#How to tds return file online

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TDS Return Filing Course at Academy Tax4wealth

 TDS Return Filing course comes under the Income Tax Certification course. This is one of the best online income tax course which is established in a self-paced getting to know style. You will be trained to File TDS Returns Online.

More info:

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TRACES – Overview of e-TDS and e-TCS

Introduction

Welcome to the world of TDS, the traceability system for e-Commerce! In this blog post we'll discuss what e-TDS is and how it works.

e-TDS

e-TDS is a new system of tax collection introduced by the government of India. It is a part of the e-Nivaran project, an initiative to digitize all processes related to tax collection.

The main objective behind this system is to bring transparency and efficiency in government schemes by reducing manual work, avoiding corruption and ensuring better customer experience through online transactions at minimal cost.

e-TCS

e-TDS is the online version of TDS.

e-TCS is a web-based application used to submit income tax returns online, file income tax returns electronically, and receive updates on various things like income tax rates and deductions.

there are two parts of TDS traces.

There are two parts of TDS traces. One is e-TDS, which is done through the internet. The other one is e-TCS, which is done through a computer software.

The main purpose of using these two kinds of systems is to ensure that your money reaches its destination without any loss or delay in between; this way you can be sure that all your transactions are safe from frauds like card cloning and theft etc.,

Conclusion

From the above, you can conclude that e-TDS and e-TCS are two different technologies for creating digital time series data. Both have their own advantages and disadvantages, but both of them can be used together with any other technology to get the best results.

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Income Tax Notice-Online Verification and Authentication   

Introduction

A formal notification from the tax authorities about a person's or entity's tax matters is an income tax notice. These notifications are issued by the Income Tax Department (ITD) and may be in response to audits, requests for more information, inconsistencies in tax returns, or unpaid taxes Finding out what an income tax notice is and how to respond to it correctly are important things to know, even if receiving one can frequently cause anxiety or bewilderment. In this article, we will discuss the typical causes of income tax notices, the significance of responding to them right away, and the possible repercussions of non-compliance. For both individuals and businesses to properly navigate the tax system and maintain compliance, they must comprehend income tax notices.

Know the Reasons for Income Tax Notice

An income tax notice may be received for several reasons. Here's a list of the most common ones:

If the taxpayer neglects to file his income tax return by the deadline and it is received by the income tax department (ITD). The notice that has been communicated is known as an ITD notice.

In the case that the taxpayer's stated income and that of his employer differ in any way (for salaried individuals)  

In the case that any mistakes, omissions, or discrepancies—such as missing credits, deductions, or income sources—are present in your income tax return,.

If the Department of Income Tax suspects that someone is underreporting their income to avoid paying taxes,.

If the taxpayer is unable to pay all taxes due, take into account both his income and his deductions.

If there are any differences between the taxpayer's reported  TDS or TCS information and the information available with the Income-tax Department

If the taxpayer has engaged in any high-value financial activities that are scrutinized, such as significant cash deposits, Property purchases, or overseas remittances,

Under Section 143(2) or Section 148, the Income  tax department decides to assess or reassess a taxpayer’s income

How Should You Proceed Upon Receiving a Income Tax Notice?

After receiving an income tax notice, the taxpayer needs to do the following:

Read it carefully to find the reason why it was sent.

Verify if it has the correct name, PAN number, and address.

Identify any discrepancies that may have led to a notice in the income tax return.

Within the allotted time, reply to the ITD notice.

When filing the response, be sure to include all necessary details and supporting documents.

Additionally, use the Income Tax Portal to view IT notices, or income tax notices, online.  

How to Authenticate an Income Tax Notice?

For notices, orders, and letters issued for AY 2011–12 and later years only, the taxpayer can authenticate using PAN, document type, assessment year, issuance date, and mobile number.

The steps to verify an IT notice or an online income tax notice on the income tax site, are as follows:

Step 1: Visit the portal www.incometax.gov.in

Step 2: Choose "Authenticate" from the "Our Services" menu on the home page.

