Annual Filing in Chennai

Annual filing is a mandatory documentation expected to be done with the registrar of Companies (RoC) at the end of every financial year. Companies hold consistent Annual General Meetings to gather data and report in order to proceed with annual filing.

Form MGT 7

This denotes a shift in the director's responsibilities. The DIR-3 KYC standards have been modified. This is where changes in shareholder structure and functions are announced. This is where all financial records, such as salary, debts, and attendance, will be kept. The submission is required 60 days after the annual general meeting, and failure to do so will result in a penalty.

Form AOC 4

The financial records, such as balance sheets and profit and loss accounts, are updated in this annexure. Here you'll find information about the members, their addresses, and their compliance certifications. The deadline for filing forms is 30 days after the annual general meeting.

Form ADT 1

This form must be used to notify changes in auditor duties and appointments. From the date of the annual meeting, this form must be filed within 15 days.

If a person's annual income surpasses a specific threshold, he or she is required to pay income tax. Ignoring one's IT is a fundamental accountability failure. Individuals and businesses must file their income tax returns every year. This ITR proof will assist them in gaining greater access to government and private bank loans, as well as exposing them to numerous credit alternatives based on their income range. Because it is completed entirely online, there is plenty of time and effort to spare. Since the ITR status is transparent, you may always check it online.

 

ITR Qualifying Criteria

As per the IT Act of 1961, an ordinary citizen until the age of 60 who earns 2.5 lakhs per year, residents between the ages of 60 and 80 who make 3 lakhs per year, people over the age of 80 who earn more than 5 lakhs per year, and any company institution that earns profit are all required to pay taxes. Residents of India who own property or are commercially engaged with an international organization are required to file ITRs.

 

Documents of Critical Importance

The requirements for filing an ITR form are as follows. Make sure you have these before starting the ITR filing process.

• The applicant's PAN card

• The pertinent ITR form

• Income slips from work

• Tax Deduction Service certificates, if applicable

• A copy of bank records

• Interest Credentials, if applicable

• Form 26AS, which is essentially an annual statement of all income facts.

 

How to File an Income Tax Return in Chennai

The Indian IT Department offers an online facility to help with the filing process. To make your filing experiences valuable and quick, all you have to do is connect with SV Consultant. Our experts will assist you in selecting the correct ITR form from a selection of seven. You will be guided through the process of accurately filling out the form. The applicant's Aadhar number will be used to verify their identity, and you will receive an acceptance email as a result.

 

Failure to Conform Causes Setbacks.

Individual taxpayers have until July 31st to file their tax returns, while businesses have until September 30th to do so. If you don't meet the deadline, you'll have to pay a lot of money. The penalty rises from 1000 to 10,000 dollars for individuals who earn more than 5 lakhs. Those earning more than 5 lakh per year would face a penalty of between 5000 and 10,000 rupees. The payable amount is 5000 if paid between August 1st and December 31st, after which it becomes 10,000. If the revenue each financial year is less than 5 lakhs, regardless of the dates, the fine is 1000.

SV Consultant is one of the best service providers for RoC filing in Chennai. We assist you with the Income tax e-filing procedures at the lowest cost possible than any in Chennai. Get on a call with us to know more about the same and see your work done with perfection.