GST is a consumption-based tax, and anyone with an annual turnover above the
threshold must file GST returns.
GST returns must be filed monthly or quarterly, depending on turnover, with
various types such as GSTR-1, GSTR-3B, and GSTR-9.
The due date varies; missing it results in penalties and interest charges.
Invoices, input tax credit details, and relevant financial records are
necessary.
Yes, you can revise returns by filing correction returns within the
prescribed time.
Individuals and businesses with taxable income pay income tax; tax slabs
change annually.
ITR is a self-declared statement, while assessment involves tax authorities
verifying it.
E-file through official websites or portals for convenience, accuracy, and
quicker processing.
Various deductions and exemptions, like investments and medical expenses,
can lower taxable income.
Penalties vary; avoid them by filing before the due date, usually July 31st
for individuals.
Audits ensure financial accuracy, transparency, and compliance, building
stakeholder confidence.
Different types include financial audits for compliance, internal audits for
process improvement, and tax audits for tax compliance.
Maintain accurate records, comply with laws, and provide requested
documentation promptly.
Failing an audit may result in penalties or legal action; address issues by
working with auditors to develop corrective plans.
Stay updated with evolving auditing standards and compliance requirements to
fulfill obligations.
Frequently Asked Questions
Welcome to the JCC and Associates FAQ section, where we provide answers to common questions regarding GST returns and filing, income tax, and auditing. Whether you're a business owner seeking information on tax compliance or an individual looking to understand tax deductions, you'll find valuable insights here. Explore our FAQs to get clarity on key financial matters and ensure smooth financial management with JCC and Associates.
