Provide a brief description of each of the three main returns and lodgements that might be...

Provide a brief description of each of the three main returns and lodgements that might be required by reporting entities. 30–50 words each

Expert Solution

The belowmentioned three types of returns are required to be filled by reporting entities:-

(i) Income tax return :- Income tax return has to be filled by an entity annually by 31st july (for non audit entities) and furthermore for entities whose accounts are required to be audited , the due date for filling Income tax return is 30th sept as per Income tax act 1961.

(ii) GSTR-1 :- The Goods and Service tax was levied from 1st july 2017, under this, every regular taxpayer ( whose turnover is less than 2crores) is required to file GSTR-1 monthly and on the otherhand if , the turnover is below 2crores , it is at the discretion of taxpayer , whether to file return monthly or quaterly.In this return all the sales bills are required to be entered by the entity.

(iii) GSTR-3B:- This is also covered under Goods and Service tax , those who have turnover of more than 1.5 crore has to compulsorily file this return monthly and those who have turnover below this limit has the option to register as composition scheme dealer and can file return on quaterly basis (GSTR-4). All the data relating to outward supply , tax liability and credit availed on the eligible purchases is mentioned in this return.

ekkarill92 answered 2 years ago

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