Income Tax Return is a form used to file income tax with the Income Tax department. As per the laws of income tax must be filed every year by an individual or an organization that received income during that year weather through regular wages, capital gains, interest, and any other sources. ITR is filed to the income tax department by a salaried or self-employed individual, Hindu Undivided Family (HUF), companies or firms. The process of filing the ITR is referred to as income tax filing. In India income tax return filing is very important and in case you fail in filing an income tax return then you may face legal consequences for it. Income tax returns can be filed online on the e-portal of the income tax department. So this process of filing ITR online is defined as ITR e-filing.
The Goods and Services Tax is a multi-stage, destination-based indirect tax levied on the manufacture, sale, and consumption of goods and services. By subsuming a number of state and central taxes into a single tax, GST aims to eliminate the cascading effect of taxation in a big way. GST was introduced by the government of India with the aim ofone nation and one tax . Under the Goods and Service Act, a person has to produce the details of the sales and purchases of products and services as well as the tax collected and paid. For this, the concerned person has to file the GST returns. It is mandatory to file GST returns to theIncome Tax authorities of India on a periodic basis. Those registered on the GST portal have to provide their business information including sales, purchases, tax collected and tax paid for instance by filing GST returns online.
TDS means Tax Deducted at Source is a method to collect tax from income. Its is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time.TDS return can be filed by employers or organizations that avail of a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments.