Tax return filing is much required for every tax and by all the people who are liable for the same. There are many points where people get confused. Hence the first clarification is related to the official government service tax portal which provides the information about the services tax law, case laws, and other details. The question here arises whether to file the Nil Service Tax Returns for the compliance or not? And there is no accurate answer to this question because sometimes when startups are want to close their business, then they always ignore the filings of the returns. As if they hire any professional from outside for the same purpose then its charges are nearly 500 to 1500/- INR.
What is service tax Nil return filing?
A Nil income tax return is filed to show the Income Tax Department that you plummet below the taxable income and consequently did not pay taxes during the year. The Nil Return is filed basically for two purposes:
- To show income tax return as proof of income
- To claim a refund
Every business company has to pay tax which helps them in running their businesses efficiently. This tax is given back to the common man by the projects undertaken by the government, which ensures progress every day of the year. Launching of GST has helped these companies as many of the taxes were merged into a single type of tax. It also made tax filing method trouble-free.
How to file a Nil return online?
There is no difference in filing a regular ITR or a service tax nil return filing. The basic steps are as follows:
- Enter your details and deductions of your income. Income tax is evaluated, and you will be shown that you have no tax dues.
- Now you need to submit your return to the Income Tax Department and send your ITR-V to CPC Bangalore to complete the e-filing process.
- Factors considered while selecting a GST software
- Online – Do not need to install anything as you just have to sign up and start entering your transactions. And no fear of losing data as it is safe and secure and keeps a backup of every data.
- Offline- This will need you to save your transactions, maintain the databases and have a regular backup and manually update it.
This GST software has their advantages and disadvantages. You may be in a dilemma buying the best GST accounting software India for your business. A good accounting software helps you in saving time and money. There is a host of software available for consumers of various types. Each of them caters to the needs of their client in their respective ways, which makes them unique. The convenience of this software is coupled with its affordability as their subscription is given at reasonable prices. Digitalization is not far away, even in this field and the credit goes to those who took the initiative of transforming tax payment into a digital method.