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PAN or permanent account number, is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department under the supervision of the Central Board of Direct Taxes.
It also serves as an identity proof. The PAN number remains unaffected by change of address throughout India.

A PAN card is necessary for filing of IT returns, and is the primary reason individuals as well as other entities apply for one. Opening a bank account: A PAN card is required in order to open a new bank account, whether it is a savings or a current account.

An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations. Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens. Certain investments, like housing authority bonds, tend to be exempt from income taxes.

In total, there are almost 9 types of ITR forms available for a tax payer to file his taxes. However, only the following forms are to be taken into consideration by individuals when filing returns as per the Central Board of Direct Taxes in India:

  • ITR-1
  • ITR-2
  • ITR-2A
  • ITR-3
  • ITR-4
  • ITR-4S

The following income tax return forms are applicable only for companies and firms:

  • ITR-5
  • ITR-6
  • ITR-7

ITR-1
Also known as the Sahaj form, this income tax return form is to be filed solely by an individual taxpayer. Any other assesse liable to pay tax, is not eligible to avail of this form for filing their returns. This form is applicable for the following people:

  • A person who earns his income via salary or through other means such as pension
  • A person who earns his livelihood from a single housing property
  • An individual who has no income from no other business or who have no income from the sale of any assets i.e. capital gains
  • Individuals who do not own any assets or property in countries apart from India
  • An individual who has no source of income from any country outside India
  • A person whose income from agriculture is below Rs. 5,000
  • A person whose source of income is from various investments or sources like investments, schemes or fixed deposits etc.
  • Individuals who have not earned income from any windfall such as lotteries, horse racing etc.
  • People who want to accumulate their spouse’s or underage child’s income with their own, as long as the income to be clubbed is in accordance with the criteria mentioned above.

ITR-2A
Introduced in the assessment year 2015-16, The ITR-2A form is a new income tax return form. This form can be used by a Hindu Undivided Family (HUF) or an individual taxpayer. The ITR-2A form is applicable for the following people:

  • People whose source of income i through salary or through means such as pension
  • People who are also earning income from more than one housing property
  • A person who has no income from any other business or who have no income from the sale of any assets i.e. capital gains
  • People who tend to earn income from different investments or sources such as Fixed Deposits, Investments, Shares etc.
  • A person who does not own any property or assets in countries other than India
  • A person who does not have a source ofincome from any country outside India
  • A person whose income from agriculture is below Rs 5,000
  • A person who has no income from any other business or who have no income from the sale of any assets i.e. capital gainsIndividuals who have not earned income from any windfall such as lotteries or horse racing

ITR-2A
Introduced in the assessment year 2015-16, The ITR-2A form is a new income tax return form. This form can be used by a Hindu Undivided Family (HUF) or an individual taxpayer. The ITR-2A form is applicable for the following people:

ITR-2
The ITR-2 Form is a type of ITR form which is generally used by individuals who have accrued income through the sale of assets or property. Also, this form is useful for individuals who earn income from countries outside India. In most cases, individuals or Hindu Undivided Families (HUF) can avail of this form to file their IT returns. This form is applicable for the following persons:

  • People who earn income through salary or through means such as pension
  • A person whose source of income is through the sale of assets or property in India i.e. capital gains
  • A person who tends to earn income from more than one housing property
  • People who don’t earn money from any business venture
  • A person who own assets in countries outside of India
  • People who earn income from countries outside of India
  • A person whose income from agriculture is above Rs 5,000
  • A person who gets his income from any windfall like lotteries or horse racing

ITR-3
The ITR-3 Form is useful for an individual taxpayer or a Hindu Undivided Family, who solely operate as a partner in a firm but who do not conduct any business under the firm. This is also applicable for individuals who do not earn any income from the business conducted by the firm. This form is usually filed by those taxpayers whose taxable income earned from business is only in the form of the following:

  • Salary
  • Commission
  • Bonus
  • Interest
  • Remuneration

ITR-4
This type of ITR form is useful for those individuals who conduct a business or who earn income through a profession. This form is applicable for all types of businesses, undertaking or profession, without any limit on the income earned. Taxpayers can also club any income they receive from windfalls, speculation, salaries, lotteries, housing properties etc., along with the income earned from their business. An individual with any profession, right from shopkeepers, doctors or designers to agents, retailers and contractors, is eligible to file their ITR using this form.

ITR-4S
Also known as Sugam form, the ITR-4S form can be used by any individual or Hindu Undivided Family (HUF) for filing their income tax returns. This form is applicable for the following persons:

  • Individuals who earn income from any business
  • Individuals who earn income from a single housing property
  • Individuals who do not earn income through the sale of assets or property in India i.e.: capital gains
  • Individuals whose income from agriculture is below Rs 5,000
  • Individuals who do not own any assets or property in countries other than India
  • Individuals who do not earn income from any country outside India This form is useful in special circumstances and is applicable to businesses where any income earned is based on a presumptive method of calculation.

ITR-4
This type of ITR form is useful for those individuals who conduct a business or who earn income through a profession. This form is applicable for all types of businesses, undertaking or profession, without any limit on the income earned. Taxpayers can also club any income they receive from windfalls, speculation, salaries, lotteries, housing properties etc., along with the income earned from their business. An individual with any profession, right from shopkeepers, doctors or designers to agents, retailers and contractors, is eligible to file their ITR using this form.

