GST Returns

GSTR-1: Monthly or quarterly return for detailing outward supplies of goods and services.

GSTR-2: Return for detailing inward supplies (Note: Suspended as of now; data is auto-populated in GSTR-3B).

GSTR-3B: Monthly return summarizing outward and inward supplies, and tax liability.

GSTR-4: Quarterly return for composition scheme taxpayers.

GSTR-9: Annual return summarizing all GST transactions for the financial year.

GSTR-10: Final return to be filed when a taxpayer's GST registration is canceled or surrendered.

Filing these returns ensures compliance with GST regulations and accurate tax reporting.

Income Tax Compliances

Tax Returns: Individuals and businesses must file annual income tax returns (ITR) detailing their income, deductions, and tax liabilities.

Advance Tax: Taxpayers need to pay advance tax if their tax liability exceeds a certain threshold, based on estimated income for the year.

TDS (Tax Deducted at Source): Businesses and employers must deduct tax at source on payments like salaries, rent, and interest, and remit it to the government.

Tax Deductible: Maintain records of deductions and exemptions claimed, such as for investments, loans, and charitable donations.

Filing Deadlines: Adhere to deadlines for filing returns, paying advance tax, and TDS remittance to avoid penalties.

Tax Audit: Certain businesses must undergo a tax audit to verify financial statements and compliance.

These practices ensure adherence to tax laws, accurate reporting, and timely payment of taxes.