BIS Registration

The abbreviation BIS stands for the Bureau of Indian Standards, an Indian National Standard Body established in accordance with the BIS Act of 2016. It was created to promote the orderly advancement of product standardisation, labeling, and quality certification, as well as incidental or related issues. By offering trustworthy and high-quality products, lowering consumer health risks, encouraging import and export alternatives, reducing variety proliferation, etc. BIS is bringing traceable and noticeable benefits to the national economy.

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BIS Certificate

The abbreviation BIS stands for the Bureau of Indian Standards, an Indian National Standard Body established in accordance with the BIS Act of 2016. It was created to promote the orderly advancement of product standardisation, labeling, and quality certification, as well as incidental or related issues. By offering trustworthy and high-quality products, lowering consumer health risks, encouraging import and export alternatives, reducing variety proliferation, etc. BIS is bringing traceable and noticeable benefits to the national economy.

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Benefits of ITR Filing

Loan approval is simple: ITR filing can make it simple for you to have loans like personal loans, auto loans, home loans, etc. approved. Lenders always request the most recent three years of ITR documentation from borrowers throughout the loan processing phase. As a result, the banks are better able to quickly sanction you because they are aware of your stable income.

For proving your address and income, one of the finest solutions is: An ITR paperwork will spare you the trouble if you don't have the right address proof when you apply for a loan or any other facility. You may actually provide it as evidence of your income. To prove your income and payment of regular taxes, be sure to keep your ITR receipt.

Processing visas quickly: The ITR receipts from the previous three years are required by embassies of nations including the United States, United Kingdom, Australia, and Canada when you apply for a visa. In order to process a visa, you must be in compliance with tax law because it verifies your source of income and demonstrates your financial management skills.

Claim a tax refund: Getting to claim a tax refund is one of the main advantages of submitting an ITR. If you invested in tax-saving investments and paid more income tax than necessary, you are eligible for a tax refund.

Compensate for losses: In accordance with income tax regulations, people are not permitted to carry forward losses they have incurred in the current fiscal year to the following fiscal year. Therefore, it is crucial to submit an ITR by the deadline.

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Criteria

Even if their income does not go above the tax level, the following people are still allowed to pay their income tax return:

  •  Individuals whose annual sales volume is at least Rs. 60 lakh.
  •  Those who have a TDS or TCS of more than Rs 25,000.
  •  Those with annual professional incomes of over Rs. 10 lakh.
  •  A person is qualified to pay the ITR if they deposit at least 50 lakh in their savings bank account.
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How to start Filing Income Tax Returns Online?

  •  Step 1: Visit the Income Tax e-Filing website, which is located at https://www.incometax.gov.in/iec/foportal/.
  •  Step 2: Log into the e-Filing portal with your user ID and password.
  •  Step 3: Select "e-File" > "Income Tax Returns" Using your dashboard, file your income tax return.
  •  Step 4: Choose 2021–2022 as the Assessment Year and press Continue.
  •  Step 5: Click Continue after choosing Online as your filing method.
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Documents Required for ITR Filing

Documents for income tax returns (ITRs) vary depending on the tax filer's sources of income. However, regardless of the source of income, some documents are required for every taxpayer. Here is a list of the typical ITR documents that must be submitted in FY 2022–23 (AY 2023–24).

  •  PAN Card
  •  Form 16
  •  Aadhar Card
  •  Form16A/ Form16B/ Form16C
  •  Bank account details
  •  Bank statements/ passbook
  •  Form 26AS
  •  Capital gains details
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Documents Required for Start Company

  •  PAN Card
  • Aadhar Card
  •  Bank account details
  •  Bank statements/ passbook
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Frequently Asked Questions

No, the procedure of forming a company in India is entirely online. You do not need to be physically there at all because you can complete all documents electronically. All the necessary forms and documentation must be digitised and sent to us.

Yes, regardless of its revenue, a private limited firm is required to employ an auditor. In fact, within 30 days of formation, an auditor must be engaged. Given that penalties for non-compliance can reach millions of rupees and possibly result in the blacklisting of directors, compliance is crucial for a private limited business.

The Ministry of Corporate Affairs makes available the company's registration certificate online.