- 9th August 2017
- Posted by: web@taxes
- Category: Business
Every registered taxable person who crosses the threshold limit for payment of taxes needs to file returns. A supplier needs to be registered when the aggregate turnover crosses Rs. Twenty lacs. So s/he will be required to file returns when he crosses the threshold limit of Rs. Twenty lacs. There are some other class of persons who need to be registered and therefore will have to file returns like interstate suppliers, TDS deductors, e-commerce operators, suppliers supplying goods through e-commerce operators etc .
The following are the major purposes of filing returns:
- Mode for transfer of information to tax administration;
- Compliance verification program of tax administration;
- Finalization of the tax liabilities of the taxpayer within stipulated period of limitation; to declare tax liability for a given period;
- Providing necessary inputs for taking policy decision;
- Management of audit and anti-evasion programs of tax administration.