FAQ
Income Tax FAQs
Any individual or entity whose income exceeds the basic exemption limit or who meets specific conditions (such as owning foreign assets or incurring high-value foreign travel expenses) is required to file an ITR.
- For individuals and non-audit cases: 31st July of the assessment year (15th September, 2025 for AY 2025–26).
- For companies and audit cases: 31st October (subject to updates from the Income Tax Department).
- ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh
- ITR-2: For individuals with capital gains or multiple properties
- ITR-3: For individuals with business or professional income
- ITR-4 (Sugam): For presumptive income scheme
- ITR-5, 6, 7: For firms, LLPs, and companies
Yes, you can revise your return before the end of the assessment year or before completion of the assessment, whichever is earlier.
A late fee ranging from ₹1,000 to ₹5,000 may apply under Section 234F, depending on the delay and total income.
Penalties may include fines, interest charges, loss of refund eligibility, or prosecution in severe cases.
Yes. Filing ITR is beneficial for claiming refunds, carrying forward losses, or maintaining a financial/legal proof of income.
It is a consolidated annual tax statement showing TDS, advance tax, and other income tax-related transactions linked to your PAN.
Visit incometax.gov.in → Login → "View Returns/Forms" → Check refund status for the relevant assessment year.
Yes, linking PAN with Aadhaar is mandatory for filing ITR.
GST FAQs
GST (Goods and Services Tax) is a unified indirect tax levied on the supply of goods and services across India, replacing multiple state and central taxes.
Any business with aggregate turnover exceeding ₹40 lakh for goods, ₹20 lakh for services, or ₹10 lakh in special category states must register. Voluntary registration is also permitted.
- CGST: Central Goods and Services Tax
- SGST: State Goods and Services Tax
- IGST: Integrated Goods and Services Tax (for inter-state supplies)
- UTGST: Union Territory Goods and Services Tax
GSTIN (Goods and Services Tax Identification Number) is a 15-digit unique number assigned to every registered taxpayer under GST.
Most businesses must file:
- GSTR-1: Monthly/quarterly outward supplies
- GSTR-3B: Monthly summary return
Additional forms such as GSTR-9, GSTR-4, and GSTR-7 may apply depending on the nature of the business.
ITC allows businesses to reduce the tax they’ve paid on purchases from the tax they owe on sales, thus preventing double taxation.
Yes, the registration process is entirely online via the GST portal.
Penalties include late fees, interest on delayed tax payments, and fines for failure to register or provide accurate information.
Taxpayers with turnover up to ₹1.5 crore (₹75 lakh in certain states) can opt for the composition scheme, paying tax at a reduced rate with simplified compliance.
Yes, if their turnover exceeds the registration threshold or if they offer inter-state services.
TDS/TCS FAQs
TDS (Tax Deducted at Source) is tax deducted by a payer (deductor) when making specified payments such as salary, rent, interest, or commission, as per rates prescribed under the Income Tax Act.
TCS (Tax Collected at Source) is tax collected by a seller from the buyer at the point of sale of specified goods or services, such as alcohol, scrap, or high-value motor vehicles and foreign remittances.
Individuals, companies, or other entities making specified payments above threshold limits (e.g., salary, rent, contractor fees) are required to deduct TDS.
TDS must be deposited by the 7th of the following month, except for deductions made in March, which are due by 30th April.
Form 26AS is a consolidated tax statement showing all TDS and TCS entries, along with advance tax, self-assessment tax, and other related transactions linked to your PAN.
- Salary: As per applicable income tax slab
- Interest from bank: 10%
- Rent: 2% (for plant/machinery), 10% (for land/building)
- Contractor/Professional services: 1%/10% (Rates may vary based on PAN availability, nature of transaction, or exemptions.)
The deductor may face penalties, interest charges, disallowance of expenses under Section 40(a)(ia), and in some cases, prosecution.
You can verify TDS entries through Form 26AS or the Annual Information Statement (AIS) available on the Income Tax Portal.
Yes. Under Section 194N, TDS applies to cash withdrawals exceeding certain limits — ₹1 crore generally, or ₹20 lakh in specific cases.
Yes. If clients pay more than ₹30,000 in a financial year, they must deduct TDS at 10% under Section 194J (or 1% under 194C for contractors).
ROC Compliance FAQs
ROC compliance refers to the statutory filings and obligations that companies and LLPs must fulfill with the Ministry of Corporate Affairs (MCA) through the Registrar of Companies.
All registered companies — including Private Limited, Public Limited, One Person Companies, and LLPs — are required to file annual returns and event-based forms, irrespective of turnover or activity.
- AOC-4: Filing of financial statements
- MGT-7/MGT-7A: Annual return of the company
- DIR-3 KYC: Director KYC compliance
- ADT-1: Appointment of auditor
- DPT-3: Return of deposits (if applicable)
- AOC-4: Within 30 days from the date of the Annual General Meeting (AGM)
- MGT-7/MGT-7A: Within 60 days from the AGM (Note: AGM must be held within six months from the end of the financial year)
Late filings attract additional fees of ₹100 per day per form. Continued non-compliance may lead to penalties, director disqualification, or company strike-off.
Yes. All companies must file ROC returns unless they are formally closed or struck off.
Penalties include additional fees, disqualification of directors, and loss of compliance status, which may affect credibility and future fundraising.
Every individual holding a Director Identification Number (DIN) must update their KYC details annually through DIR-3 KYC or DIR-3 KYC Web form.
Certain forms may be revised by submitting a fresh form with correct information. However, late fees or penalties may still apply.
ROC filing is a compliance requirement under MCA regulations, while Income Tax Return (ITR) is filed with the Income Tax Department. Both serve different regulatory purposes and are mandatory.
Business Registration FAQs
Registering your business provides legal recognition, builds credibility, enables you to open a business bank account, obtain licenses, and avail tax benefits or government schemes.
- Sole Proprietorship
- Partnership Firm
- Limited Liability Partnership (LLP)
- Private Limited Company (Pvt Ltd)
- One Person Company (OPC)
- Public Limited Company
- Section 8 Company / NGO / Trust / Society
It depends on ownership, funding needs, liability concerns, and compliance willingness. Private Limited Company or LLP is generally preferred for startups due to limited liability and scalability.
- PAN & Aadhaar of directors/partners
- Address proof (utility bill, rent agreement, NOC)
- Digital Signature Certificate (DSC)
- Photographs
- Business name and object details
Typically, 5–10 working days, depending on the structure and completeness of documentation.
If your turnover exceeds the threshold limit (₹20 lakh for services, ₹40 lakh for goods) or you make inter-state supplies, GST registration is mandatory. Voluntary registration is also possible.
Yes, a residential address can be used as a registered office, provided proper documentation (like NOC from the owner) is submitted.
Costs vary based on the business structure. Proprietorship is minimal, while Private Limited registration involves ROC fees and professional charges. Consult us for a tailored estimate.
While basic registrations can be self-managed, engaging a professional ensures proper structuring, compliance, and smoother processing.
No. Each registered entity (LLP, Pvt Ltd, etc.) receives a unique PAN and incorporation number. However, an individual may be a director or partner in multiple entities.