Don’t Mess With Taxes

  Businesses have come a long way despite the significant setback caused by lockdown in the past 2 years. While many enterprises have begun to gain momentum once again, the taxes structure has also evolved. Businessmen can now easily and quickly file all required taxes through digitization. With the implementation of the new tax system, businesses must adhere to the GST compliance regulations. The rules established by the government for GST compliance must be followed by all businesses. This compliance under GST is divided into three groups: GST registration compliance - The first step toward compliance is the registration of GST. The registration process can be completed online at www.gst.gov.in. Although the procedure is rather simple, there are a few considerations to make in order to remain compliant. The annual turnover of a business must be taken into consideration while registering for GST. Applicable to businesses that engage with the provision of commodities and had a re

  On 1st November 2022, the finance ministry recommended a common ITR Form for all taxpayers. Currently, there are 7 different types of income tax return (ITR) forms, from ITR 1 to ITR 7, that can be filed by various taxpayer groups based on a number of factors, such as the source, level, and type of income, among others. To ease the ITR e-filing process, The Central Board of Direct Taxes (CBDT)  has put out a draft universal ITR form for comment from stakeholders and the general public. Except for ITR-7, all ITR Forms would be replaced with the common ITR Form. ITR-1 and 4 would still exist, but people would also be able to submit their ITR using the common ITR form. However, The common ITR will be the only alternative available to taxpayers who are entitled to file ITR-2 (ITR for capital gains) and ITR-3 (ITR for business returns) once it is adopted. Advantages of Common ITR Filing as per CBDT Taxpayers will have the choice to file their returns at their convenience in the proposed