For companies having a share capital and keeping a branch register outside Singapore, file annual returns within 60 days after AGM. This report is filed along with the Annual returns to the Registrar of companies.  You will save a lot of time and effort. You need No accounting knowledge. Well, this means, you need to file GSTR-9 separately for each state/GSTIN. Who Should File, How to Generate, How to File & Due Dates3. 4 Big Inventory Mistakes You Could Be Making in Your Small Business!4. 5 Things “Profit & Loss Report” Says About Your Business5. 5 Clever Ways To Prevent Billing Disputes With Your Parties & Get Payments Faster6. 6 Easy Tips To Pick Inventory That Sells 2X Faster. You would owe no tax and would not be required to file a return if you’re single and earned $12,400 in 2020 because the $12,400 deduction would reduce your taxable income to $0. -Review the draft, if you feel that any changes are required, then make changes to GSTR-9 online and then regenerate the draft. However, most of the SMEs were waiting for the date extension according to a survey. 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”. Soft copy of Annual Return in Form V also should be attached with Form No. 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. Latest GST News – 39th GST Council Meet Key Highlights, Latest GST News – What is GSTR 3B? 2006-07 onwards then such company shall be treated as a defaulting company. 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. As mentioned above, the annual return must be filed within 42 days of the company’s return date. If the company has not filed its due balance sheet or annual returns for any financial year i.e. annually). Start preparing your GSTR-9 effortlessly using the BEST Business Accounting App – Vyapar. GSTR-2 is a monthly return of inward supply of goods and … Generally, if your total income for the year doesn't exceed certain thresholds, then you don't need to file a federal tax return. For instance, the returns can serve as proof of your income if you apply for a loan as a co-borrower. Choose the ‘Financial Year’ on the ‘File Annual Returns’ page. If you want to file a Nil return for the financial year, click ‘Yes’, else ‘No’.Â, GSTR-9 Annual Return for normal taxpayers’. 20B. Seek professional advice before taking this step. If your business turnover exceeds 2 crore rupees, get your books of accounts audited by a Chartered Accountant. Find out with this quiz! When should the annual return be delivered? What do you think about the Details? 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 returns may prove useful when someone needs to file a revised return. The amount of income that you can earn before you are required to file a tax return also depends on the type of income, your age and your filing status. What are tax-free bonds and how they work, Top 6 most common mistakes to avoid when filing IT Returns. 67%  of Vyaparis says Vypar App made it easier for them to generate GSTR – 9 report. The filing of the audited financial statements in the format prescribed by the Ministry of Corporate Affairs is called the filing of the annual returns of a company. 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. Filing income tax returns is a must for any responsible citizen earning an income. Following is the list of people for whom filing returns are mandatory. Having data only on books will make it difficult for you to find out the required details quickly. Related: What are tax-free bonds and how they work, Related: Top 6 most common mistakes to avoid when filing IT Returns. Saving money is an art! As per the Annual filling with the Ministry of Corporate Affairs, a Company shall prepare an annual return at the end of every financial year in Form MGT 9 and file the same with ROC along with the financial statement, audit report, and directors report of the company in … The tax you’ve paid, returns filed by your vendors, your account books, & your GSTR-9 should all say the same thing! If B2B sales and B2C have been misreported through GSTR-1, it can’t be changed now. GSTR-9C is filed by those whose annual turnover exceeds Rs 2Cr. See that there is proof of all data that is reported in GSTR-9, in order to avoid unnecessary problems late on. 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. 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 Income tax returns has to be filed within a pre-determined due date to avoid penalties. . Income tax returns has to be filed within a pre-determined due date to avoid penalties. Other ways to file It is a compulsory obligation and needs to be filed within 42 days after the anniversary of the company’s return date. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. 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. You need not provide HSN level information of outputs or inputs, Step 2 – Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’ > “Annual Return”. Additionally, in most states, registration of immovable properties requires advancing as proof of tax returns for the last three years. Filing IT returns makes you a responsible citizen of your nation. 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. Related: How tax-savvy are you? for the financial year before filing the annual return because GSTR-9 is a compilation of data filed in GSTR-1 and GSTR-3B. 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. whether you are a sole proprietor or private company). has, (annual goods and services tax return) from. 20B. 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. 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. Tip 4: Match your GSTR-9 with every GSTR-1 and GSTR-3B filed. Sign and submit. If you’re using accounting software like Vyapar, things will become much easier for you. The report says that only, Before, taxpayers were to file GSTR-9 and GSTR 9C by, Worry not! You can’t claim additional ITC using GSTR-9. B. NOTE: GSTR-9 cannot be filed until the late fee if applicable, is paid off. 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