In India, tax compliance is a critical responsibility for individuals, professionals, and businesses alike. Whether you are a salaried employee, a freelancer, or a business owner in Ghaziabad or Delhi, keeping up with your Income Tax Return (ITR) filing and GST registration ensures that you remain on the right side of the law while enjoying numerous financial benefits.

As India progresses toward digital governance, tax systems like ITR filing and GST registration are becoming more streamlined yet require thorough attention to detail. That’s why more people are opting to hire professionals like CA for GST & ITR filing in Ghaziabad & Delhi to manage their tax affairs efficiently and accurately.

Let’s take a comprehensive look at what ITR filing and GST registration entail, who needs them, and how tax consultants in Ghaziabad and Delhi can help.

What is Income Tax Return (ITR) Filing?

Income Tax Return (ITR) is a document that individuals and entities submit to the Income Tax Department of India. It contains details of income earned and taxes paid during a financial year. Based on this, the tax liability is calculated, and refunds are issued (if applicable).

Who Should File an ITR?

• Individuals with income above ₹2.5 lakhs (₹3 lakhs for senior citizens and ₹5 lakhs for super senior citizens).
  
  

• Businesses and professionals earning income.
  
  

• Individuals who want to claim a tax refund.
  
  

• Those applying for loans or visas.
  
  

• Individuals holding foreign assets or earning income abroad.
  
  

Benefits of Filing an Income Tax Return

• Avoid Legal Penalties: Non-filing can lead to penalties up to ₹5,000 or more under Section 234F.
  
  

• Loan & Credit Card Approvals: Banks often ask for ITRs for income verification.
  
  

• Visa Processing: Most embassies ask for ITR copies for the last 2-3 years.
  
  

• Carry Forward of Losses: Business or capital losses can only be carried forward if ITR is filed before the due date.
  
  

• Government Tenders & Contracts: ITR documents are often required for business verification.
  
  

What is GST Registration?

Goods and Services Tax (GST) is an indirect tax that has replaced many indirect taxes in India. GST registration is mandatory for businesses with turnover above the threshold limit, but many opt for voluntary registration to avail business benefits.