Gsagroups offers ITR (Income Tax Return) filing and balance sheet registration services to ensure that businesses comply with tax law. ITR filing involves disclosing income, deductions, and tax liabilities to the government, which is necessary for legal compliance and financial transparency. Balance sheet registration involves preparing financial statements that reflect a company’s assets, liabilities, and equity, so ensuring correct financial reporting. gsagroups streamlines the process by handling documentation, tax calculations, and filings, ensuring that firms comply with tax laws and financial rules. gsagroups.in
Income Tax Return (ITR):
gsagroups provides an Income Tax Return (ITR) service which is a type in which the individuals or businessman of the organizations have to pay taxes or some amount of from from their earnings to the Income Tax Department every year i.e; a part of their income, expenses, tax liabilities of the organization were given to the income tax department. Filing an ITR is a legal promise that is given to the individuals, businesses, and organizations whose income exceeds the basic limit amount that is being deducted from their income which comes under the Income Tax Act, 1961.
What is the purpose of Filing an ITR Registration in gsagroups
- Income Declaration: Declaring all sources of income, such as basic salary, business profits, house property or capital gains, rental income, or from other sources the income is generating.
- Tax Calculation: Calculating the tax liability for the financial year and paying any extra outstanding taxes.
- Compliance with the Law: Filing ITR ensures the compliance to legal promises comes under the Income Tax Act, 1961.
- Refund claiming: The taxpayers can claim refunds if they are paying the extra amount or excess of taxes are there instead the fix amount. (e.g, TDS and ,advance tax)
- Income proof: Filing an ITR uses as a legal document for various purposes, such as through this we can apply for loans and visas or any type of proof if you want to show to any one etc. gsagroups.in
Types of Income ITR form includes: The Income Tax Department defines different kind of forms based on the nature of income and the status of taxpayer.
- ITR-1: This type of ITR is only for the individuals who are salary based with income up to ₹50 lakh, have their own one house property, and advanced other sources were called (Sahaj).
- ITR-2: This type of ITR is for citizens and HUFs (Hindu undivided family) of India who gain income from multiple sources, including capital gains.
- ITR-3: This type of ITR is for the individuals and HUFs both who gain income from businesses or any profession.
- ITR-4: This type of ITR is for individuals and small businesses which comes under the presumptive taxation scheme i.e; your net income is considered as 8% of your turnover and you will pay taxes on that income is called (Sugam).
- ITR-5 to ITR-7: These types of ITR are used for partnership firms, companies, trusts, and other organization entities.
Key Benefits gsagroups provides for Filing an ITR:
- Avoid penalties: If you will not file an ITR then it can attract penalties and legal consequences.
- Forwarding Losses: Filing ITR on time will allow the taxpayers to carry forward losses means carrying from certain specified losses like house property, business etc that you have to set it off for your future years.
- Easy Loan Processing: This will benefit in ease of loan processing because banks and financial institutions often require ITR as proof of income to process a loan easily.
- Claiming Deductions: In this the taxpayers can claim the deductions coming under sections like 80C, 80D, etc, will reduce the tax income.
- Globally the Transactions can done: The ITR often requires the visa applications for foreigners and easy the business transaction can be done internationally.
Who Should File an ITR ?
• The Individuals who have their income exceeding the basic income deduction limit (₹2.5 lakh for individuals below 60 years, ₹3 lakh for senior citizens, and ₹5 lakh for super senior citizens) should file an ITR.
• Many of the companies, partnership firms, and LLPs, etc should file an ITR.
• The Individuals who want to claim tax refunds should file an ITR.
• Those who have foreign income, a valuable document, or investments should file an ITR. gsagroups.in
Balance sheet:-
gsagroups also provides a balance sheet service which is a key of financial statement that provides a clear screenshot or a valid document of an organization’s that at what position the organization is working at a specific point in time. It is an essential tool used by businesses, non-profits, and even societies to track their financial health. It is a sheet where all the details were placed in a statement. LD helps to follow the fundamental accounting equation, the equation ensures the balance sheet will always balanced equally on both the sides.
The balance sheet is divided into three main sections:
- Assets
- Liabilities
- Equity
Formula:- (Assets = Liabilities + Equity)
Key components gsagruoups have in the Balance Sheet:
- Assets: Assets are the resources which are owned by the organization that have economic value.
Further classified into two categories:- - Current Assets: Current Assets means that it can be converted into cash within a year, that we can receive the amounts in cash.
- Non-Current Assets: Non- current assets are the long-term investments, which includes properties, plants, and equipment, and assets like patents.
- Liabilities: These are the promises owned by the organization to external third parties.
Further classified into two categories: - Current Liabilities: Current liabilities are the short-term promises that are due within a year, such as accounts that are payable and short-term loans.
- Non-Current Liabilities: Non-current liabilities re the long-term promises, such as loans and bonds payable.
- Equity: Equity represents the residual interest in the organization’s assets should be equally deducted from the liabilities.
- For businesses: Business includes owner’s equity or shareholders’ equity.
- For societies or non-profits: Societies are accumulated surplus or funds often reflects.
Documents required for ITR :-
• For Individuals:
o PAN card
o Aadhaar card
o Bank account details
o Form 16 (for salary based employees)
o Form 16A/16B/16C (for TDS deducted on other income like interest, rent, etc.)
o Income from other sources.
o Life insurance premium receipts
o Provident Fund (PF) contributions
o Home loan interest and principal repayment statements
o Donations under Section 80G
o Rental agreement
o Municipal taxes paid receipts
o Sale/purchase documents for property, shares, or mutual funds
o Capital gains statement from brokers or mutual fund houses
o Advance tax payment challans (optional)
• For Businesses/Organizations:
o Profit and loss statement
o Balance sheet (prepared for the financial year)
o GST returns (optional)
o TDS certificates
o Proof of expenses incurred for business purposes
o Bills and receipts for utilities, rent, salaries, etc.
o Advance tax payment challans
o Previous year’s ITR acknowledgment
o PAN card of the organization
o Inspection reports (if turnover exceeds specified limits)
Documents required for Balance sheet:-
• Assets:
1. Current Assets:
o Bank statements
o Cash finance
o Accounts details that are received
o Inventory records i.e information about company
o Prepaid expenses
2. Non-Current Assets:
o Fixed asset should be registered (for equipment, property, vehicles, etc.)
o Reduction in the asset value schedule
o Non-physical assets (e.g., patents, trademarks. etc)
• Liabilities:
1. Current Liabilities:
o Details of the accounts that are payable
o Short-term loans statements
o utility bills, salaries payable recipts
2. Non-Current Liabilities:
o Long-term loan statements
o Property rental agreements
o Bond details
• Equity:
• Funds contribution by owners/partners
• surplus funds gsagroups.in
