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INDIA Tax Filing
In India, various tax returns are filed annually, depending on the type of taxpayer, income sources, and tax obligations. Below is an overview of the key tax returns filed in India:
Income Tax Returns (ITR)
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- Filed annually by individuals, businesses, and entities to report income and calculate taxes. Different forms are applicable based on the taxpayer's category:
- ITR-1 (Sahaj): For individuals earning income from salaries, one house property, other sources, and having total income up to ₹50 lakhs.
- ITR-2: For individuals and HUFs with income from capital gains, more than one house property, or foreign income/assets.
- ITR-3: For individuals and HUFs having income from business or profession.
2. Goods and Services Tax (GST) Returns
- Filed periodically (monthly, quarterly, or annually) by businesses registered under GST:
- GSTR-1: Details of outward supplies (sales).
- GSTR-3B: Summary return for monthly tax payment.
- GSTR-4: Annual return for taxpayers under the Composition Scheme.
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) Returns
- Form 24Q: TDS on salaries.
- Form 26Q: TDS on all payments other than salaries.
- Form 27Q: TDS on payments to non-residents.
- Form 27EQ: TCS on specified receipts (e.g., sale of goods).