Accounting 360
Skillbez
MSME Registration
• MSME stand for Micro, Small, and Medium Enterprises.
• Registration is voluntary but beneficial for availing government schemes.
• Done through the Udyam Registration Portal using Aadhar and PAN.
• No renewal required—lifetime validity.
• Benefits of MSME
• Easy bank loans at lower interest rates
• Collateral-Free Loans
• Subsidy on Patent & Trademark Registration
• Priority in Government Tenders
Import Export Code Registration
(IEC)
• IEC (Importer Exporter Code) is a 10-digit unique code issued
by the Directorate General of Foreign Trade (DGFT). It is
mandatory for businesses engaged in import or export of
goods and services in India.
• Apply online on the DGFT Portal ([Link]
• Required documents:
• PAN Card of business/individual.
• Aadhar Card (for proprietors) or company registration certificate.
• Bank details (Cancelled Cheque or Bank Certificate).
• Address proof of the business.
TAN Number
• TAN stand for Tax Deduction and Collection Account Number
• TAN is a 10-digit alphanumeric number issued by the Income Tax
Department.
• It is mandatory for businesses and individuals who deduct or collect
tax at source (TDS/TCS).
Employers deducting TDS on salaries.
Businesses deducting TDS on payments like rent, commission, or
professional fees.
Banks deducting TDS on interest payments
GST Registration
• GST stands for Goods and Service Tax
• Threshold turnover limit for mandatory GST registration for
businesses
• Goods - ₹40 lakh
• Service - ₹20 lakh
• official website is used for GST :[Link]
GST Composition Scheme
• Small taxpayers with turnover up to ₹1.5 crore in a financial year is
eligible.
• They cannot charge GST to customers.
• They Cannot Claim ITC.
How to Amendment GST
Registration
• Two Types of Amendment Field Core and Non Core.
• Taxpayer apply for GST amendments through the GST portal (
[Link])
Income Tax Return
• Head of income under the Income Tax Act
• Income from Salary
• Income from House Property
• Income from Business or Profession
• Capital Gains
• Income from Other Sources
Types of ITR (Income Tax Return)
Forms
• 1. ITR-1 (Sahaj) – For salaried individuals with total income up to ₹50 lakh (includes salary,
pension, house property, and interest income).
• 2. ITR-2 – For individuals & HUFs having income from capital gains, multiple house properties,
or foreign assets, but not business income.
• 3. ITR-3 – For individuals & HUFs having income from business/profession (including freelancers
and proprietors).
• 4. ITR-4 (Sugam) – For individuals, HUFs & firms opting for presumptive taxation under Sections
44AD, 44ADA, or 44AE (income up to ₹50 lakh for professionals, ₹2 crore for businesses).
• 5. ITR-5 – For partnership firms, LLPs, AOPs, and BOIs (not applicable for individuals and
companies).
• 6. ITR-6 – For companies (except those claiming exemption under Section 11), filed
electronically only.
• 7. ITR-7 – For trusts, political parties, NGOs, and other entities claiming exemptions under
Sections 139(4A) to 139(4D).
Income Tax Return
• 1. Under the New Tax Regime
(Default Regime from FY 2023-24)(Same for all individuals, regardless
of age) ₹3,00,000 – No tax for income up to ₹3 lakh.
• 2. Under the Old Tax Regime
For Individuals below 60 years – ₹2,50,000
For Senior Citizens (60 to 80 years) – ₹3,00,000
For Super Senior Citizens (80+ years) – ₹5,00,000
Income Tax Return
• Head of income under the Income Tax Act
• Income from Salary
• Income from House Property
• Income from Business or Profession
• Capital Gains
• Income from Other Sources
GST invoice
• A bill issued by a registered dealer for the supply of goods or services
• Tax Invoice
• When a registered taxpayer supplies taxable goods /service issued Tax
Invoice.
• Bill of Supply
• When a registered taxpayer supplies exempt goods/services issued Bill of
Supply instead of a Tax Invoice.
Debit Note
• When the supplier undercharges the recipient supplier issued Debit
Note.
• Increases tax liability of the supplier.
Credit note under GST
• When the supplier overcharges the recipient supplier issued Credit
Note.
• Decreases tax liability of the supplier.
GSTR-1
• A monthly or quarterly return for reporting outward supplies of
goods and services
• The due date for filing GSTR-1 for monthly is 11th of the next month.
GSTR-2B
• Reconciling GSTR-2B with the purchase register To ensure that
eligible Input Tax Credit (ITC)
• GSTR 2B Shown Details of Purchase.
GSTR-3B
• Tax liability paid while filing Through
• Input Tax Credit (ITC) and cash payment
• Due date for filing GSTR-3B for monthly filers
• 20th of the next month
• GSTR-3B is used to report Input Tax Credit (ITC) in Table 4.
