Income Tax Filing:
What is that?
Income Tax Filing is the annual process by which individuals and businesses report their income to the Income Tax Department and pay taxes as per the applicable tax slabs.
Eligibility
Any individual or entity with taxable income is eligible for Income Tax Filing.
Documents required
- PAN card
- Form 16
- Bank statements
- Details of income sources.
Process & Procedure
The process involves filing the income tax return online or offline, verification, and payment of taxes as applicable.
Common misconception/mistakes while applying
A common mistake is neglecting to file income tax returns, assuming it is optional. It is mandatory for individuals and entities meeting the taxable income threshold.
GST Filing:
What is that?
GST Filing is the periodic submission of details of sales, purchases, and taxes paid by businesses to the Goods and Services Tax authorities.
Eligibility
Any business registered under GST is eligible for GST Filing.
Documents required
- Invoices
- Purchase receipts
- Details of input and output taxes.
Process & Procedure
The process involves filing GST returns online, reconciliation of data, and payment of taxes as per the GST regulations.
Common misconception/mistakes while applying
A common mistake is assuming that GST Filing is a one-time process. It is a regular compliance requirement for businesses registered under GST.
TDS Filing:
What is that?
TDS Filing, or Tax Deducted at Source Filing, is the process by which entities deducting taxes on certain payments submit details to the Income Tax Department.
Eligibility
Any entity making payments subject to TDS deductions is eligible for TDS Filing.
Documents required
- TDS certificates
- Details of deductees
- Proof of tax deposits.
Process & Procedure
The process involves filing TDS returns online, verification, and providing TDS certificates to deductees.
Common misconception/mistakes while applying
A common mistake is neglecting TDS obligations, assuming it only applies to large transactions. TDS filing is mandatory for various transactions, irrespective of size.
ESI Filing:
What is that?
ESI Filing refers to the submission of contribution details and other relevant information by employers to the Employees' State Insurance Corporation (ESIC), ensuring compliance with employee insurance and healthcare schemes.
Eligibility
Employers with a specified number of employees, falling within the wage limit set by ESIC, are eligible for ESI Filing.
Documents required
- Employee details
- Salary records
- Employer's registration details with ESIC.
Process & Procedure
The process involves monthly or semi-annual submission of contribution details through the ESIC online portal, verification by ESIC authorities, and compliance with ESI regulations.
Common misconception/mistakes while applying
A common mistake is underestimating the importance of timely ESI Filing. Delay or non-compliance can lead to penalties and affect employees' access to healthcare benefits.