Other Business Filing Services
As a business entity, there are various tax and compliance requirements that must be fulfilled to keep your organization running smoothly. From PF and ESI returns to TDS/TCS filing and SOFTEX submissions, the list of obligations can seem never-ending. But neglecting these essential tasks can lead to hefty fines, legal complications, and damage to your company’s reputation.
That’s where Business Return Filing services come in. These services can handle all of your return filing needs, from ensuring compliance with government regulations to managing the paperwork and submission process. By outsourcing these tasks, you can free up your time and resources to focus on growing your business.
PF Return
What is EPF?
Employee Provident Fund is a defined benefit plan where employer and employee contribution is made after calculating the retirement benefits ahead of time.
Eligibility & Registration for EPF
Any entity that has 20 employees can obtain for Employer Identification Number (EIN Number), and in case the strength is less than 20, it can voluntarily apply for EIN. These employees include temporary workers, daily wage workers, security, housekeeping staff, contractors, temporary employees etc.
The entity must apply and receive the EPF registration certificate within 30 days of having a strength of 20 employees.
- Registration is mandatory for a factory with 20 employees or more
- Any other organization or establishment that is specified by the Central Government where it makes
compulsory to obtain PF registration even if the strength is less than 20 - Registered organizations continue under the purview of the Act irrespective of employee strength
- All co-operative societies continue to register themselves with a strength of more than 50 employees
Due Date for Filing PF Return: On or before 15th of the following month
ESI Return
- Employee State Insurance Corporation or ESIC is a self-financing social security and health insurance scheme which provides medical benefit, sickness benefit, maternity benefit and various other benefits such as funeral expenses, free supply of physical aids etc. to the employees and their family.
- Any factory or business establishment having 10 or more than 10 employees, irrespective of salary, have to register with ESIC. ESI contributions must be made for all employees having a salary of less than Rs. 21,000/- per month.
- Employees with less than Rs. 21,000/- monthly wages get health and sickness benefits through this statutory scheme.
- ESIC registration is a statutory responsibility of the employers of the factory. It is mandatory according to the rules and regulation of the ESI Act 1948.
Due Date for Filing ESI Return: On or before 15th of the following month.
TDS / TCS Return
What is quarterly e-TDS/TCS statement?
TDS / TCS returns filed in electronic form as per section 200(3) / 206C of Indian Income Tax Act, 1961, are quarterly TDS / TCS statements.
The forms used for quarterly e-TDS statements Forms are 24Q, 26Q and 27Q and for quarterly e-TCS statement is Form No. 27EQ. These statements filed electronically should be accompanied by a signed verification in Form No. 27A in case of both, e-TDS / TCS statements.
Who is required to file e-TDS/TCS statements?
As per Income Tax Act, 1961, all corporate and government deductors/collectors are compulsorily required to file their TDS/TCS statements in electronic form i.e. e-TDS/TCS returns. However, deductors/collectors other than corporate/government can file either in physical or in electronic form.
Due date for filing Form 24Q (salary)
| Quarter | Period | Due Date |
|---|---|---|
| First | Apr – Jun | 31st Jul |
| Second | Jul – Sep | 31st Oct |
| Third | Oct – Dec | 31st Jan |
| Fourth | Jan – Mar | 31st May |
Due date for filing Form 26Q (non-salary)
| Quarter | Period | Due Date |
|---|---|---|
| First | Apr – Jun | 31st Jul |
| Second | Jul – Sep | 31st Oct |
| Third | Oct – Dec | 31st Jan |
| Fourth | Jan – Mar | 31st May |
Due date for filing Form 27Q (non-resident)
| Quarter | Period | Due Date |
|---|---|---|
| First | Apr – Jun | 31st Jul |
| Second | Jul – Sep | 31st Oct |
| Third | Oct – Dec | 31st Jan |
| Fourth | Jan – Mar | 31st May |
Due date for filing Form 27EQ (TCS)
| Quarter | Period | Due Date |
|---|---|---|
| First | Apr – Jun | 15th Jul |
| Second | Jul – Sep | 15th Oct |
| Third | Oct – Dec | 15th Jan |
| Fourth | Jan – Mar | 15th May |
SOFTEX
Exporting refers to sending goods or services to clients in foreign countries outside the territorial borders of India for sale. Physical goods are exported through a physical port of shipping, such as a sea port, airport, or foreign post office, and are monitored by the Central Customs department.
When physical goods leave India, the exporter is required to declare the value of the goods exported. In India, this declaration is made using the GR Form or PP form, along with an invoice and other supporting documents. Recently, the GR and PP forms have been replaced by a form called the Export Declaration Form (EDF), and the SDF has been merged with the shipping bill. Additionally, the value of the goods exported must be certified by the customs office at the port of shipment. This is known as “valuation of export.” Once the valuation of export is completed, the value is accepted by both the RBI and the exporter’s bank, which is the authorized dealer. The RBI then monitors the payment of an equivalent value in the exporter’s bank account. Software exported on physical media, such as a CD, DVD, or magnetic storage, is covered by the above two forms.
For any other type of software export, the exporter must file a SOFTEX form after the actual export of software has taken place. Therefore, the SOFTEX form is a post-facto authorization.
Who should File SOFTEX Form?
SOFTEX form must be filed by the following parties.
- Exporters operating under STP and SEZ schemes are required to file SOFTEX forms to determine the value of their exported software.
- Under the foreign trade policy, non-STP units, which are IT and ITeS companies that are not registered in STP or SEZ or other EOU schemes, are also required to file the SOFTEX form. These exporters can submit the form to the relevant jurisdictional STPI Director. However, exports of services that do not come under the IT and ITeS category are not obligated to file either the export declarations or the SOFTEX form.
Penalty for Not Filing SOFTEX Form
If the SOFTEX or EDF form is not filed for software or physical exports respectively, and the export proceeds are obtained, the remittance received will not be treated as an export proceeds but as general services. Moreover, if the SOFTEX forms are not filed on time, the bank may freeze the exporter’s account.
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