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FAQ's

FAQ's

Frequently Asks Questions

Income Tax Compliance FAQs

  1. Individuals with income above ₹2.5 lakh (₹3 lakh for senior citizens)
  2. Businesses and professionals with taxable income
  3. Those claiming refunds or carrying forward losses

  1. July 31: Individuals and HUFs not requiring audit
  2. October 31: Businesses requiring audit
  3. November 30: Transfer pricing cases

  1. Late filing fee up to ₹5,000 under Section 234F
  2. Interest on tax due under Sections 234A/B/C
  3. Losses cannot be carried forward

  1. PAN, Aadhaar, Form 16, bank statements, investment proofs
  2. Income details from salary, business, capital gains, etc.

  1. Use Sections like 80C (LIC, PPF), 80D (health insurance), 80G (donations)
  2. Choose between old and new tax regimes

GST Compliance FAQs

  1. It includes timely registration, return filing, tax payment, invoice generation, and audit response.

  1. Businesses with turnover above ₹40 lakh (₹20 lakh for services)
  2. E-commerce sellers and inter-state suppliers

  1. GSTR-1: Outward supplies
  2. GSTR-3B: Summary return with tax payment
  3. GSTR-9: Annual return
  4. GSTR-2B: Input Tax Credit reconciliation

  1. ₹50/day for late filing (₹20/day for nil returns)
  2. Interest @18% on unpaid tax
  3. Fake ITC claims can attract prosecution

  1. Mandatory e-invoicing for turnover ₹5 Cr+
  2. 2FA login for GST portal
  3. GST Amnesty Scheme till Aug 31, 2025
  4. Operational GST Appellate Tribunal (GSTAT)