FILING OF RETURNS UNDER DIFFERENT STATUTES

a) Income Tax Returns Fling

Anybody who is less than 60 years of age and has an annual income more than Rs2.5 lakh has to file income tax returns, according to the Income Tax Act. For senior citizens, the cut-off is Rs3 lakh, and for those who are more than 80 years old, the cut off is Rs5 lakh, subject to adherence of few other conditions.

Some of them are as below:

• Mandatory for the Companies & LLPs.
• Mandatory if one wants to claim the IT Refund.
• You have to file your income tax return if you are a resident of India but have property or financial interest in an entity outside India. The same is true if you are a resident of India but have signing authority in a foreign account.
• The return has to be filed for any income from property under a charitable trust, religious purposes, research or for a political party, medical institution, hospital or any other institution.
• You must file a return if you have entered into any transaction under the Annual Information Return.

b) ROC Returns

Every company registered in India, including private limited, limited company, one person company and section 8 company must file annual returns with ROC every year. It requires conducting of an Annual General Meeting and filing annual accounts with ROC. AGM must be held within 6 months from the end of the financial year i.e. 30th September every year. In case of new companies, first AGM should be held within 18 months from the date of incorporation or 9 months from the close of financial year whichever is earlier. Companies Act 2013 mandates that your financial year should start from 1st April and end on 31st March.

c) GST Returns

GST return is a document with details about the income that a registered taxpayer has to file with tax authorities. Tax authorities use this to calculate tax liability. A taxpayer has to file the following details with GST Returns: Purchases Sales Input tax credit (includes the GST paid on purchases) Output GST (on sales).

d) TDS Returns

Apart from depositing the tax, the deductor should also file a TDS return.

TDS return is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time.

e) PT Returns

Every Registered Employer must file the Professional Tax Returns through Online mode, on monthly basis. They have to pay the deducted Professional Tax and file the Return by declaring the taxes paid.

f) ESI & PF Returns

Provident Fund or PF is a social security system that was introduced for the purpose of encouraging savings among employees, so as to benefit them during the course of their retirement. Contributions are made by the employer and the employee on a monthly basis.

An employer can fill the Online ESI Return Filing through the Employee State Insurance corporation’s website by following the procedure, as prescribed.