Step 3. A new web page will be displayed on your computer. There are two options that you can authenticate the documents you receive. You can certify the document using DIN, PAN, notification section, year of assessment, month, and year of issuing. You will be required to submit your mobile number in both scenarios If you chose the first option—PAN by assessment year—then choose that option and provide the necessary information, including the mobile number. However, if you select the second option, you will be required to provide both your mobile number and the DIN that is specified on the notice.

Step 4: One-time password (OTP) will be sent to your mobile number. The OTP received will only be valid for 15 minutes.

Step 5: Click "Continue" after entering the OTP. If the notice or order that was sent to you is genuine, it will show up on the website after the OTP has been authenticated. The website will display the message: “Yes, the notice is valid and issued by the Income Tax Authority.” If the notice sent to you is not true, the website will display "No such record was found for document number/given criteria. The taxpayers will benefit from this facility as they deal with the issue of fraudulent notices. This feature provided by the e-filing portal can be used to verify the authenticity of documents or communications received from the department or any order issued by the tax

Conclusion  

Receiving an income tax notice doesn't have to be frightening, either. The following steps can easily verify and authenticate the notice online:. This guarantees that you resolve any inconsistencies or problems brought up in the notification by acting in a timely and suitable manner. In addition to this, the IncomeTax Penalty Chart specifies that a penalty can be imposed, the nature of the default, and the amount of the penalty levied. Knowing the consequences of non-compliance also enables you to keep accurate records and avoid unnecessary penalties.

It is always advisable to consult a tax expert if you have any specific questions or need further assistance. To successfully handle the tax process, stay informed and compliant.

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What Is The Best App To Do Your Income Tax?

What is Income Tax Filing?

Income tax filing in India refers to submitting your income tax return (ITR) to the Income Tax Department. This process is essential for reporting your income, claiming deductions, and paying any taxes due. Here's how it works.

Reporting Income

Salaries: If you're employed, you must report your salary income.

Business or Professional Income: If you're self-employed or have a business, you report your earnings from these sources.

Other Sources: Include income from house property, capital gains, and other sources like interest from bank accounts.

Claiming Deductions

Deductions are available under sections like 80C (investments), 80D (health insurance), and more. These help reduce your taxable income.

Calculating Tax Payable

Based on your total income and applicable deductions, you calculate the tax you owe using the current income tax slabs.

Paying Taxes

Suppose any tax is due after considering TDS (Tax Deducted at Source) and advance tax payments. In that case, you must pay it before filing your return.

Submitting the ITR

You file your ITR online through the official Income Tax Department website or via authorised intermediaries. You can also submit a physical return, although online filing is more common and convenient.

Verification

After filing, you must verify your ITR. You can do this electronically through Aadhaar OTP, net banking, or by sending a signed physical copy of ITR-V to the Income Tax Department.

When to File ITR?

The due date for individuals is usually July 31st of the assessment year (the year following the financial year for which the return is being filed).

Filing your income tax return is not just a legal obligation but also a way to ensure financial compliance and take advantage of various tax-saving opportunities.

Must-have Features for An Income Tax Filing App

Creating an income tax filing app in India requires incorporating several essential features to ensure the process is user-friendly, efficient, and compliant with Indian tax laws. Here are the must-have features for such an app.

1. User-Friendly Interface

Intuitive Design

Easy Navigation: Simple, clear navigation to help users find what they need without confusion.

Guided Steps: Step-by-step guidance through the filing process.

Multilingual Support

Support for major Indian languages to cater to a diverse user base.

2. Secure Login and Data Protection

Authentication

Two-Factor Authentication (2FA): Enhances security by requiring two verification forms.

Biometric Login: Use fingerprint or facial recognition for secure and quick access.

Data Encryption

Ensures all personal and financial data is encrypted during transmission and storage.

3. Integration with Government Systems

e-Filing Integration

Direct integration with the e-filing portal for seamless submission of returns.

