TAXATION

(Online Process/Free Consultation)

TAX services Provided by Legal Time:

Contact for TAX Services

What is GST Registration?

The Goods and Service Tax is the biggest indirect tax reform which amalgamates all the other taxes into one single tax structure. Under GST Regime, the goods and services are now taxed under a single law being Goods and Service Tax Laws. GST has been implemented on the theme of One Nation One Tax and has tax slabs from minimum 0% to the Highest 28%.

Business entities whose turnover exceeds INR 40 Lacs (for Northeast and Hilly state 20 Lacs) are required to have a GST Registration. However, the limit for Service provider is still INR 20 Lacs. A certain category of Taxpayer u/s 24 of CGST Act 2017 needs to compulsorily register under GST irrespective of Turnover. It is in the best interest to determine upfront the registration requirements and eligibility criteria before opting to register for GST as it has ongoing compliances and further penalties for Non-compliance.

If a GST applicable Business unit supplies goods or services without GST number, then it is considered as an offense. Such offense attracts a liability to pay heavy penalty under the GST Act.

GST Registration usually takes 3-6 Working days.

What are SGST CGST and IGST?

Sale Within Same State: CGST + SGST

Inter State Sale: IGST

REGISTRATION PROCESS

Step 1: Submit Documents

Submit all the documents as required for preparation of GST application.

Step 2: Application Filing

We will file Online Application with the GST Department along with other documents.

Step 3: Review by Department

GST Department shall verify the accuracy and correctness of the application.

Step 4: Grant of Certificate

GST Registration will accept the application & grant the GST Registration Certificate.

Benefits

This means that industries and businesses that are of a smaller scale- like start-ups are exempted from paying different taxes depending on their annual turnover- hence as of now the threshold for paying the GST is now 40 lakhs turnover in all states except the North Eastern States where it is 20 lakhs.

The cascading effects of taxes occur when there is tax added on tax- especially or we can say double tax effect. Thanks to the comprehensive GST, it provides Relief from the double taxation system.

GST made it quite simple to do business operations PAN India without any hurdles.

Earlier different taxes such as the VAT and Service Tax had different compliances as well as returns meaning monthly filing of many separate taxes.

GST clearly states what taxes are applicable for the functioning of the e-Commerce sector all over the country.

No paper is wasted, since everything is now electronic- payments can be easily done online as well as offline.

Get a free consultation for Tax Services by scheduling an appointment with Legal Time.

Documents Required

PAN CARD

Copy of Pan Card of Company & Directors

PHOTOGRAPH

Latest Passport size photograph.

IDENTITY PROOF

Aadhar Card/ Voter ID/Passport/ Driving Licence

BANK ACCOUNT DETAILS

Pre Printed Cancel Cheque

ADDRESS PROOF

Latest Telephone Bill /Electricity Bill/Rent Agreement & NOC

What is GST Returns & Compliances?

A Business Registered under GST has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid. GST return can be filed in various forms depending upon the nature of transaction and registration.

GST Returns that are applicable for Normal Tax payers and their due dates are:

GSTR-3B return must be filed by all persons registered under GST. GSTR-3B return is to be filed every month.

Monthly Details of outward supplies in FORM GSTR-1 by the 10th of next month.

Monthly Details of inward supplies in FORM GSTR-2 by the 15th of next month.

Monthly Filing of Return along with payment of tax due in FORM GSTR-3 by the 20th of next month.

Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.

Most Common used returns:

GSTR 1, GSTR 2 & GSTR 3 will be submitted by all businesses on a monthly basis.

GSTR 9 on an annual basis. 

GSTR 4 is submitted by composition taxpayers on a quarterly basis.

Get a free consultation for Tax Services by scheduling an appointment with Legal Time.

What is Income Tax Return Filing ?

An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing the actuals, the total amount that should go to the government as income tax is calculated. if you have paid more taxes you can claim refund and if it short paid need to clear the liability. Income Tax has provided ITR form from ITR-1 to ITR-7 for different category of Taxpayers. The income tax law mandates filing of return for those individuals who have a Gross Total Income exceeding Rs 2.5 lakhs (RS 3 lakhs for senior citizens and Rs 5 lakhs for super senior citizens) for any particular financial year. Uther certain category of taxpayer are required to file ITR irrespective of Income.

