GST Returns Filing

What is GST Return?

GST Return is a document which includes the information of sales, purchases, input tax credit and every taxpayer is required to file this GST returns.

The GST mechanism include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit from returns of supplier to that of recipient, invoice level information matching the auto-reversal of Input Tax Credit in case of mismatch.

Under GST taxpayer needs to file monthly returns and one annual return.

Know more about the GST rates: https://www.trutax.in/gst-rate-slab

You can file GST Return on GSTN portal- https://www.gst.gov.in/

Types of GST Returns and due dates:

GSTR-1, GSTR-2 and GSTR-3 are required to file by normal taxpayers.

These are the types of GST Returns and its due dates for filing of GST Returns:

GSTR-1:

GSTR-1 form includes the details of outward supplies of taxable good or services. This form contains 13 different heads like GSTIN of the taxpayer, Name, Turnover, Export Sales, Tax paid etc.

The due date for filing of GSTR-1 form is 10^th of Next Month.

GSTR-2:

GSTR-2 form includes the details of inward supplies of taxable goods or services. GSTR-2 form contains the heads like GSTIN of the taxpayer, Name, Details of Inward Supplies, Import of Goods, Tax paid, Input Tax Credit Reversals etc.

The due date for filing of GSTR-2 form is 15^th of Next Month.

GSTR-3:

GSTR-3 form includes the details of Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. GSTR-3 form contains heads like GSTIN of the taxpayer, Name, Address of the taxpayer, Details of outward supplies, Details of Inward Supplies etc.

The due date for filing of GSTR-3 form is 20^th of Next Month.

GSTR-4:

GSTR-4 form includes the details of Quarterly Return for compounding taxable persons.

The due date for filing of GSTR-4 form is 18^th from end of the Quarter.

GSTR-5:

GSTR-5 form includes the details of Returns for Non-Resident foreign taxable persons.

The due date for filing of GSTR-5 form is 20^th from end of the month.

GSTR-6:

GSTR-6 form includes the details of Input Service Distributor Return.

The due date for filing of GSTR-6 form is 13^th of Next Month.

GSTR-7:

GSTR-7 form includes the details of Return for authorities deducting tax at source.

The due date for filing of GSTR-7 form is 10^th of Next Month.

GSTR-8:

GSTR-8 form includes the details of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (52).

The due date for filing of GSTR-8 form is 10^th of Next Month.

GSTR-9:

GSTR-9 form is required to file Annual Return by taxpayer. In this return, the taxpayer needs to furnish details of expenditure and details of income for the entire financial year.

The due date for filing of GSTR-9 form is 31^st December of next financial year.

GSTR-9A:

GSTR-9A form is used for Simplified Annual Return by compounding taxable persons registered under Section 10.

The due date for filing of GSTR-9A form is 31^st December of next financial year.

Taxpayer who fails to file GSTR-1, GSTR-2, GSTR-3 or Final Return within the due dates shall be liable to pay a late fee of Rs. 100 per day, subject to a maximum of Rs. 5,000.

Income Tax Refund Status

Income Tax Refund starts after processing of income tax returns complete by income tax department. Once taxpayer file the income tax returns and verify it then processing of income tax returns starts by the income tax department.

During the processing of income tax returns department checks whether there is any discrepancy in returns or not. Once it is verified by the income tax department then status of ITR would be “Successfully Verified” or “ITR processed”. You can check this status anytime on e-filing website of Income tax department.

During the processing of income tax returns if department finds any discrepancy in your ITR then it sends the notice to the particular taxpayer.

Read more about the income tax notice in detail here: https://www.trutax.in/income-tax-notice

If in case there is any discrepancy in your returns then you will get the notice under Section 143 which will clearly mention the reason behind it.

Important points to know about the income tax refund status:

1.Refunds are processed in two ways which are direct credit or cheque.

2. In case of direct credit account number and IFSC code mention is mandatory in ITR.

3. If account details are not correct then refund will be processed through cheque payable to the account mention in the ITR.

4. You can check the income tax refund status of your ITR anytime on Income Tax Department website.

5. You need to issue request again on income tax website if refund not credited.

6. You can check the paid refund amount in form 26AS.

How to check Income Tax Refund Status online?

Once you have filed the income tax returns and verify it then income tax department start processing of your ITR. If you want to check the current status of your ITR then you can easily check it on income tax department website.

Steps to check income tax refund status Online:

1. Click on ITR status on right hand side of income tax e-filing website.

2. Once you will click on the “ITR Status” then you will be redirected to new page. Now you need to fill your details on form like PAN number and Acknowledge number

3. After filling all the details, you will be redirected to new page and get your status as “Return Submitted and Verified”.

This is the simplest and easiest way to check your income tax refund status on income tax e-filing website.

Income Tax Refund Status

Income Tax Refund Status

Income Tax Return Verification

Income Tax Return Verification

Income Tax Return Verification

e-verify tax return is the last and important step of filing income tax returns. Once you file your income tax return then you get 120 days to e-verify your income tax returns. In fail to do so the income tax department will not consider your tax returns for processing and you will not be able to claim income tax refund status.

