Tax Planing for every Tax Filer with | Income Tax, GST, Accounting, Registrations | Income Tax, GST, Accounting, Registrations | Income Tax, GST, Accounting, Registrations, Top Income, GST Tax Filing Portal announced today that they have released India’s 1st AY2018-19 Tax Optimizer Software part of their Tax Filing Offerings to save on Taxes. Per CEO, Mr. Suneel Dasari, “We are providing Tax Optimization Report bundled thru every Income Tax Filing, to add the Value to our Tax Payer“. He continued to say “While it varies based on individual tax payer’s income, it has estimated based on their research, that an average Salaried employee could save Rs. 28,000 with proper Tax Planning“. Company expected enhanced growth this tax season due to the recognition of their “ GST Accounting” software product coined as the best GST product in India”.
Further, after much waiting, Income Tax Department today released ITR-4 Questionnaire, which is to be used for any tax payer whose income is from Business and Profession for a turnover up to 2 Cr. This is in addition to earlier release of ITR-1 for Salaried Tax payer, a month ago.
For Small and medium businesses (SME), whose books are not maintained regularly, recommends to file under Presumptive Income Tax filing. It is also expected that Income Tax Department would encourage this in coming years.
For AY 2018-19, ITR-4 requires the businesses to quote GSTIN Number, along with few entries from Balance Sheet. New fields required such as Sundry debtors, Sundry Creditors, Inventories, Cash-in-hand, along with other optional fields such as Loans, Advances. The idea behind the new requirement is to control the bleeding Tax Revenue for both center and state governments due to non-filing or non-timely filing of GST Returns.