navigating this often complex process, ensuring legal compliance and timely filing. The EPF scheme provides significant benefits, such as retirement savings and tax advantages, which are especially useful for Senior Citizens seeking stable income after retirement. Employers who don’t meet the mandatory threshold can still opt for voluntary registration.
The Shram Suvidha Portal helps maintain accurate records and meet EPF obligations under the Miscellaneous Provisions Act. Technical support is available to address any queries related to contributions and compliance, ensuring that all businesses, including Liability Partnerships, manage their responsibilities effectively. The EPFO portal is designed to be user-friendly, with features for screen reader accessibility.
The Provident Fund (PF), especially the Employee Provident Fund (EPF), is a crucial financial tool for employees in India. Here’s why it’s important:
Long-Term Savings:
The PF serves as a long-term savings plan that allows employees to accumulate a substantial fund over time. With regular contributions from both employers and employees, the EPF account builds up financial reserves, ensuring future financial security.
Financial Security After Retirement:
The primary goal of the EPF scheme is to provide employees with a secure financial cushion after retirement. It ensures that employees have a Provident Fund account to support their basic needs, helping them maintain their lifestyle post-retirement.
Employer Contributions:
Employers also contribute a matching amount to the PF account, increasing the total savings for the employee. These employer contributions make the EPF an even more attractive savings option, boosting long-term financial security.
Interest Earnings:
The money accumulated in the EPF account earns interest, which further enhances the savings. The interest rate offered by the EPF is generally competitive, making it a smart choice for accumulating savings over the years.
Tax Benefits:
Contributions to the EPF provide tax benefits under Section 80C of the Income Tax Act. Employees can claim deductions on their contributions, reducing their tax liability while building a robust retirement fund.
Emergency Fund:
The EPF serves as a safety net during emergencies. Employees can make partial withdrawals for urgent needs, such as medical expenses, home loans, or other major life events, giving them financial flexibility when needed.
Government Support:
The Employees' Provident Fund Organisation (EPFO), under the Ministry of Labour, oversees the scheme, ensuring government-backed security. This mandate ensures that the PF scheme plays a vital role in India's social security framework, safeguarding the financial future of workers.
Supporting Documents for PF Registration:
The PF registration process requires key documents, including a PAN card, Digital Signature, bank details, and a cancelled cheque. Employers must also submit proof of Company Registration, the number of employees, and other required documents for Establishment Registration.
Flexibility and Accessibility:
Employees can easily track their PF balance or check their claim status via the EPFO portal or the Unified Portal. Online services provide convenient access to PF withdrawal and other features, making it accessible to all.
The EPF is an integral part of India’s social security system, providing a reliable, government-supported savings scheme that helps employees achieve financial security and retirement benefits. It plays a key role in securing the future of workers in India.
EPF Registration offers various benefits to both employees and employers. By complying with the guidelines set by the Employees' Provident Fund Organisation (EPFO) under the Ministry of Labour, it ensures long-term financial security for employees while promoting a responsible business image for employers.
|
Benefits of EPF Registration |
For Employees |
For Employers |
|---|---|---|
| Financial Security | Through regular EPF contributions, employees build a secure financial future for retirement or emergencies. | By offering the EPF benefit, employers enhance job satisfaction and retention. |
| Retirement Benefits | The EPF scheme helps accumulate a substantial corpus for a comfortable lifestyle after retirement. | Employer contributions reflect commitment to employee welfare, improving the company’s reputation. |
| Tax Advantages | Contributions are eligible for tax deductions under Section 80C of the Income Tax Act, lowering taxable income. | Adhering to the Miscellaneous Provisions Act helps avoid penalties, creating a compliant business environment. |
| Loan and Withdrawal Benefits | Employees can withdraw funds for emergencies, home loans, or major life events, enhancing financial flexibility. | Providing access to loan and withdrawal benefits boosts employee satisfaction and reduces turnover. |
| Risk Coverage | The EPF provides a financial safety net during unexpected life events like illness or job loss. | Offering EPF as part of employee benefits enhances the corporate image, showing value for employee welfare. |
| Emergency Fund | The EPF serves as a backup for urgent financial needs, ensuring access to funds when required. | Maintaining EPF benefits helps support employees during difficult times, ensuring stability. |
| Employee Welfare | Contributes to overall well-being, promoting loyalty and satisfaction regarding future financial security. | Demonstrating commitment to employee welfare enhances loyalty and long-term commitment. |
The Employee Provident Fund (EPF) has specific requirements for both employees and employers. Here’s a simple breakdown:
For Employees
For Employers
To register for the Employee Provident Fund (EPF), you need specific documents depending on your type of business. Here’s a simple list:
General Documents for Everyone
For Proprietorships
For Partnership Firms / LLP / Companies
For Societies/Trusts
Extra Information Needed
Applying for PF registration online is a straightforward process. Here’s a step-by-step guide to help you through it:
By following these steps, you can complete your EPF registration online smoothly, ensuring compliance with the necessary regulations.