PAN and Aadhaar Verification

Fetch basic details from the PAN and Aadhaar databases to auto-fill forms.

4. Comprehensive Tax Calculation

Income Categories

Ability to handle various income types such as salary, business income, capital gains, house property, and other sources.

Deduction and Exemption Guidance

Section-wise Deductions: Guide users on claiming deductions under sections like 80C, 80D, etc.

Automatic Calculation: Automatic computation of eligible deductions and exemptions based on user input.

5. Document Management

Upload and Store Documents

Digital Document Upload: Allow users to upload necessary documents like Form 16, investment proofs, etc.

Secure Storage: Secure storage for all uploaded documents.

Document Scanner

Use the phone's camera to scan and upload physical documents directly within the app.

6. Error Checking and Validation

Real-time Error Detection

Form Validation: Real-time checks for common errors and omissions.

Auto-Suggestions: Provide suggestions for corrections and improvements.

Tax Compliance Alerts

Alerts for important dates, deadlines, and compliance requirements.

7. Customer Support and Help Section

In-app Support

Chat Support: Live chat with tax experts for real-time assistance.

FAQs and Guides: Comprehensive help section with FAQs, guides, and video tutorials.

Email and Phone Support

Support through email and phone for complex queries.

8. Tax Payment and Refund Tracking

Integrated Payment Gateway

The facility to pay taxes directly through the app using various payment methods.

Refund Status

Track the status of tax refunds within the app.

9. Analytics and Reports

Detailed Reports

Summary Reports: Summary of income, deductions, and taxes payable.

Historical Data: Access to previous years' tax returns and comparison reports.

Visual Analytics

Visual representation of income, expenses, and tax liability.

10. Advanced Tax Planning Tools

Personalized Tax Planning

Tax Saving Suggestions: Personalized tax-saving tips and investment suggestions based on user profile and financial goals.

Year-round Tax Planning: Tools to help plan and optimize taxes throughout the year, not just at filing time.

Financial Goal Setting

With integrated tax planning advice, set and track financial goals such as retirement, child's education, and home purchase.

Tax-efficient Investments: Suggest investments that offer tax benefits, such as PPF, NPS, ELSS, and tax-saving FDs.

Real-time Updates: Provide updates on changes in tax laws and how they impact tax planning strategies.

Tax Impact Simulations: Simulate the tax impact of different financial decisions and investment scenarios.

Future Projections: Forecast future tax liabilities and savings based on current investments and financial plans.

11. Additional Features

GST Filing (for Businesses)

Features for GST return filing and management for business users.

Notifications and Reminders

Reminders for tax filing deadlines, document submission dates, and other important events.

Multi-User Support

Manage multiple user profiles from a single account for family members.

Final Word

An itr filing app should prioritise user convenience, security, and compliance. By incorporating these essential features, the app can provide a seamless, efficient, and secure tax filing experience, catering to the diverse needs of Indian taxpayers. Amongst many of the best apps, 1 Finance stands out with its seamless integration with external sources and friendly user interface.

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What are the benefits of effective tax planning?

Tax planning is about finding a way out of how to pay less tax by managing your money. The idea is to use the rules and benefits provided by the government to lower your tax bill. It involves making smart decisions about your finances and business to reduce the tax you owe. By planning at the start of the year, you can confirm using all the tax rules to your advantage. This helps you save money legally and avoid any last-minute rush to sort out your taxes.Taking an income tax course helps you learn about filing taxes. An online income tax accounting course, like the one offered by Finprov, is a great way to understand the topic thoroughly. Finprov’s accounting professional courses are designed to teach you how to prepare and file your income tax returns accurately and effectively. Our income tax course covers different types of income, tax systems, old and new tax schemes, basics of TDS & TCS, deadlines, penalties, accounting records, and bookkeeping. We also offer practical live training and placement assistance to all the learners.

