GST TAX COMPLIANCES
( PF RETURN FILING + INCOME TAX RETURN FILING) Registration - An Overview
PF RETURN FILING
A social security system known as the Provident Fund was established to encourage employees to save and to benefit them during retirement. Both the company and the employee make contributions to the PF on a monthly basis. The PF contribution provided by the employee can only be withdrawn by the employee during his or her employment, with a few exceptions.
TYPE OF FORMS
- Form 2
Form 2 is filed as a declaration and nomination. Employees who are new to the establishment must fill out Form 2. - Form 5
Form 5 is a monthly report that contains information on newly enrolled employees in the provident fund plan. - Form 10
It is a monthly report that contains information about employees who have left the plan in the previous month. - FORM 12A
This Form 12 A is a report that details the payments made to the appropriate employee’s account in a given month.
INCOME TAX RETURN
Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date.
DOCUMENTS REQUIRED FOR ITR E-FILING
- PAN
- Adhaar
- Bank Account Information
- Form 16
- Investments Information
HOW TO LOGIN OR REGISTER ON THE E-FILING PORTAL: A STEP-BY-STEP GUIDE
- Visit https://www.incometax.gov.in/iec/foportal for more information about
e-filing. - To e-file your returns, you must first register or login.
FAQs
Individuals must file returns only if their income exceeds the basic exemption limit or if they meet certain criteria, such as spending more than Rs 2 lakh on foreign travel and using more than Rs 1 lakh on electricity, and depositing an amount/aggregate of more than Rs 1 crore in one or more current accounts in FY 2019-20 or later.
- Use your credentials to access incometaxindiaefiling com.
- Click on View Returns/ Forms, then select “Income tax returns” and the appropriate assessment year, then click Submit.
- A window will appear with a list of ITRs that have been filed.
- When you click on the ITR-V acknowledgement number you want to obtain, a PDF file of the ITR V will open, which you can download.
All employers that have applied for PF registration must file PF returns on a monthly basis. The PF returns must be filed on the unified site by the 15th of each month.
Both the employer and the employee must contribute 12 percent of the employee’s basic salary to the EPF account.