Generally, if your total income for the year doesn't exceed certain thresholds, then you don't need to file a federal tax return. Income tax returns has to be filed within a pre-determined due date to avoid penalties. Tip 6: Fill in your ITC, HSN codes, refunds, etc separately. Though filing ITR can be a tedious task, it comes with a number of advantages: Self-employment tax. Proforma Invoice – Purpose, Use, Format & How to Create Proforma Invoice in Vyapar? Please comment below. Add/edit the tax values.  If the details vary +/- 20% from the auto-populated details then the cells will be highlighted and a confirmation message will pop up. 4 Big Inventory Mistakes You Could Be Making in Your Small Business! If the details vary +/- 20% from the auto-populated details then the cells will be highlighted and a confirmation message will pop up. It has to be mandatorily filled by every. in this return. Filing GSTR-9 successfully will help you move on and do clean and stress-free business in the upcoming years! NOTE: GSTR-9C is a statement of reconciliation between: The Annual Returns in GSTR-9 filed for a Financial Year,  and. These provisions apply to the filing of GSTR-9; however, no specific provisions apply to GSTR-9C, and hence the filing of GSTR-9 and non-filing of GSTR-9C could be subject to a general penalty of Rs 25,000. Every taxpayer shall get his accounts audited as specified under sub-section (5) of section 35 of the CGST Act, and shall furnish a copy of the audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.GSTR 9A is an annual return form to be filled once in a year with all the consolidated details of SGST, CGST and IGST paid during a given financial year. The 4N tile will be updated. The report says that only 15% of the taxpayers have filed their annual return GSTR-9 and less than 1% have filed GSTR-9C.Before, taxpayers were to file GSTR-9 and GSTR 9C by March 31st, 2020. The App will provide the necessary detailed data in any desired format. Even the smallest mismatch in data will make your GSTR-9 get rejected. Ensuring individuals and businesses have only one Aadhaar and PAN card will limit the possibility to apply for multiple PAN cards, thus reducing tax evasion. Share, open & download this report in any formatUpload this GSTR-9 report to the GST portal to complete the return filing process. A composition taxpayer who opted out of the scheme in the middle of the year and continues to be registered under GST. In addition, note that the annual return can be filed only: After an Annual … This will help the government keep tabs on all taxable transactions. has, (annual goods and services tax return) from. whether you are a sole proprietor or private company). How to Use Vyapar for Your Restaurant Business In Simple Steps. You may want to read this: How a small business owner Virupakshaiya files GSTR easily with Vyapar, Preparing GSTR-9 yourself manually may be difficult. Filing income tax returns can now be done online, making the process easier and less time consuming than it was before. All you need to know about GSTR 9 is here. Schedule SE. 5 Things “Profit & Loss Report” Says About Your Business, 5 Clever Ways To Prevent Billing Disputes With Your Parties & Get Payments Faster, 6 Easy Tips To Pick Inventory That Sells 2X Faster. But business accounting software like Vyapar lets you do it with ease in just seconds! Where to find “GSTR – 9 Report” & how to use it?Go to Reports > GST reports > GSTR – 9. Filing income tax returns is a must for any responsible citizen earning an income. GSTR-9 is an annual return form to be filled by every taxpayer. How tax-savvy are you? Under this new simplified process, the filing process will be reduced from 24 steps to just 6, and some of the information will be “pre-filled”. Sign and submit. 200 per day. As of 31 August 2018, a new simplified process for the filing of annual returns has been implemented. How to Generate EWay Bill From Vyapar? [*Latest Update as on 14th March 2020]. in the first financial year of GST implementation. The Income Tax department has now enabled a new and easy way of linking both documents on its e-filing website. 2. Filing IT returns is mandatory for those who earn a certain amount of annual income. You need not provide HSN level information of outputs or inputs, Step 2 – Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’ > “Annual Return”. Filter them down with, You can view this in both PDF & Excel formats. availed on inputs, input services, and capital goods. Who Should File, How to Generate, How to File & Due Dates. The report says that only, Before, taxpayers were to file GSTR-9 and GSTR 9C by, Worry not! Well, this means, you need to file GSTR-9 separately for each state/GSTIN. Step 3 – If you want to file a Nil return for the financial year, click ‘Yes’, else ‘No’.