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A comprehensive guide to Form 16A: A TDS Certificate

Form 16A is a TDS certificate that is issued by the deductor on a quarterly basis. It is a statement concerning the nature of payments, the amount of TDS, and the deposited TDS payments to the Income Tax department. It also consists of brokerage, interest, professional fees, contractual payments, rent, and other sources of income. 

Unlike Form 16, which only consist salary structure, Form 16A of income tax charge TDS from:

Receipts from business or profession fees. 

Rental receipts from a property or rent. 

Sale proceeds from capital assets. 

Additional source.

Important components of Form 16A 

The important components of Form 16A are: 

Details of the Employer: It contains the name, TAN, and PAN of the employer. 

Details of Employee: It contains the name, TAN, and PAN of the employee. 

Mode of Payment: Both offline and online modes of payment are available. 

Receipt number of TDS: The receipt number of TDS helps in the tracking of back details.

The date and deposit tax amount with the income tax department help track information. 

Significance of Form 16A 

Form 16A plays a pivotal role while filing an income tax return, especially when someone has other sources of income apart from their salary. Here are the key benefits of Form 16A:

Filing of income tax returns: The details contained in Form 16A help employees file their income tax returns. It guides employees in reporting their total income, which includes salary and other sources. 

Tracking of TDS: It helps every individual keep track of the tax deducted at source (TDS) on their income. It gives you a summary of TDS deducted at source. 

Income Proof: Form 16A works as evidence of an individual's total earnings from other sources. Government agencies and financial institutions, like banks, easily accept this source as income proof. 

Loan Applications: This form is important in verifying the loan applications. Financial institutions often need a record of the assets and liabilities of an individual to check the guarantee on loan repayment. 

How to download Form 16A?

Below are the following steps to download Form 16A:

Visit the official website of the income tax department. 

Complete the registration process on the website. 

Click the "Download" tab, and then select Form 16A. 

Fill in the PAN details, and then click “Go to continue.”. 

Click submit and download Form 16A. 

What is the difference between Form 16 and Form 16A?

Form 16 and Form 16A are both TDS certificates, but there are certain differences between them. The following are the differences between Form 16 and Form 16A:

Form 16 is a TDS certificate deducted from salary, whereas Form 16A is issued for income other than salary. 

Form 16 is issued by the employer, whereas Form 16A is issued by financial institutions. 

Form 16 is used for deducting tax from salary, whereas Form 16A is for removing taxes from another source of income apart from salary. 

Final Thoughts  

Paying taxes is the responsibility of the citizens of the nation. It is evident that the process of filing an income tax return and Form 16A is restless and troublesome. Some technical terms of income tax are not known to the new taxpayer. Worry not, because Eazybills will solve every tax-related problem and also offer TDS tracking. 

So? What are you waiting for? Connect to us today through our website, where our professional team will guide you according to your requirements.

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Filing Income Tax Returns in India: A Comprehensive Guide with Ensurekar

Introduction

Filing your income tax return (ITR) in India can seem daunting, but with the right information and guidance, it can be a smooth and efficient process. This guide provides a comprehensive overview of e-filing income tax returns in India, including registration, types of returns, filing procedures, and crucial details for the Assessment Year (AY) 2023-24.

What is eFiling Income Tax Return?

The Income Tax Department of India offers a convenient online platform for electronically filing your ITR. This e-filing portal eliminates the need for physical visits to tax offices and streamlines the entire process.

Why File Your ITR?

Individuals falling under specific tax slabs are mandated to file their returns. Here are some reasons why filing your ITR is important:

Fulfilling Tax Obligations: It ensures compliance with tax regulations and avoids potential penalties for non-filing.

Claiming Refunds: If you've paid excess taxes through TDS (Tax Deducted at Source), filing your ITR is necessary to claim a refund.

Loan and Visa Applications: Many financial institutions and embassies require a clean tax filing history for loan approvals and visa processing.

Carrying Forward Losses: If you've incurred losses under a specific income head, filing your return allows you to carry them forward and offset future income.