ITR-4S
Also known as Sugam form, the ITR-4S form can be used by any individual or Hindu Undivided Family (HUF) for filing their income tax returns. This form is applicable for the following persons:

  • Individuals who earn income from any business
  • Individuals who earn income from a single housing property
  • Individuals who do not earn income through the sale of assets or property in India i.e.: capital gains
  • Individuals whose income from agriculture is below Rs 5,000
  • Individuals who do not own any assets or property in countries other than India
  • Individuals who do not earn income from any country outside India This form is useful in special circumstances and is applicable to businesses where any income earned is based on a presumptive method of calculation.

ITR-5
The ITR-5 form is used only by the following bodies to file income tax returns:

  • Firms
  • Limited Liability Partnerships (LLPs)
  • Body of Individuals (BOIs)
  • Association of Persons (AOPs)
  • Co-operative Societies
  • Artificial Judicial Persons
  • Local Authorities

ITR-6
Except those companies or organisations that claim tax exemption as per Section 11, the ITR-6 form is used only by all companies. Organisations that can claim tax exemptions as per Section 11 are organisations in which the income received is accumulated from the property used for the purpose of religion or charity. This particular income tax return form is only available to be filed online.

ITR-7
Those individuals or companies that are required to submit their returns under the following sections are required to file their income tax returns through ITR-7:

  • Section 139(4A) - Under this section, returns can be filed by individuals who receive income from any property that is held for the purpose of charity or religion in the form of a trust or legal obligation
  • Section 139(4B) - Under this section, returns are to be filed by political parties provided their total income earned is above the non-taxable limit
  • Section 139(4C) - Under this section, returns are to be filed by the following entities:
  • Any institution or association mentioned under Section 10(23A)
  • Any association involved with scientific research
  • Any institution mentioned in Section 10(23B)
  • Any news agency
  • Any fund, medical institution or educational institution
  • Section 139(4D) - Under this section, returns are to be filed by entities such as colleges, universities or any other such institution wherein income returns or loss are not required to be provided in accordance with other provisions outlined in this section.
  • Filing returns is a sign you are responsible
  • The government mandates that individuals who earn a specified amount of annual income must file a tax return within a pre-determined due date. The tax as calculated must be paid by the individual. Failure to pay tax will invite penalties from the Income Tax Department..
  • If Your annual income is more than INR 5, 00,000/-.
  • If You have a PAN card and have registered at the Income-tax website.
  • Before the due date. The due date generally is 31st July of every year.
  • As soon as you get your financial statements
  • Filing ITR avoids penalties
  • ITR receipt is a useful document for hassle-free processing of bank loans
  • Visa processing
  • Avoid Penalty
  • Income Proof
  • Fast Visa Processing
  • Easy Loan Approval
  • Easily Carry Forward Your Losses.
  • Make ITR Refund.

(GST) is an indirect tax which has replaced many Indirect Taxes. Gst used in India on the supply of goods and services. It is a comprehensive, multistage, destination based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination based tax, it is collected from point of consumption and not point of origin like previous taxes.
Goods and services are divided in into five different tax slabs for collection of tax -5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.[citation needed] There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.[1] In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.

  • GSTR – 1: Return for Outward Supplies
  • GSTR – 2: Form for Inward Supplies (Read Only Document)
  • GSTR – 3B: Summary of Inward and Outward Supplies
  • GSTR – 4: Return For Composition Dealers
  • GSTR – 5: Return For Non-Resident Taxable Persons
  • GSTR – 6: Return For Input Service Distributors
  • GSTR – 7: Return For Taxpayers Deducting TDS
  • GSTR – 8: Return For E-Commerce Operators Collecting TCS
  • GSTR – 9: Annual Return For Normal Registered Taxpayer Under GST
  • GSTR – 9A: Annual Return For Composition Dealers
  • GSTR – 9B: Annual Return For E-Commerce Operators Collecting TCS
  • GSTR – 9C: Return For Registered Persons Getting Accounts Audited From CA
  • GSTR – 10: Return For Registered Person Whose GST Registration Gets Cancelled
  • GSTR – 11: Return For UIN (Unique Identification Number) Holders
  • If Turnover is more than 10,20,40 Lakh in special category states.
  • To avoid late fees .if nill return 20 per day and if figure in return 50 per day
  • To avoid Interest on tax
  • GST Return is a useful document for hassle-free processing of bank loans
  • FOR MAKE GST AUDIT

A balance sheet (also called the statement of financial position), can be defined as a statement of a firm's assets, liabilities and net worth. It provides a snapshot of a business at a point in time. It got its name as assets minus liabilities (net assets) must equal the owner's equity (they must balance)

  • It is an important tool used by the investors, creditors and other stakeholders to understand the financial health of an entity.
  • The growth of an organization can be known by comparing the balance sheet of different years.
  • It is an essential document required to be submitted to the bank to obtain a business loan.
  • Stakeholders can understand the business performance and liquidity position of the entity.
  • Ability to undertake expansion projects and meet unforeseen expenses can be determined by analyzing a company’s balance sheet
  • If the company is funding its operations with profit or debt can be known

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