Â, Here’s when you need to file Nil returnÂ, No outward supply (Sales)  There is no receipt of goods/services No other liability to report Not claimed any credit No refund claimed No demand order received Late fees not required to be paid, If you choose ‘Yes’ to file NIL returns, then click on ‘Next’ to Compute Liabilities and file a NIL GSTR-9.Â. But you would have to file a tax return if you earned $12,401 because you’d have to pay income tax on that additional dollar of … For instance, the returns can serve as proof of your income if you apply for a loan as a co-borrower. This can boost chances of getting a suitable home loan if you apply for one in the future. You’ll get notices from the tax department if mistakes are found in your GSTR-9. It has to be filed by every GST taxpayer.GSTR 9C is an annual audit form for all the taxpayers having a turnover above 2 crores in a particular financial year. In GSTR-9, some tables will be auto-populated, but some must be filled manually using GSTR-1 and GSTR-3B filed before. . The data should match each other. Not filing separate GSTR-9 for every GSTIN If you’re doing business in many states, you may have different GSTIN. Click on the tile. If your business turnover exceeds 2 crore rupees, get your books of accounts audited by a Chartered Accountant. However, new companies may not file its return within the first 18 months of its incorporation, while for older companies, the annual return is due no later than 42 days after its Annual General Meeting. All monthly and quarterly filed returns should match with the data reported in the GSTR-9. Having data only on books will make it difficult for you to find out the required details quickly. For those who are liable for a statutory audit, the date of audit should be … If it became due before 1 May 2011 the Companies Act, 1973 fee structure must be used. Any difference between your books of accounts and GSTR-9 will be rejected. Tap ‘Prepare Online’. Filing IT returns makes you a responsible citizen of your nation. NRIs except those covered u/s 115AC having taxable income, Individuals who have suffered a loss from business or profession or speculative business or capital loss, A resident who has signing authority in any account located outside India, Individuals, HUF, AOP, BOI who have taxable income or taxable income before making deduction u/s 10A or 10B or 10BA or under chapter VIA exceeding the basic exemption limit, A person who claims relief under sections 90 or 90A or deductions under section 91, Individuals who don’t have taxable income and deposited TDS or advance tax payment should file income tax  One can file income tax return even if they don’t have taxable income. However, most of the SMEs were waiting for the date extension according to a survey. Each partner reports their share of the partnership's income or loss on their personal tax return. File with DSC: Browse and select the certificate. Annual return by local company (FYE before 31 August 2018) Annual return by local company (FYE on or after 31 August 2018; Extension of time for AGM/annual return In case, the funds are low in the cash ledger the additional payment can be made via Netbanking, over the counter or via NEFT/RTGS by creating an additional payment challan. [*Latest Update as on 14th March 2020] In the 39th GST council Meet the Govt. To simplify the entire process and make it more transparent, linking the PAN and Aadhaar card has become mandatory. The Income Tax Department has recently started the annual income tax return filing cycle by notifying the new income tax return (ITR) forms for assessment year (AY) 2019-20. 20B. Who are required to file annual GST Return? -Click on the link to download a zip file and the excel file of summary GSTR-9 can be extracted from it. Other ways to file You should have filed GSTR-1 and GSTR-3B for the financial year before filing the annual return because GSTR-9 is a compilation of data filed in GSTR-1 and GSTR-3B. Details of sales(Outward supplies) made on which tax is not payable-, Details of ITC reversed and Ineligible ITC–, Details of tax paid as declared in returns filed–, Details of the previous Financial Year’s transactions reported in the next Financial Year –, Differential tax paid on account of declaration-, Supplies received from composition taxpayers, deemed supply by job worker and goods sent on approval basis –, You can preview the form in PDF/Excel formatÂ. You should be registered