Building a Credit History: A consistent record of timely ITR filing can positively impact your creditworthiness.

Types of eFiling Income Tax Returns

There are two main ways to file your ITR electronically:

Self-e-Filing: This involves filing your return directly through the Income Tax Department's e-filing portal. You'll need to fill out the ITR form with all necessary information, attach required documents, and submit it online.

Assisted ITR Filing: You can opt for assistance from authorized professionals like tax consultants, chartered accountants, or online tax-filing platforms. These intermediaries will handle the entire filing process, from collecting information to submitting your return online.

Benefits of eFiling Income Tax Return (ITR):

Convenience: Eliminates the need for physical visits and saves time and effort.

Security: The online process protects sensitive information with secure protocols.

Timely Processing: E-filing leads to faster processing and quicker refunds compared to paper returns.

Accuracy: The online platform helps with accurate tax calculations and reduces the chances of errors.

Environmentally Friendly: E-filing reduces paper usage and contributes to a greener environment.

How to File an eFiling Income Tax Return

Step 1: Registration

New users need to register on the Income Tax Department's e-filing portal using their PAN card details.

Step 2: Gather Documents

Collect all relevant documents like PAN card, Aadhaar card, Form 16 (salary certificate), TDS certificates, bank statements, investment proofs, and any other income or deduction-related documents.

Step 3: Choose the Right ITR Form

The appropriate ITR form depends on your income sources and category. Common forms include ITR-1 (for income up to ₹50 lakhs) and ITR-2 (for income with capital gains or foreign assets). For AY 2023-24, ensure you use the most recent versions of the forms.

Step 4: Fill and Verify the ITR Form

Fill out the chosen ITR form with accurate details about your income, deductions, and exemptions. Carefully review the entries to avoid errors. You can verify the return electronically using Aadhaar OTP or EVC (Electronic Verification Code), or by sending a signed physical copy of ITR-V to the Centralized Processing Center (CPC) within 120 days of filing.

Step 5: File the Return Online

Log in to the e-filing portal, navigate to the 'e-File' section and select 'Income Tax Return.' Upload the prepared ITR form or XML file and submit it.

Step 6: Keep Records for Reference

Maintain copies of the filed return, acknowledgment receipt, and supporting documents for future reference.

How Ensurekar Can Help

At Ensurekar, we understand the complexities of tax filing. We offer a comprehensive range of services to ensure a smooth and efficient ITR filing experience:

Expert Guidance: Our experienced tax professionals can guide you through the entire process, from choosing the right ITR form to maximizing deductions and claiming refunds.

Accurate Calculations: We ensure accurate tax calculations to minimize any tax liabilities or penalties.

Timely Filing: We help you meet all deadlines and avoid late filing penalties.

Stress-Free Experience: We take the stress out of tax filing, allowing you to focus on other important matters.

Additional Information:

Penalty for Late Filing of ITR: Filing your ITR after the due date can attract penalties and interest charges on the tax payable.

Steps to File ITR without Form 16: If you don't have Form 16, you can still file your ITR by gathering income proofs from various sources, calculating your TDS using Form 26AS, and claiming eligible deductions.

Conclusion:

Filing your income tax return is a crucial responsibility. By leveraging the benefits of e-filing and potentially seeking professional assistance from Ensurekar, you can ensure a smooth, accurate, and timely filing process.

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Income Tax Certification Course at Academy Tax4wealth

Academy Tax4wealth Introduces  Income Tax Certification Course for all students and Professionals to enhance their careers.

Under the Income Tax Certification Course, Learn How to File ITR Online.

Also, you can learn How to File TDS Returns Online.

https://academy.tax4wealth.com/public/category/income-tax-certification-coursehttps://academy.tax4wealth.com/

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FILE YOUR TDS RETURN - 3RD QUARTER | How to File TDS Return Online

As we all are busy completing our 3rd Quarter TDS return. Shortage of deduction is not allowed and a shortage of time is there. In this video of Compliance Tuesday, we will discuss the easy process of filing a TDS return in 10 Minutes.