TYPES OF RETURNS

ITR-1:

ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only.

ITR-2:

ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs.

ITR-3

ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India.

ITR-4:

ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs.50 lakhs of professional income.

ITR-5:

ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax.

ITR-6:

ITR-6 form must be filed by companies registered in India.

ITR-7:

ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.

REGISTRATION PROCESS

Step 1: Submit Documents

Submit all the documents like PAN, Aadhar Card, Bank account details, Investment details and Form 16 as required for preparation of application

Step 2: Verification of Documents

Verification of all the documents as provided by applicant.

Step 3: Selection of Appropriate Form

Selection of Appropriate Form is to be done as per applicant requirements.

Step 4: Preparation of Return

Preparation of Income Tax Return.

Step 5: Application Filing

After Preparation of application we will file with the Income Tax Department & Acknowledgement is generated.

Documents Required

PAN CARD

Copy of Pan Card of applicant
Copy of Pan card of Company

AADHAR CARD:

Copy of Aadhar Card of applicant.

BANK ACCOUNT DETAILS:

Copy of Cancelled Cheque
Copy of Bank Account Statements.

FORM 16:

The salaried person should provide the TDS Certificate, known as Form 16.

INVESTMENT/ EXPENSES U/S 80

Details about the Investments made or
Expenditure u/s 80 must be provided.

What is Professional Tax Registration ?

Professional Tax is a tax collected by State Governments from the professionally occupied business entities. A person earning income from salary or professions such as Chartered Accountants, Company Secretaries, Lawyers, etc. is required to pay professional tax. For the purpose of this registration, the employers, professionals, traders, etc. come under the purview of registration. Professional tax is usually a slab-amount based on the gross income of the professional. It is deducted from his income every month. In case of salaried employees and wage earners, Employer is liable to deduct professional tax with the State Government. In case of other class of Individuals, this tax is liable to be paid by the person himself.

REGISTRATION PROCESS

Step 1: Submit Documents

Submit all the documents as required for preparation of Professional Tax Registration application.

Step 2: Application Filing

We will file Sign Application with the Tax Department along with other documents.

Step 3: Review by Department

Tax Department shall verify the accuracy and correctness of the application.

Step 4: Grant of Certificate

Professional Tax Registration Certificate will be provided.

Benefits

Compliance With Professional Tax Regulation is easy & it helps you to legally compliant with state laws.

It is advised to obtained Professional Tax Registration in Order to Avoid Penalties.

A deduction from salary can be claimed by the taxpayer on account of Professional Tax Paid.

The taxes deducted as per the state government are nominal and they are structured according to a salary range, hence the burden on taxpayers is nominal.

Get a free consultation for Tax Services by scheduling an appointment with Legal Time.

Documents Required

PAN CARD

Copy of Pan Card

PHOTOGRAPH

3 copy of passport size photograph of the Proprietor/ Partner/ Director

IDENTITY PROOF

A self-attested copy of ID proof of Proprietor/ Partner/ Director

ADDRESS PROOF

Self-attested copy of address proof of Proprietor/ Partner/ Director. Shop and Establishment Certificate

COMPANY REGISTRATION DOCUMENTS

COI/MOA/AOA/ Partnership deed

Why Choose us

1. STARTUP’S FIRST CHOICE

We ensure start-ups to focus on their project and leave all the legalities and documentations to us. From our technology driven platform and on time delivery start-ups prefer us to do Company registration.

2. TECHNOLOGY DRIVEN PLATFORM

100% Technology driven platform to speed up your company registration process and make your life easy

3. BEST PRICING

We understand the value of money for startups. We offer complete transparency and affordable cost to startups.

4. 100% ONLINE SERVICE

Fully online service so that you can start and complete the process without running around from the comfort of your home or office.

5. EXPERT PROFESSIONALS

At Legal Time, we work only with experienced Chartered Accountants & Company Secretaries to handle your company registration.

Get a free consultation for Tax Services by scheduling an appointment with Legal Time.

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