At GBS, we understand the evolving landscape of the legal industry. With the aim to revolutionize legal services, we offer innovative, cost-effective and efficient solutions that meet the needs of today's demands. Our team of legal experts and technology enthusiasts collaborate to deliver exceptional results, combining legal expertise with cutting-edge technology. We partnered with General Counsels, CXOs, CFOs and Law firms to transform, simplify and automate legal workflows.
Why choose us?
Whatever your business nature, ordinary or difficult, we will be happy to serve you. Tell us your needs and get assistance from our experts.
Our comprehensive range of services
e-Documentary & Drafting
Search Report Analysis
Business Credibility Ratings
Landscape Planning (Entry/Exit)
HR & Payroll
Income Tax (ITR) Filing
Merger & Acquisitions
Convertible & SAFE Notes
Balance Sheet Preparation
ESG & CSR Reports
Project Appraisals & Valuations
Appointment/Re-appointments of Director/Shareholders
Business & Consumer Law
Labor & Employment Law
Web & Cyber Law
Ministerial Resolution Passing
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Explore how we can create a synergistic relationship that benefits both our organizations and, most importantly, our clients.
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You’ve pored over your customers’ input. You’ve fleshed out your idea – and it’s taking real form! You know it satisfied a real need in your market, and you’ve decided you can build it. So what’s next?
The following essential data should be collected for individuals, self-employed individuals, and businesses in terms of ITR, GST & ROC Filings.
(A) For Individuals:
- Full name
- Permanent Account Number (PAN)
- Aadhaar card number
- Contact details (address, phone number, email)
- Salary income (Form 16 from employer)
- Income from house property
- Income from other sources (interest, dividends, etc.)
- Capital gains (if any)
- Any other income (rental income, freelance income, etc.)
Deductions and Exemptions:
- Investment details under Section 80C (e.g., Provident Fund, Life Insurance Premium, etc.)
- Medical insurance premium (Section 80D)
- Home loan interest (Section 24)
- Donations (Section 80G)
- Any other eligible deductions or exemptions
Bank and Financial Details:
- Bank account details (account numbers, IFSC codes)
- Details of fixed deposits, savings accounts, and other investments
- Details of loans, mortgages, or other liabilities
(B) For Self-Employed Individuals and Businesses (in addition to the ‘A’):
- Business name and type (proprietorship, partnership, LLP, etc.)
- Business registration documents (PAN, GSTIN, etc.)
- Business address and contact details
- Nature of business activities
Business Income and Expenses:
- Sales and revenue details
- Purchase and expenses records
- Inventory details
- Business-related receipts and invoices
GST (Goods and Services Tax):
- GST registration details (GSTIN)
- Sales and purchase invoices
- GST returns (GSTR-1, GSTR-3B, etc.)
- Input tax credit details
ROC (Registrar of Companies) Compliances:
- Business registration documents (COI, MOA, AOA, etc.)
- Annual financial statements (Balance Sheet, P&L Statement)
- Annual return filing (Form MGT-7)
Other Relevant Documents:
- Rental income details (if applicable)
- Loan and interest certificates
- Investment statements (mutual funds, stocks, etc.)
- Property ownership details
NOTE: It’s important to note that the specific requirements may vary depending on the individual’s or business’s circumstances, income sources, and applicable laws and regulations. It is advisable to consult with a tax professional or accountant for accurate and comprehensive guidance tailored to your specific situation.
General information regarding annual filing deadlines and penalties in India for the financial year 2022-2023:
Income Tax Return (ITR):
- For individuals and non-audit cases: The due date for filing ITR is usually July 31st of the assessment year (e.g., July 31, 2023, for the financial year 2022-2023). However, this deadline can be extended by the government.
- For businesses and individuals requiring audit: The due date is typically September 30th of the assessment year.
Penalty for Late Filing:
- If the ITR is not filed within the due date, a late filing fee or penalty may be imposed. The penalty amount varies based on the taxpayer’s income and the delay period. It is usually higher if the return is filed after the end of the assessment year.
Goods and Services Tax (GST):
- GST returns are filed monthly, quarterly, or annually, depending on the turnover and registration type.
- The due date for monthly and quarterly returns (GSTR-3B and GSTR-1) is generally the 20th of the following month.
- The due date for the annual return (GSTR-9) is usually December 31st of the following financial year.
Penalty for Late Filing:
- A late fee is charged for each day of delay in filing GST returns. The late fee is usually Rs. 50 per day for CGST and SGST, totaling Rs. 100 per day.
- Annual financial statements (Balance Sheet and Profit & Loss Statement) and annual return (Form MGT-7) are filed with the ROC.
- The due date for filing annual financial statements is typically within 30 days from the date of the Annual General Meeting (AGM).
- The due date for filing the annual return is usually within 60 days from the date of the AGM.
Penalty for Late Filing:
- Late filing of ROC compliance documents may attract penalties. The penalty amount can vary depending on the duration of the delay and the specific non-compliance.