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What is the process to file Form ITR 5?

Introduction

The Income Tax Department of India has made it compulsory for individuals and businesses to file their Income Tax Return (ITR) on an annual basis. To make the process simple and more efficient, the department has launched different Income Tax Return Forms depending on the type of income and the type of entity. ITR Form 5 is a form intended for individuals, Hindu Undivided Families (HUFs) and companies other than LLPs (Limited Liability Partnerships). In this blog, we will learn what ITR form 5 is and how to file it.

What is ITR?

ITR stands for Income Tax Return. It is a form to submit data on income from multiple sources and pay tax to the Income Tax Department. It includes complete details of income and tax saving investments made by the person during the financial year.

What is ITR form 5?

ITR Form 5 is a return form used by individuals, HUFs and firms other than LLPs who have undertaken business activities during the financial year. This form applies to those taxpayers who have opted for presumptive tax scheme under section 44AD, section 44ADA or section 44AE of the Income Tax Act. It is important to note that this form cannot be used by taxpayers who have profits and income from business or business profits which are chargeable to tax under “Capital Gains”.

Who can file ITR Form 5?

ITR Form 5 is applicable for individuals, HUFs and companies other than LLPs who carried out business activities during the financial year. It can be filed by taxpayers who have opted for presumptive tax scheme under section 44AD, section 44ADA or section 44AE of the Income Tax Act. Further, this form can also be filed by those taxpayers who have income from house property, salary or other sources.

What is the process to file ITR Form 5?

Filing of Income Tax Return Form 5 is a straightforward procedure. Here are the steps you need to follow in order to file your Income Tax Return Form 5:

Step 1: Collect all the required documents

Before you start filling in the form, make sure you have all the required documents with you. This may include your PAN card, Aadhaar card, bank statements, TDS certificates and details of all income earned during the financial year.

Step 2: Download ITR Form 5

The next step is to download Income Tax Return Form 5 from the Income Tax Department website. You can select the appropriate form based on your category and the financial year for which you are filing the ITR return.

Step 3: Fill in the details

Once you download the form, you need to fill in all the required details like your personal information, income details and claimed deductions. You also need to provide details of any taxes paid during the year.

Step 4: Check the details

Before submitting the form, make sure to check all the details given in the form. Check for any errors or inconsistencies and make corrections if necessary.

Step 5: Submit the form

Once you verify all the details, you can submit the form electronically using the Income Tax Department website. You will receive an acknowledgment for it, which you need to keep for future reference.

“Optimize your tax experience with seamless ITR e-filing services. File your income tax return effortlessly and stay compliant with our user-friendly platform. Simplify tax season with our efficient ITR e-filing solutions for a stress-free financial journey.”

Summary

Filing of Income Tax Return Form 5 is a mandatory requirement for individuals, HUFs and firms other than LLPs who have undertaken business activities during the financial year. The form filling process is simple and can be completed online. It is important to ensure that all details given in the form are accurate and complete. By filing your ITR Form 5 on time, you can avoid penalties and legal issues and also contribute to the country’s growth and development.

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Form 26AS - What is Form 26AS? View And Download Form 26AS Online

Introduction

In the realm of income tax filing in India, Form 26AS plays a pivotal role. It serves as a comprehensive record of tax-related information, which is crucial for both taxpayers and tax authorities. In this article, we will delve into the significance of Form 26AS, what it entails, and how to view and download it online.

What is Form 26AS:

Form 26AS, often referred to as the "Annual Tax Statement," is a consolidated tax statement that provides a comprehensive view of all tax-related transactions associated with a taxpayer's Permanent Account Number (PAN). It is generated by the Income Tax Department of India and is a crucial document for taxpayers and tax authorities alike.

Key Components of Form 26AS:

Details of Tax Deducted at Source (TDS): This section includes information about the tax deducted by various entities, such as employers, banks, or any other deductor, on income earned by the taxpayer.

