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Common questions about income tax return filing, deductions, and compliance
Individuals are required to file income tax returns if their total income exceeds the basic exemption limit:
Additionally, the following must file ITR regardless of income:
Note: Even if your income is below the threshold, filing ITR builds credit history and is required for visa applications and loans.
The ITR form depends on your income sources and taxpayer category:
| ITR Form | Applicable To | Income Sources Covered |
|---|---|---|
| ITR-1 (Sahaj) | Resident Individuals | Salary, one house property, other sources (excluding lottery), agricultural income up to ₹5,000 |
| ITR-2 | Individuals & HUFs | All sources except business/profession income |
| ITR-3 | Individuals & HUFs | Business/profession income (non-presumptive) |
| ITR-4 (Sugam) | Individuals, HUFs, Firms | Presumptive business income under Sections 44AD, 44ADA, 44AE |
Important: ITR-5, ITR-6, and ITR-7 are for entities like firms, LLPs, companies, trusts, etc. Our experts can help you determine the correct form based on your specific situation.
For Assessment Year 2024-25 (Financial Year 2023-24), the due dates are:
Late Filing Consequences:
Recommendation: File before the deadline to avoid penalties and interest. Our experts can help you file on time with complete accuracy.
No, deductions under Section 80C (and most other sections) must be claimed for investments/expenses made during the financial year for which you're filing the return.
Key Points:
Planning Tip: Start tax planning at the beginning of the financial year (April) rather than waiting until March. This allows better investment decisions and avoids last-minute rush. Our tax consultants can create a personalized tax-saving plan for you at the start of each financial year.
Essential documents for ITR filing include:
Note: You don't need to upload these documents while filing ITR online, but must keep them for 6 years for verification if the tax department requests them later.
Common questions about GST registration, returns filing, and compliance
GST registration is mandatory if your aggregate turnover exceeds the threshold limits:
Voluntary Registration: You can opt for GST registration even if your turnover is below the threshold. Benefits include:
Penalty for Non-Registration: If required to register but not registered, penalty of 100% of tax due or ₹10,000 (whichever is higher) may be levied under Section 122 of CGST Act.
The composition scheme is a simplified tax compliance scheme for small businesses with turnover up to ₹1.5 crores (₹75 lakhs for special category states).
Key Features:
Eligibility Criteria:
Opting In/Out: Can opt for composition scheme at the time of registration or file Form GST CMP-02 before the start of the financial year. Can exit the scheme anytime by filing Form GST CMP-04.
GST return filing deadlines vary based on taxpayer category:
| Return Type | Applicable To | Due Date |
|---|---|---|
| GSTR-1 | Regular taxpayers | 11th of next month (monthly) 13th of month following quarter (quarterly) |
| GSTR-3B | All normal taxpayers | 20th of next month |
| GSTR-4 | Composition taxpayers | 30th April following FY |
| GSTR-9 | Annual return | 31st December following FY |
| GSTR-9C | Audit report (turnover > ₹5 Cr) | 31st December following FY |
Late Fees:
Important: Even if there are no transactions (nil return), filing is mandatory to avoid late fees and system-generated notices.
Common questions about private limited company, LLP, and other business entity registrations
A Private Limited Company requires:
Documents Required:
Timeline: Typically 7-10 working days from name approval to certificate issuance, subject to MCA processing times.
| Feature | Private Limited Company | LLP (Limited Liability Partnership) |
|---|---|---|
| Governing Law | Companies Act, 2013 | LLP Act, 2008 |
| Minimum Members | 2 Directors + 2 Shareholders | 2 Partners (at least 2 Designated Partners) |
| Liability | Limited to shareholding | Limited to agreed contribution |
| Legal Entity | Separate legal entity | Separate legal entity |
| Perpetual Succession | Yes | Yes |
| Annual Compliance | High (Board meetings, AGM, AOC-4, MGT-7) | Moderate (Form 8, Form 11) |
| Tax Rate | 25% (for turnover < ₹400 Cr) | Pass-through taxation (as per partner's slab) |
| Raising Funds | Easier (VC/PE friendly) | Difficult (not investor friendly) |
| Conversion | Can convert to LLP | Cannot convert to Company |
| Ideal For | Startups seeking funding, large businesses | Professional services (CA, CS, lawyers), small businesses |
Recommendation: Choose Private Limited if you plan to raise external funding or scale significantly. Choose LLP for professional services or small businesses wanting limited liability with lower compliance.
Our tax experts are available 24/7 to provide personalized guidance for your specific situation. Don't let tax complexities hold back your business growth.