as a normal taxpayer under GST at. Every taxpayer shall get his accounts audited as specified under sub-section (5) of section 35 of the CGST Act, and shall furnish a copy of the audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C. hasextended the last date of filing GSTR-9 and GSTR- 9C (annual goods and services tax return) from March 31st, 2020 to June 30th, 2020. Who Should File, How to Generate, How to File & Due Dates. Delayed or non-filing The penalty for the Delayed or non-filing of GSTR-9 return is Rs 100 under CGST & 100 under SGST, the total penalty is Rs. So, ensure you understand these and follow them correctly to avoid any trouble later. If international travel is on your list, IT returns can be useful when applying for a visa. Time to download Accounting software, if you don’t have one – Download for FREE. File with Form 1040 or 1040-SR. . Saving money is an art! -Review the draft, if you feel that any changes are required, then make changes to GSTR-9 online and then regenerate the draft. to be filled once in a year with all the consolidated details of SGST, CGST and IGST paid during a given financial year. For the Financial Year 2018-2019/ Assessment Year 2019-2020), tax returns must be filed before 31 July 2019 for individuals, and by 30 September 2019 for businesses. In cases when you want to claim adjustment against past losses, a return is compulsory. This form is named “NAR1”. You will have to fill data based on the categories.  Hence, a lot of digging into the books of accounts will be necessary to find and report this data accurately in the GSTR-9 return. Filing of annual return is a mandatory requirement for every Business, Company or Incorporated trustee, i.e. Well, this means, you need to file GSTR-9 separately for each state/GSTIN. File your GSTR-9 along with GSTR-9C. You will have to fill data based on the categories.  Hence, a lot of digging into the books of accounts will be necessary to find and report this data accurately in the GSTR-9 return. -A draft will be downloaded and a link will be displayed. GSTR-9C is filed by those whose annual turnover exceeds Rs 2Cr. File with EVC: An OTP will be sent to your registered email ID and mobile number. Preparing GSTR-9 even for April- June 2017 This is obvious, but some do it wrong. Master it with our newsletter. Stay informed - subscribe to our newsletter. This Mandatory Report shall be Filed before District Officer notified under Section-5 of the said Act. Your GSTR-9 return does not get easily rejected on the GST portal. You can share your GSTR-9 return easily with your accountant for verification. It has to be mandatorily filled by every GST composition scheme taxpayers. Struggling with GST reports? GSTR-9 is an annual return form to be filled once in a year with all the consolidated details of SGST, CGST and IGST paid during the year. If you’re doing business in many states, you may have different GSTIN. Hence, it is always better to be careful while preparing your GSTR-9. Here are some of the mistakes you can avoid while filing GSTR-9: Not filing GSTR-9 before the deadline.Not filing before the due date means that you’ll have to pay a fine with interest. What is GSTR – 9? A confirmation will pop up displaying ‘Save request is accepted successfully’. A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Date of Statutory Audit.  You will save a lot of time and effort. You need No accounting knowledge. Companies have 30 business days from the date that the entity become due to file annual returns before it is in non-compliance with the Companies Act. What should I do ? A confirmation message will be displayed for you to proceed with the filing. The form should then be certified by the company secretary and uploaded to ecitizen. Select the declaration checkbox and then select the ‘Authorised Signatory’. It should be filed for any year in which you make a taxable gift, although the Internal Revenue Code is set up with numerous exclusions and options so you might not actually owe the tax. How to Send Free Whatsapp Greeting Messages? What do you think about the Details? 