Details of Tax Collected at Source (TCS): Here, you will find information about tax collected at source by sellers, which is applicable in certain transactions, like buying a car or property.

Advance Tax and Self-Assessment Tax Payments: This section reflects any advance tax or self-assessment tax payments made by the taxpayer during the financial year.

Details of High-Value Transactions: It includes information about high-value transactions reported by banks and financial institutions, like large cash deposits, that may draw the attention of tax authorities.

Details of Refunds: If you are eligible for an income tax refund, it will be mentioned in this section.

Details of AIR Transactions: Information related to specified financial transactions reported under the Annual Information Return (AIR) is also included in Form 26AS.

Significance of Form 26AS:

Verification and Filing of Income Tax Returns: Before filing your income tax return, it is essential to cross-verify the details in Form 26AS with your own records to ensure accuracy.

Preventing Tax Evasion: The presence of Form 26AS acts as a deterrent to tax evasion since it enables the tax authorities to track discrepancies between reported income and actual transactions.

Claiming Tax Credits: Form 26AS helps taxpayers claim the correct amount of tax credits, which can reduce their tax liability or result in refunds.

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A Complete Guide to GST Return Filing (GSTR-9) 

A GSTR-9 filing is a form that a taxpayer has to file for every GSTIN to which he is registered. In this blog, we have provided various critical questions surrounding GST return filing. 

Let’s get started.

What are GST returns? 

Every taxpayer has to file a GST return. There are around 22 varieties of GST forms. So the number and type of GST you have to file depend on the type of taxpayer you have registered. 

While you understand what GST returns are, it is also important to know the types of taxpayers. There are seven types of taxpayers: 

Regular taxpayer 

Composition of taxable persons 

TDS deductors 

Non-resident taxpayer 

Input Service Distributor 

Casual taxable persons 

E-commerce operators 

It is also worth knowing that you can begin the GST return filing process quarterly, monthly, or annually. And you can also check your GST return filing status. 

Meaning of GSTR-9 

GSTR-9 is an annual return to be done by taxpayers who are registered under GST. Following is the information contained in GSTR-9: 

Details of outward supplies made 

Inward supplies received 

Summary of supplies received under HSN code 

Details of tax payable and paid 

Benefits of the GST return filing online 

GST is one of the biggest tax reforms in India till now. The Goods and Services Tax (GST) is an initiative by the Indian Government that aims to ease the process of managing online payments and regulatory compliance. By accessing the GST portal, you can easily check your GST return filing status. Below are the benefits of filing the GST return online: 

The Elimination of a Wide Range of Different Taxes: Since the introduction of the GST, there have been fewer restrictions placed on the different types of taxes that may be applied to goods and services. Various taxes come under this category, including the Central Excise Tax, Sales Tax, Service Tax, Luxury Tax, and Special Additional Duty charged by Customs. 

Eliminating the Cascading Effect: The most important benefit of the GST return filing process is eliminating the cascading effect, sometimes known as removing a tax on top of another tax (double taxation). Before the Goods and Services Tax (GST), there was no other method for offsetting the value-added tax (VAT) on output against the service tax that was paid on input services. 

The Control and Supervision of Unorganized Businesses: Earlier, the disorganized and uncontrolled sectors in the country, like the textile and construction industries, were subjected to regulation and are now held accountable for their actions. 

Efficient Economy: The Goods and Services Tax (GST), which will eventually improve long-term economic development and efficiency, is unchanged by company types, methods, geographic location, and organizational structure. The ratio of taxes paid to GDP in India has increased due to the introduction of the Goods and Services Tax (GST). 

Final Words 

The Goods and Services Tax (GST) was first introduced in India on July 1, 2017, and its introduction was a game-changing reform that changed how businesses were managed in the nation. Because of the benefits of the GST return filing process, many businesses are moving into the official sector. You can get in touch with Eazybills if you are searching for a reliable and one-stop solution for billing software.