Income tax return is the form in which assessee files information about his/her income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses. The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India.
Some of the Financial Reporting Services are as below –
TPAR- Taxable Payment Annual Report
This is basically for the payments you make to the contractors.
TPAR was introduced in the 2011- 2012 federal budget, the purpose of TPAR is to improve compliance.
You need to lodge TPAR on 28th August each year if you are into the building & construction industry, information & technology services, courier service, cleaning service.
The invoice you should receive from each contractor includes the details you need to report in TPAR includes the name & address their ABN, Also the amount you paid to them for their services including GST.
Even if you are not registered under GST then also you need to check if you are required to lodge TPAR.
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