1040-ES. Stay updated about the Latest Business Tips on Vyaparapp.in. File with DSC: Browse and select the certificate. If you have to pay any pending tax to the Government before filing GSTR-9, it should be done without fail. One can file IR both offline and online, however, there is confusion among some earning individuals whether it is mandatory to file ITR if they have an annual income below Rs 5 lakh or they can skip filing ITR in such case. Here’s what you should do, FAQs about coronavirus insurance settlement, How I made money during the COVID-19 crisis of 2020, 2021 and financial planning: Lessons to adopt, mistakes to leave behind, 8 Financial lessons the COVID-19 pandemic taught us, IRDAI issues standard travel insurance guidelines to be offered from April 1, Exit process is now made easier for e-NPS subscribers, WhatsApp set to add insurance and pension plans to its IM service bouquet, Here’s what you need to know about the new RBI rule for cheque payments, RBI okays 24x7 RTGS and raises contactless transaction limits, How ULIP can help in meeting long-term goals. has extended the last date of filing GSTR-9 and GSTR- 9C (annual goods and services tax return) from March 31st, 2020 to June 30th, 2020. You can’t claim additional ITC using GSTR-9. Should you stick to the old tax regime or move to the new one? If you’re using accounting software like Vyapar, things will become much easier for you. Fortunately, this extension has given a good amount of time for businesses to prepare their tax returns GSTR-9. Therefore, annual returns should have been filed on an annual basis for June 2010 and June 2011, and every year thereafter.  that quickly identifies the mistake and helps fix errors, you’re saved! All Rights Reserved. Latest GST News – 39th GST Council Meet Key Highlights, Latest GST News – What is GSTR 3B? Here’s what you should know about when to file tax returns and who has to file income tax return. When should the annual return be delivered? You can make the payment from the funds available in the electronic cash ledger. Instead, it "passes through" profits or losses to its partners. Haven’t you filed your GSTR-9 yet? NOTE: Begin preparing GSTR-9 without any further delay! Late filing penalty has been waived for the Annual return and the Reconciliation Statement for the financial year 2017-18 and 2018-19 for the taxpayers having the turnover less than INR 2 crore. Additionally, filing returns before the end of every financial year will help avoid any other penalties. Time to download Accounting software, if you don’t have one – Download for FREE. is filed by those whose annual turnover exceeds Rs 2Cr. If B2B sales and B2C have been misreported through GSTR-1, it can’t be changed now. Any late fees (if there is a delay in filing return) will be calculated too. Supposed to file GSTR 9 before the deadline, but do not know how? The tax you’ve paid, returns filed by your vendors, your account books, & your GSTR-9 should all say the same thing! Validate the OTP. Mixing up details in GSTR-9 GSTR-9 can’t have details in random order. For companies having a share capital and keeping a branch register outside Singapore, file annual returns within 60 days after AGM. A draft will be downloaded and if you feel that any change is required, then you can make changes to GSTR-9 online and then regenerate the draft. As the name implies, an annual return must be made every calendar year (i.e. Validate the OTP. Additionally, in most states, registration of immovable properties requires advancing as proof of tax returns for the last three years. Filing IT returns is a social duty of every responsible Indian. Unfortunately, many Auditors and Directors are not aware of this latest report or end up filling this section as Nil while submitting this. Advantages of generating your GSTR-9 report using Vyapar:-. will appear. Filing returns may prove useful when someone needs to file a revised return. Another major advantage of the PAN-Aadhaar card link is that people will be able to file their e-returns, or online Income Tax Returns seamlessly and quickly. NOTE:  The MSMEs have now relaxed with the furnishing of the reconciliation statement in the form GSTR 9C for FY 2018-19 ad is applicable for all the taxpayers having an average turnover of INR 5 crore. It is a compulsory obligation and needs to be filed within 42 days after the anniversary of the company’s return date. Seek professional advice before taking this step. What is GSTR-9? Close Corporations have from the first day of its anniversary month up until the thereafter to file Annual Returns before it is non-compliance with the Close Corporations Act. As we know, GST was introduced in India in July 2017, which means GSTR-9 for FY 2017-18 will only be for 9 months and not for the entire year. is a GST annual return to be filed yearly by the GST taxpayer. Annual Return of Company in Form No. When it comes to filing income tax, the most essential document for both, individuals and businesses that pay tax, is the PAN card. Email ID and mobile number every year thereafter sole proprietor or private company ),... 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