What is Income Tax Return?

Income Tax is levied by the Income Tax Department of India, a government institution. The IT department charges two kinds of taxes on income – Direct Tax and Indirect Tax. In the case of direct taxes, entities need to directly pay their income tax returns to the IT Department; while in the case of Indirect Taxes, an entity collates the tax on behalf of another and pays it to the IT Department.

The direct taxation system is prevalent across the entire nation and is applicable to every earning entity – individuals, Hindu Undivided Family (HUFs), Body of Individuals (BOI), Association of Persons (AOP), firms, companies, businesses. These entities need to file their taxable income to the IT Department at the end of each Assessment Year through the Income Tax Return Form.

However, income tax for individuals, HUFs, AOPs, BOIs, firms and corporate bodies vary. Along the same lines, Indian citizen’s and foreigners’ incomes are also taxed differently. Indian citizens are required to include the entire corpus of their income from India as well as overseas during tax filing; whereas, foreigners are taxed only on their income originating from India. 

Registration due date:

It is mandatory to obtain a PTEC registration within 30 days from the date of incorporation or commencement of business or practice, i.e. you must apply for PTEC within 30 days of obtaining an S&E license, Certificate of incorporation, Service Tax RC, Sales Tax RC, etc.

The Procedure for PTRC and PTEC of Maharastra are as follows:

STEP1 Go to https://www.mahagst.gov.in/en and select the new dealer registration

Step 2 Validate your PAN/TAN and after this Temporary profile will be created and it will be valid till 90 days for applying

Step 3 The Applicant will log in by using credentials as a temporary profile. After a successful login, the Dealer will select the “Existing Users” option from the menu option. After that “Act selection,” page will appear for which type of Act registration is required. On this page, the dealer can select multiple Acts for registration in a single application. Select PTRC/PTEC registration out of the provided list.

Step 4 Application form will appear after selection fill al the form carefully and attach all related documents in the form

Step 5 At last submits the form after reviewing it.