India Tax Filing Services

India Tax Filing Services

It is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return - irrespective of amount of income or loss. All companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit.

India Filings provides income tax filing services with dedicated Tax Expert support. Upload your Form-16, sit back and relax. Our experts will file your income tax return and provide you the acknowledgement within 1 - 2 business days.

India Tax Filing

• Individuals
• Business
• GST Filings
• PAN Services

InfyTax provides the Tax service/Suggestions throughout the year, An experience Tax Analyst will be available to help or suggest the taxpayer on the below query's.

Penalty for Late Filing

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows.

Business

In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.

GST Registration

The Goods and Services Tax (GST) is a tax on goods and services consumed in India. GST is an indirect tax that has replaced many other indirect taxes in India, such as excise duty, VAT, and services tax. GST has been in force from 1st July, 2017 based on the Goods and Service Tax Act passed by the Indian Parliament on March 29, 2017.

Taxable person under the GST Act is someone who conducts business in India and is registered or needs to be registered under the GST Act. A taxable person can be an individual, HUF, company, firm, LLP, an AOP/ BOI, any corporation or Government company, body corporate incorporated under the laws of a foreign country, co-operative societies, local authorities, governments, trusts, or artificial juridical persons.

GST registration can be obtained voluntarily by any person or entity irrespective of turnover. GST registration becomes mandatory if a person or entity sells goods or services beyond a certain turnover.

GST registration can be obtained voluntarily by any person or entity irrespective of turnover. GST registration becomes mandatory if a person or entity sells goods or services beyond a certain turnover.

Service Providers: Any person or entity who provides service of more than Rs.20 lakhs in aggregate turnover in a year is required to obtain GST registration. In special category states, the GST turnover limit for service providers has been fixed at Rs.10 lakhs. Goods Suppliers: As per notification No.10/2019 any person who is engaged in the exclusive supply of goods whose aggregate turnover crosses Rs.40 lakhs in a year is required to obtain GST registration. To be eligible for the Rs.40 lakhs turnover limit, the supplier must satisfy the following conditions:

• Should not be providing any services.
• The supplier should not be engaged in making intra-state (supplying goods within the same state) supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripur and Uttarakhand.
• Should not be involved in the supply of ice cream, pan masala or tobacco

If the above conditions are not met, the supplier of goods would be required to obtain GST registration when the turnover crosses Rs.20 lakhs and Rs.10 lakhs in special category states.

Special Category States: Under GST, the following are listed as special category states - Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand.

Aggregate Turnover: Aggregate turnover = (Taxable supplies + Exempt Supplies + Exports + Inter-State Supplies) – (Taxes + Value of Inward Supplies + Value of Supplies Taxable under Reverse Charge + Value of Non-Taxable Supplies).

Aggregate turnover is calculated based on the PAN. Hence, even if one person has multiple places of business, it must be summed to arrive at the aggregate turnover.

GSTIN: GSTIN or Goods and Services Tax Identification Number (GSTIN) is provided to entities having GST registration number. GSTIN is 15 characters in length. The allocation of GSTIN is based on PAN and State of the applicant. In a GST registration number, the first two digits represent the state code. The following next 10 digits represent the PAN of the applicant.

S Corporation

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income at the entity level.

Limited Liability Company (LLC)

A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, you should check with your state if you are interested in starting a Limited Liability Company.

Owners of an LLC are called members. Most states do not restrict ownership, so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit "single-member" LLCs, those having only one owner.

A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state's requirements and the federal tax regulations for further information. There are special rules for foreign LLCs.

Charitable Organizations

Organizations that are organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational or other specified purposes.

Churches and religious organizations are among the charitable organization that may qualify for exemption from federal income tax under Section 501(c)(3).

Other Nonprofit Organizations

Organizations meeting specified requirements may qualify for exemption under subsections other than Section 501(c)(3). These include social welfare organizations, civic leagues, social clubs, labor organizations and business leagues

Annual Filing and Forms

In general, exempt organizations are required to file annual returns, although there are exceptions. If an organization does not file a required return or files late, the IRS may assess penalties. In addition, if an organization does not file as required for three consecutive years, it automatically loses its tax-exempt status.