1. Visit the EPFO Website:
Go to the official EPFO website at
www.epfindia.gov.in.
2. Access the Member Portal:
Click on the 'Member Portal' link
under the category 'FOR EMPLOYEES' on the home page.
3. Register Your Company:
4. Download User Manual:
It is recommended to download the user
manual for guidance on the registration process.
5. Fill Out the Application Form:
Enter the required details in
the online application form, such as:
6. Submit Required Documents:
Upload the necessary documents,
including:
7. Verification Process:
Once you submit your application and
documents, the EPFO will verify your information. This may take some
time, so be patient.
8. Obtain Your EPF Registration Number:
After successful
verification, you will receive your EPF registration number. Keep this
number safe, as you will need it for future transactions related to the
EPF.
To ensure a smooth registration process, keep the following tips in mind:
The Employees' Pension Scheme (EPS) is a social security initiative provided by the Employees' Provident Fund Organisation (EPFO). It aims to support employees in the organized sector by offering a pension after retirement at the age of 58.
This scheme is a vital part of the social security framework, designed to benefit employees by providing them with a reliable income after they stop working.
Calculating contributions to the Employee Provident Fund (EPF) involves specific formulas and percentages. Here’s how the EPF registration process works:
To calculate your contribution:
Total Contribution = 12% of (Basic Salary + DA).
Factors to Consider:
The contribution breakdown is as follows:
Employer Contribution: 12% of the employee's basic salary.
The monthly returns generated from these contributions help grow the corpus over time, ensuring that both the employer and employee are investing towards a secure retirement. By following the eligibility criteria and ensuring proper PF registration, employees can enjoy the benefits of a well-managed Provident Fund account that contributes to their financial security in retirement.
The Provident Fund (PF) payment due date refers to the deadline by which employers must deposit contributions deducted from employees' salaries. The standard due date for monthly PF contributions is on or before the 15th of the next month.
For the Employees' Provident Fund (EPF), employers are responsible for deducting a certain percentage (typically 12% or 10%) of the employee’s wages and remitting it to the provident fund. This payment must be made by the 15th of the following month.
In the past, a 5-day grace period was granted to employers to accommodate delays that could occur during the manual processing of wages and PF contributions. However, this grace period has been eliminated due to the simplification of filings through online portals. Employers are now expected to make the payment on or before the statutory due date without any grace period.
Previously, the grace period was applicable only when employers faced challenges due to manual payroll processing. With digitized systems in place, there is no longer a grace period, and employers must adhere to the 15th of the month deadline.
Employers are required to file PF returns detailing the contributions made. These returns must be submitted by the 25th of each month.
When employers delay the deposit of Provident Fund (PF) dues, they face penalties in the form of interest and damages. These charges are applied at different rates depending on the length of the delay.
|
Delay Period |
Penalty (Interest per Annum) |
Penal Damages (Flat Rate) |
|---|---|---|
| 0 – 2 months | 6% | 5% |
| 2 – 4 months | 6% | 10% |
| 4 – 6 months | 6% | 15% |
| More than 6 months | 6% | 25% |
These forms are essential for various transactions related to the Employees' Provident Fund (EPF), from enrollment to withdrawal, nomination, and claims for benefits.
|
Form Name |
Purpose |
When to Use |
|---|---|---|
| Form 2 | Nomination and Declaration Form | To nominate family members for receiving PF and EDLI benefits. |
| Form 3A | Employee Monthly Contribution Report | To record the monthly contributions made by the employer and employee. |
| Form 5 | Application for Fund Membership | To enroll new employees into the EPF scheme. |
| Form 5(IF) | Claim for Employee Deposit Linked Insurance (EDLI) | To claim insurance benefits under EDLI in case of the employee's death. |
| Form 10C | Application for Withdrawal of Pension Contribution | To withdraw pension benefits or apply for a scheme certificate. |
| Form 10D | Application for Monthly Pension | To claim the monthly pension benefits under the EPF pension scheme. |
| Form 11 | Declaration Form for EPF Transfer or New Membership | To transfer EPF from a previous account or for new EPF membership declaration. |
| Form 13 | EPF Transfer Request | To request a transfer of EPF from one account to another when changing jobs. |
| Form 19 | Final PF Settlement | To withdraw the complete EPF balance after retirement or resignation. |
| Form 31 | Partial Withdrawal Application | To apply for partial withdrawal of EPF for specific purposes like marriage, education, or medical emergencies. |