There should be no reason to not e-verify your returns which has serious consequences. You can e-verify your income tax return easily instead of sending physical ITR-V. But still you have the option of sending physical ITR-V if in case you don’t want to e-verify your returns.

There are 6 simplest and easy options to e-Verify your income tax returns:

1.e-Verify your return using net banking:

• Login to your net banking account.
• Click on income tax e-filing link provided by bank.
• Click on e-verify link against the return to be verified.
• Verified.

2.e-Verify Return using Bank ATM:

• Swipe your ATM card in Bank ATM.
• Click on pin for e-filing.
• EVC received on registered mobile number.
• Login to e-filing portal & select the option to e-verify return using bank ATM.
• Enter your EVC on e-filing portal.
• Verified.

3.e-Verify Return using Bank account number:

• Go to e-filing portal- http://incometaxindiaefiling.gov.in/
• Pre-validate your bank account number.
• Bank account details validated successfully. Click e-verify link, select option to e-verify using bank account details and generate OTP.
• EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified.

4.e-Verify Return using Aadhaar OTP:

• Go to e-filing portal- http://incometaxindiaefiling.gov.in/
• Link Aadhaar number with PAN.
• Aadhaar successfully linked. Click e-verify link on the screen & select option to e-verify return using Aadhaar OTP.
• Generate OTP. EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified

5.e-Verify Return using Demat Account Number:

• Go to e-filing portal
• Pre-validate your Demat account number
• Demat account details validated successfully. Click e-verify link, select option to e-verify using Demat account details and generate OTP.
• EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified

6.e-Verify Return using registered mobile number and mail id. (total Income <=5 lakhs)

• Go to e-filing portal
• Generate EVC
• EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified.

For more details:https://www.trutax.in/income-tax-return-verification

Online Income Tax Return: What is ITR-3 form?

Online Income Tax Return: What is ITR-3 form?: ITR-3 Form: ITR-3 is a new form introduced this year by the income tax department and substitute of old ITR-4 form which is to b...

What is ITR-3 form?

ITR-3 Form:

ITR-3 is a new form introduced this year by the income tax department and substitute of old ITR-4 form which is to be used by individuals and HUFs for filing income tax returns.

Eligibility of ITR-3 Form:

This income tax return form is used by HUFs and individuals which comes under these following categories:

·         Partnership in a firm.

·         Income by a means of interest, salary, bonus, remuneration, commission as a partner.

·         Income through Profits or Gains of business or profession.

Structure of ITR-3 Form:

Part-A: General Information

Part-A-BS: Balance Sheet as on 31^st day of March,2017 of the proprietory business or profession.

Part-A-P & L: Profit and Loss Account for the financial year 2016-17

Part-A-OI: Other Information

Part-A-QD: Quantitative Details

Part-B-TI: Computation of Total Income

Part-B-TTI: Computation of tax liability on total income.

Verification

SCHEDULES OF THE RETURN FORM:

Schedule S: Details of Income from Salary

Schedule HP: Details of Income from house property

Schedule BP: Details of Income from business or profession.

Schedule DPM: Depreciation of plant and Machinery

Schedule DOA: Depreciation on other assets.

Schedule DEP: Summary of depreciation on assets.

Schedule DCG: Deemed Capital gains on sale of depreciable assets

Schedule ESR: Deduction under Section 35 or 35CCC or 35CCD

Schedule CG: Capital Gains

Schedule OS: Income from other sources.

Schedule CYLA: Details of income after set-off of current years losses

Schedule BFLA: Details of income after set-off of brought Forward losses of earlier years.

Schedule CFL: Details of losses to be carried forward to future years.

Schedule UD: Unabsorbed depreciation and allowance under section 35(4)

Schedule ICDS: Effect of income computation Disclosure standards on profit.

Schedule 10A: Deduction under Section 10A

Schedule 10AA: Deduction under Section 10AA

Section 80G: Details of donations entitled for deduction under Section 80G.

Schedule 80-IA

Schedule 80-IB

Schedule 80-IC or 80-IE

Schedule VI-A

Schedule AMT: (Computation of Alternate Minimum Tax payable under section 115JC)

Schedule AMTC: (Computation of tax credit under Section 115JD

Schedule SPI

Schedule SI: (Income chargeable to tax at special rates)

Schedule IF: (Information regarding partnership firms in which you are partner

Schedule EI: Details of Exempt Income

Schedule PTI: Pass through income details from business trust or investment fund as per section 115UA,115UB

Schedule FSI: Details of income from outside India or tax relief

Schedule TR: Summary of tax relief claimed for taxes paid outside India

Schedule FA: Details of foreign assets from any source outside India

Schedule 5A

Schedule AL: Asset and Liability at the end of the year (other than those included in Part-A-BS) (applicable in a case where total income exceeds Rs.50 lakh)